On 18 September 2017, Olexiy Soshenko, Managing Partner and Head of the Banking and Finance practice at Redcliffe Partners, took part in a special industry seminar, “How the Luxembourg Protocol will Transform the Rail Sector in Ukraine and Beyond”. The seminar was organised by the European Bank for Reconstruction and Development. Amongst the speakers at the seminar were Volodymyr Omelyan, Minister of Infrastructure of Ukraine, Mark Magaletsky, Head of Infrastructure at the European Bank for Reconstruction and Development, Jelena Madir, Director of the EBRD’s Legal Transition Team, Anna Veneziano, Deputy Secretary-General of UNIDROIT, Elizabeth Hirst, Registrar-designate, Regulis SA and Howard Rosen of Howard Rosen Solicitors.
Olexiy gave a presentation entitled “Creditor Repossession on Default and Insolvency: Current Position and Luxembourg Rail Protocol Perspectives”. He shared his view on the perspectives of implementing an international system of recognition of, and priorities for, security interests in relation to railway rolling stock in Ukraine, as envisaged by the Luxembourg Rail Protocol. The Protocol seeks to establish a framework for the repossession of assets upon the default and insolvency of the debtor. The presentation was accompanied by a case study relating to the repossession of railcars in Ukraine.