The Kyiv Commercial Court has launched bankruptcy proceedings against Ukraine International Airlines (UIA).

The decision was made on 22 November and published in the Unified State Register of Court Decisions on 24 November, the CFTS portal reports, citing the publication Avianews.

In particular, the court imposed a moratorium on meeting claims from the airline’s creditors on 22 November. The court also appointed Tetiana Nosenko as the administrator of the company’s assets and gave her until 30 January 2024 to compile a list of creditors' claims to the airline and until 22 January 2024 to inventory the airline's assets.

As part of the bankruptcy proceedings, the court also prohibited UIA and the owner of the airline's assets from alienating any of its assets.

As reported earlier, the state-owned Ukreximbank petitioned the Kyiv Commercial Court to declare UIA bankrupt on 31 October.

Before that, the state-owned Electronic Auction System for Seized Properties (CETAM) sold 99% of UIA’s MAUtechnic subsidiary, 62.43% of the Interavia ground handling company, UIA and MAUtechnic trademarks and logos, and ticket offices in downtown Kyiv at auctions.

According to experts and former managers of UIA, once the largest airline in Ukraine, the assets sold were the most valuable of UIA's remaining assets. These assets were sold at a price far below their market value.

According to the Forbes Ukraine publication, UIA owes at least UAH 800 million to the Boryspil airport for aircraft maintenance and UAH 1.5 billion to the Ukrainian State Air Traffic Services Enterprise (UkSATSE) for air traffic control services. UIA had financial liabilities of up to UAH 20.5 billion in 2022.