Twitter Logo Youtube Circle Icon LinkedIn Icon

Publishing firms

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Avellum

View the listing for Avellum

AVELLUM successfully represents client’s interests in GAFTA arbitration

January 2019 - Dispute resolution. Legal Developments by Avellum.

More articles by this firm.

AVELLUM successfully represented the client's interests in GAFTA arbitration in the dispute with a Swiss trading company.

As the result of 8 months long arbitral proceedings, the tribunal satisfied demands of our client in full, for a total amount of over USD200,000.

AVELLUM advised EVO Group on its merger with Rozetka

January 2019 - Corporate & Commercial. Legal Developments by Avellum.

More articles by this firm.

AVELLUM acted as the legal counsel to EVO Group, the internet company behind Ukraine’s leading marketplace Prom.ua, in connection with its merger with Rozetka, the leading online retailer based in Ukraine.

Viktoriia Morozova joins the AVELLUM’s Energy practice as of counsel

January 2019 - Projects, Energy & Natural Resources. Legal Developments by Avellum.

More articles by this firm.

AVELLUM is happy to announce that Viktoriia Morozova has joined the firm’s Energy and Infrastructure practice as an of counsel.

AVELLUM promotes Vadim Medvedev to tax partner

January 2019 - Finance. Legal Developments by Avellum.

More articles by this firm.

AVELLUM is happy to announce the promotion of Vadim Medvedev to partner effective from 1 January 2019.

Vadim leads the firm’s tax practice and has an outstanding track record in the areas of international tax planning, transaction structuring, and succession planning matters. Vadim is also highly praised for successfully representing clients in tax litigation cases.

AVELLUM advised largest Ukrainian brick manufacturer on restructuring and refinancing of its debt

December 2018 - Corporate & Commercial. Legal Developments by Avellum.

More articles by this firm.

AVELLUM acted as the Ukrainian legal counsel to Private Joint Stock Company with Foreign Investments “Slobozhanska Budivelna Keramika” (“SBK”) in connection with the restructuring and refinancing of SBK’s debt, valued at approximately EUR20 million. Atlas Advisors, an independent investment banking firm, acted as the exclusive financial advisor to the SBK’s shareholders in connection with the restructuring of the credit portfolio, attraction of financing for the debt’s refinancing, and buy-out of SBK’s shares.

The deal covered (1) the restructuring and refinancing of SBK’s debt to an international financial institution (“IFI”) and a number of foreign and Ukrainian banks (“Banks”), and (2) a new refinancing facility from another Ukrainian bank. Following the restructuring, the IFI and the Banks left the deal.

Within the equity part of the deal, SBK’s shareholders repurchased from the IFI and one of the Banks those SBK’s shares that were previously sold to them by way of security.

Founded in 1997, SBK has become one of Ukraine’s largest brick and ceramic block manufacturers. SBK offers the complete production cycle from clay extraction to the shipment of finished goods. The manufacturing facilities of SBK include two plants located in Romny city (Sumy region) and Ozera village (Kyiv region), having the total annual manufacturing capacity of 150 million bricks. SBK has its own raw material base consisting of four quarries located in different Ukrainian regions.

AVELLUM’s partner, Yuriy Nechayev noted the following: “It was a complex and challenging transaction which included both debt and equity aspects. We were delighted to guide our client through each stage of this successful restructuring.

The AVELLUM team was led by partner Yuriy Nechayev, with support from associates Tetiana Mykhailenko, Dmytro Tkachuk, Oleksandr Kulykovskyi, and Anna Mykhalova.

AVELLUM advises on Ukraine’s USD2 billion Eurobond issue

December 2018 - Finance. Legal Developments by Avellum.

More articles by this firm.

AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on the USD2 billion sovereign Eurobond issue consisting of two tranches with 5.5 and 10-year tenor. J.P. Morgan Securities, Goldman Sachs, BNP Paribas, and Citigroup acted as joint lead managers on the transaction.

AVELLUM advises EBRD on first financing of Academic Institution in Ukraine

December 2018 - Finance. Legal Developments by Avellum.

More articles by this firm.

AVELLUM acted as the Ukrainian legal counsel to the European Bank for Reconstruction and Development (“EBRD”) in connection with a senior secured loan of up to EUR1.3 million to Private Higher Educational Establishment "Kyiv Medical University" (“KMU”).

