President of Ukraine Viktor Yushchenko signed the Law of Ukraine "On Amendments to Article 28 of the Law of Ukraine 'On Associations of Co-Owners of an Apartment Building'" adopted by the Verkhovna Rada on November 3. This was reported to "proUA" by the President's press service.

The Law amends Article 28 of the Law of Ukraine "On Associations of Co-Owners of an Apartment Building," which establishes the list of cases for liquidation of an association. In particular, it is proposed to supplement the said article with provisions according to which, in the event of liquidation of an association, the funds remaining after satisfaction of the association's creditors' claims shall be distributed among all owners of premises.

The Law also establishes the procedure for distributing the said funds. When distributing the funds, the Law permits the offsetting of each owner's debt to the association. Such distribution of funds is carried out in accordance with the association's charter. The Law determines that not only funds but also other property belonging to the association shall be subject to distribution.