The Constitutional Court of Ukraine decided on Article 1050 of the Civil Code of Ukraine compliance with the Constitution of Ukraine based on the opinion of Volodymyr Pospolitak, MIM-Kyiv professor of commercial law and chair of humanities.

JSC “Oschadbank” brought up the case of the bad debt legislation gap. Earlier, the Supreme Court of Ukraine made its decision about the Article.

- The Constitutional Court of Ukraine reviewed Dr. Pospolitak’s opinion on Article 1050. They decided that the Article complies with the Constitution of Ukraine. Thus, all banks and credit organizations must apply Article 1050 to their lending activity. “The Constitutional Court decision regulates all further decisions on bad debt,” he said.

To read the full text of the Constitutional Court Decision visit this page.