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Sample Ukraine Arbitration Manager Exam Practice Questions
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1Under the Code of Ukraine on Bankruptcy Procedures (КУзПБ), which judicial body has exclusive jurisdiction to open bankruptcy proceedings against a legal entity debtor?
A.The local general district court at the location of the debtor's assets
B.The commercial court (господарський суд) at the registered seat of the debtor
C.The administrative court of the relevant region (область)
D.The Ministry of Justice of Ukraine territorial department
Explanation: Under Article 8 of the Code of Ukraine on Bankruptcy Procedures, cases concerning bankruptcy of legal entities and insolvency of individuals are considered exclusively by the commercial court at the debtor's location (registered address). General and administrative courts lack jurisdiction over bankruptcy proceedings.
2What is the statutory deadline for creditors to submit their monetary claims against a debtor after the official publication of the notice opening bankruptcy proceedings?
A.15 calendar days from publication
B.30 calendar days from the date of official publication
C.60 calendar days from the preliminary court hearing
D.90 calendar days from the appointment of the property manager
Explanation: Article 45 of the КУзПБ establishes that competitive creditors must file their monetary claims with the commercial court and send copies to the debtor and property manager within 30 days from the date of official publication of the ruling opening bankruptcy proceedings.
3What happens to penalties, fines, and financial sanctions for obligations covered by the moratorium on satisfaction of creditors' claims?
A.Penalties and financial sanctions continue to accrue at half the contractual rate
B.Accrual of penalties, fines, and contractual financial sanctions against the debtor is halted
C.Penalties are converted into equity shares of the debtor company
D.Accrual continues only for claims secured by pledges of immovable property
Explanation: Article 41 of the КУзПБ stops penalties and other financial sanctions for obligations covered by the moratorium. Inflation adjustments and the statutory three percent annual late-payment charge are also not applied during the moratorium.
4Which procedural stage is introduced first by the commercial court upon opening a bankruptcy case against a legal entity debtor under general rules?
A.Sanitation (санація)
B.Disposition of debtor's property (розпорядження майном)
C.Liquidation procedure (ліквідаційна процедура)
D.Debt repayment procedure for individuals (погашення боргів)
Explanation: Under Article 44 of the КУзПБ, opening bankruptcy proceedings against a legal entity entails the immediate introduction of the procedure of disposition of property (розпорядження майном боржника) and appointment of a property manager (розпорядник майна).
5What is the maximum statutory duration of the disposition of debtor's property (розпорядження майном) procedure under the КУзПБ?
A.60 calendar days
B.170 calendar days
C.12 months
D.3 years
Explanation: Article 44, Paragraph 2 of the КУзПБ specifies that the disposition of property procedure is introduced for a term that cannot exceed 170 calendar days. During this period, the preliminary hearing and creditors' meeting must be held.
6Which claims are exempt from the general moratorium on the satisfaction of creditors' claims under Article 41 of the КУзПБ?
A.Commercial supplier invoices overdue for more than six months
B.Payment of wages, alimony, and compensation for harm to life or health
C.Unsecured bank credit obligations and revolving overdrafts
D.Tax arrears accrued over previous reporting quarters
Explanation: Article 41(5) of the КУзПБ excludes wage payments, alimony, and compensation for harm to life or health from the moratorium. It also excludes current creditors' claims and enforcement documents requiring non-property actions.
7Under the transitional nomination procedure in point 2-1 of the КУзПБ's Final and Transitional Provisions, how is a property manager appointed in a creditor-initiated corporate bankruptcy case?
A.Solely upon the nomination of the largest commercial creditor
B.By the commercial court after checking the initiating creditor's proposed candidate against statutory eligibility requirements
C.By direct appointment by the regional governor
D.By public auction on the Prozorro.Sale platform
Explanation: Point 2-1 of the Final and Transitional Provisions requires the initiating creditor to propose a candidate and submit that arbitration manager's participation statement. The commercial court appoints the proposed manager if the statutory conditions are met.
8What is the primary statutory purpose of the sanitation (санація) procedure in corporate bankruptcy?
A.To liquidate all physical assets and immediately distribute proceeds to creditors
B.To restore the debtor's solvency and satisfy creditors through operational and financial recovery measures
C.To deregister the legal entity and transfer all debts to the state budget
D.To convert the debtor enterprise into a state-owned enterprise
Explanation: Article 1 of the КУзПБ defines sanitation as a system of measures to prevent declaring the debtor bankrupt and restoring debtor solvency, including corporate restructuring, debt rescheduling, and asset repositioning.
9During property disposition, who must develop a sanitation plan where recovery is feasible and submit it to the creditors' meeting?
A.The State Fiscal Service or regional tax administration
B.The property manager (розпорядник майна)
C.The commercial court judge during the preliminary hearing
D.The local municipal council
Explanation: Article 44(3) of the КУзПБ requires the property manager to develop a sanitation plan where recovery is feasible and submit it to the creditors' meeting. Article 52 provides for creditors to consider the plan in classes before court approval.
10What is the maximum initial statutory duration of the liquidation procedure (ліквідаційна процедура) under Article 58 of the КУзПБ?
A.6 months
B.12 months
C.24 months
D.36 months
Explanation: Article 58 of the КУзПБ establishes that the court ruling declaring the debtor bankrupt introduces the liquidation procedure for a term not exceeding 12 months.
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