The financial crisis hit Ukraine hard, with most industries shrinking rapidly. What meant recession for banking sector has proven a golden opportunity for collectors and investors in distressed assets. As is often the case with the development of new forms of operations in Ukraine, the legal environment was not ready. Despite the first deals on sale of loan portfolios prior to 2008, mainly related to securitization, and experience on the market in the years passing since then, there is still no consensus among the regulators and practitioners as to how, from the legal point of view, this market is to function.