OREANDA-NEWS. February 13, 2012. The Government used the advanced European experience to improve national legislation on bankruptcy. This was announced by vice Prime Minister of Ukraine - Minister of Social Policy Sirgiy Tigipko in Kiev, speaking at an international conference on the regulation of court-appointed trustees.

"One of the important indicators of investment climate for the international community is convenience and speed of closing a business. This issue is a key to economic growth"- the official said.

According to Sirgiy Tigipko, last year to improve legal framework was adopted two important laws: on facilitation termination of legal entities and restated version of the law on restoring the solvency of the debtor or his bankruptcy.

"Another priority in this direction should be not liquidation of the debtor, but the preservation of existing business, so to pre-trial procedures and rehabilitation should be given much attention" – Sergiy Tigipko said.

The official also outlined the main directions of work on further improvement of legislation on closing a business. In particular, the improvement of early diagnosis of the threat of bankruptcy and remedial procedures, approaching deadlines of bankruptcy proceedings to the best international standards and increase the percentage of repayment to creditors in liquidation of enterprises.