The National Bank of Ukraine has developed a draft framework agreement for financial restructuring  and published it on its website.

In particular, the draft agreement is intended to:

• set out the general principles and guidelines governing coordination between financial institutions during the restructuring procedure;
• establish that parties that will join a framework agreement shall give their consent to settle all disputes through arbitration in accordance with arbitration procedures; and
• establish the procedure for selection of an authorized representative by creditors, being parties to a framework agreement, to sign a restructuring plan. 

As a side note, on 14 July 2016, the Verkhovna Rada of Ukraine passed the Law of Ukraine On Financial Restructuring. On 16 July 2016, Ukrainian President Petro Poroshenko signed it.

Under the law, the restructuring procedure is voluntary, meaning that parties have the right to decide whether it is appropriate to apply it or use other debt collection mechanisms.