The issue of securities as a way to restructure the debt of the joint stock company
Abstract
The grounds and procedure for issue of shares and bonds to convert obligations into securities (securitization) are studied in the article. The issue of bonds for transfer of the obligations of the joint stock company in the securities may be carried out only in respect of monetary obligations of the company, other than the obligation under the law.
Among the grounds for the conversion of the obligations in shares allocated: 1) satisfaction of creditorsʼ claims at the expense of repurchase of existing ownersʼ shares or shares that are at the disposal of the joint stock company; 2) the satisfaction of creditorsʼ claims at the expense of of additionally issued shares by increasing the joint stock company share capital; 3) payment for the shares by offsetting counter-monetary claims against the joint stock company outside the process of the bankruptcy case.
The gaps of the Ukrainian legislation that prevent the implementation of a particular method of debt restructuring are identified. Proposed amendments and additions to the legislation of Ukraine, aimed at the settlement of the securitizationʼs procedure. It is proposed to supplement ch. 2, Art. 21 of the Law «On Joint Stock Companies» and p. 6 h. 1 p. 2 of the Procedure on increase (decrease) of the share capital of public or private company approved by Commission Decision of 14 May 2013 № 822 by the sentence: «Payment of shares of additional issue and bonds can be achieved by the netting of monetary claims to the joint stock company under and in accordance with the decision of the private placement shares of additional issue or bonds». Is proposed to supplement a list of documents submitted by the issuer to the Commission for the state registration of the report on the Public Offering by a copy of the agreement of the netting and documents evidencing accepted to the netting of monetary claims.
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