KIEV, April 1 – The Ukrainian cabinet is preparing revolutionary changes in company bankruptcy procedures, as well as additional measures to legalize wage payments and cut the number of taxes, Deputy Prime Minister and Social Policy Minister Serhiy Tyhypko said.

"There will be a revolution in approaches to bankruptcy. We have to quickly look for a new owner and quickly bring companies that might have been in a state of bankruptcy for years now back into the economy," he said at a conference organized by Dragon Capital Investment Company on Thursday.

He said that the changes would reduce the term of making decisions on bankrupt companies' property to 100 days.