The new edition of the On Restoration of Debtor's Solvency or Bankruptcy Recognition Act of Ukraine was signed on 22 December 2011. According to the final and transitional provisions, the Act shall take effect one year after its publication. The new edition has been based on the old version. Just as before, bankruptcy proceedings consist of the following judicial procedures: administration of the debtor's property, financial rehabilitation of the debtor, amicable settlement agreement, and liquidation of the bankrupt.