AVELLUM successfully represented Swiss Company in GAFTA arbitration

December 2018 - Dispute resolution. Legal Developments by Avellum.

More articles by this firm.

AVELLUM represented a Swiss Company (“Claimant”) in GAFTA arbitration dispute under CIF sale contract with an Egyptian company (“Respondent”) regarding compensation of damages in the form of demurrage and interest for the late payment for the goods.

Through these proceedings, AVELLUM established a new practice of representing clients in GAFTA arbitration disputes, which are resolved by a sole arbitrator.

The dispute concerned correct calculation of laytime and responsibility for demurrage. The calculation of the incurred demurrage depended on who is responsible for the suspension of discharge of the goods.

While deciding upon this case, the decisive factors were specific acts and instructions of each party, since the party who gave direct instructions to suspend the discharge will be held liable. It should be noted that in the present case, the Claimant had not instructed to suspend the discharge, but did warn the Respondent about such consequences, which may incur if the Respondent fails to provide the payment.

After analysing all factual circumstances of the case, the arbitrator held that the discharge was suspended by the instructions of the Respondent, which misunderstood the situation, and, consequently, is liable for damages, which incurred thereafter.

This case once again demonstrates that in contracts governed by the English law, each word from the correspondence between the parties is important. Liability of the parties is established after overall examination of negotiations, correspondence, and acts of each party.

In his award, the arbitrator highlighted that despite the information provided in Statement of Facts (SOF), it was suspended by the Respondent and not the Claimant. Therefore, the arbitrator held the Respondent liable for demurrage incurred due to suspending the discharge. Additionally, the arbitrator obliged the Respondent to pay the Claimant the statutory interest for the late payment for the goods.

As a result, the arbitrator has awarded to satisfy the Claimant’s demand for the compensation of damages.

AVELLUM team was led by associates Dmytro Koval and Leila Kazimi, under the supervision of partners Ivan Kasynyuk and Iryna Moroz.

AVELLUM represented UK citizen in Supreme Court of Ukraine

November 2018 - Dispute resolution. Legal Developments by Avellum.

More articles by this firm.

AVELLUM represented UK citizen in Supreme Court dispute regarding return of wrongfully retained child to England.

AVELLUM successfully represented a UK citizen in the Supreme Court of Ukraine (“Supreme Court”) in a dispute regarding the return of a wrongfully retained child to England.

The judgement of the Supreme Court will bring a new approach to dispute resolution related to international child abduction and will become a judicial precedent in Ukraine. The Supreme Court provided the first-ever clarification on the procedure for dispute resolution related to international child abduction, application of the Hague Convention on the Civil Aspects of International Child Abduction of 25 October 1980 (“1980 Convention”), and interpretation of criteria for refusal to return a child to the state of permanent residence.

The Ministry of Justice of Ukraine filed a claim in early 2013. Over the last years, this case was repeatedly reviewed by Ukrainian courts of all instances, including the Supreme Court.

AVELLUM prepared a cassation appeal and a request seeking the renewal of the term of cassation appeal that were filed on behalf of the client with the High Specialised Court for Civil and Criminal Cases in early 2017. However, due to the judicial reform, it was late August 2018 when the new Supreme Court made its final decision.

Thus, the Supreme Court has rightfully held that the primary focus of the above 1980 Convention is that one parent or family member cannot independently decide to change the child’s place of permanent residence. The Court also noted that the child’s place of permanent residence is of major importance in restoring the status quo, since the illegal removal or retention of the child violates the child’s rights and interests, as well as the right (custody right) of the parent without whose consent the child was taken from the country of habitual residence.

The Supreme Court also highlighted that when considering the issue on returning the child to the home state, the issue of defining a person who will have custody rights in the future is not resolved. The issue of custody rights to be granted to one or both parents falls within the jurisdiction of competent authorities of the child’s country of permanent residence before the relocation.

The Supreme Court also provided official interpretation as to the application of Articles 8, 12, and 13 of the 1980 Convention, thus, shaping a new perspective on this issue in Ukraine.

AVELLUM team was led by associate Oleksandr Gubin under the supervision of partner Iryna Moroz.

