Law No. 535-I “On financial restructuring of agricultural enterprises.”

Pre-trial financial restructuring is carried out before the initiation of a case of insolvency of agricultural enterprises and is aimed at restoring the solvency, economic solvency of the agricultural enterprise and creating conditions for the further implementation of its effective activities. The main objectives of the financial restructuring of an agricultural enterprise are: (a) implementation of necessary transformations aimed at improving the organization and management of the activities of an agricultural enterprise; (b) creating the necessary conditions for the production and sale of competitive products; and (c) ensuring its financial stability. The objects of financial restructuring are unprofitable, insolvent and economically bankrupt agricultural enterprises. The subjects of financial restructuring can be property owners of agricultural enterprises, creditors or other legal entities and natural persons. Financial restructuring can be carried out with or without the involvement of public funds. Attraction of public funds in the process of financial restructuring is carried out only on a reimbursable basis. In the process of financial restructuring of an agricultural enterprise, the following features are taken into account: (a) food and strategic orientation of agricultural production; (b) the need to ensure rational and targeted use of land as the main means of production in agriculture; (c) the condition of the land used by the agricultural enterprise; (d) seasonality and production cycle length; (e) dependence of production results on natural and climatic conditions; and (f) conditions for generating income and use thereof. Financial restructuring of an agricultural enterprise is applicable for a period of up to twenty-four months. This period may be extended by twelve months in cases provided for by law.