Today, the Verkhovna Rada passed in the first reading a draft law that provides for the creation of a unified digital ecosystem to fight debtors. The innovation will unite banks, state registers and the executive service into one system. This will significantly speed up the process of identifying debtors and seizing their property.
How the new digital ecosystem will work
According to the draft law adopted in the first reading, Ukraine will create a single digital ecosystem for finding debtors. It will unite banks, state registries and the enforcement service, allowing for automatic real-time data updates. As a result, bailiffs will have instant access to information about debtors' accounts, real estate and vehicles.
Benefits for the state and creditors
The new system will make it more difficult to hide assets or transfer property to relatives. The Enforcement Service will be able to seize accounts and real estate within minutes of detecting a debt. This will significantly increase the efficiency of debt collection and reduce the burden on the judiciary.
Next steps
The bill is due to pass the second reading in parliament. If it is finally adopted, the digital ecosystem will be launched in the near future. This is expected to be an important step towards transparency and fairness in debt collection.
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