AVELLUM advises ICU on establishment of joint venture in renewable energy sector

November 2018 - Projects, Energy & Natural Resources. Legal Developments by Avellum.

More articles by this firm.

AVELLUM advises Ukrainian investment firm on establishment of yet another joint venture in renewable energy sector

AVELLUM advises Diligent Capital Partners on acquisition of 16% equity stake in Allseeds

November 2018 - Corporate & Commercial. Legal Developments by Avellum.

More articles by this firm.

AVELLUM advises Diligent Capital Partners on acquisition of 16% equity stake in Allseeds

AVELLUM acted as the Ukrainian legal counsel to Diligent Capital Partners (“DCP”), a private equity manager, in connection with the acquisition of a 16% equity stake in Allseeds SA together with the Dutch Development Bank FMO (“FMO”). As a result of the transaction, Allseeds obtained financing to implement its ambitious growth strategy that includes the expansion of its oilseed crushing and transshipment capacities. FMO and DCP will also work with Allseeds to enhance Allseeds’ corporate governance and improve its environmental, as well as social standards.

AVELLUM advises on acquisition of shares in Bank Lviv

October 2018 - Corporate & Commercial. Legal Developments by Avellum.

More articles by this firm.

AVELLUM acted as the Ukrainian legal counsel to a private equity vehicle managed by responsAbility Investments AG (“responsAbility”) in connection with the acquisition of a shareholding in Bank Lviv. Bank Lviv is the first investment project of responsAbility in Ukraine. Further on, responsAbility intends to increase its stake in the bank to 51%.

Yuriy Nechayev, Corporate/M&A partner at AVELLUM, commented on this transaction: “Ukraine is continuing to increase its attractiveness to foreign investors and this deal is a promising example. The deal indicates a gradual recovery of the Ukrainian banking sector after the severe turmoil in the recent past. Needless to say, we were honoured and delighted to represent responsAbility in this important transaction and to include yet another banking deal into our portfolio.”

AVELLUM advised the client on a number of transaction related issues, in particular, on the legal due diligence of Bank Lviv, the procedure for the acquisition of shares in Bank Lviv, the placement of a subordinated deposit with the bank, and the acquisition of claims under the existing subordinated deposit. We also contributed our Ukrainian law expertise into the preparation of the transaction documents.

Furthermore, we advised responsAbility on obtaining the approval of the National Bank of Ukraine and on requirements to obtain the approval of the Antimonopoly Committee of Ukraine in connection with the transaction.

Norton Rose Fulbright LLP advised the client on English law matters.

responsAbility Investments AG is a leading asset manager in the field of development investments that offers professionally managed investment solutions to private, institutional, and public investors. The company supplies debt and equity financing to firms in emerging economies. responsAbility currently has USD3 billion of assets under management invested in over 550 companies in 90 countries. The company is headquartered in Zurich and has local offices in Bangkok, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo, and Paris. Its shareholders include a number of reputable institutions in the Swiss financial market and its own employees. responsAbility is regulated by the Swiss Financial Market Supervisory Authority FINMA.

Bank Lviv is a public joint stock company supervised by the National Bank of Ukraine. Active across Western Ukraine, the bank serves a broad client base. The bank’s financing offer is mainly targeted at SMEs and agricultural companies. As of the end of 2017, Bank Lviv held total assets of USD64 million, deposits of USD32 million and a gross loan portfolio of USD40 million. The bank operates 22 offices and employs 270 staff.

The AVELLUM team was co-led by a partner Yuriy Nechayev and an associate Andriy Romanchuk with support from associates Andrii Gumenchuk, Dmytro Tkachuk, Vladyslav Alexandrov, and Anna Mykhalova. Counsel Vadym Medvedev advised on tax aspects of the deal.

Antitrust Compliance Program in Ukraine: Current Status and Development Prospect

July 2017 - EU & Competition. Legal Developments by Avellum.

More articles by this firm.

Mykola Stetsenko, Managing Partner, AVELLUM

Yaroslav Medvediev, Senior Associate, AVELLUM

2015 and 2016 turned into a period of reform for the Ukrainian antitrust regulatory framework and the Ukrainian competition authority – the Antimonopoly Committee of Ukraine (AMC). The AMC’s new executive team follows the best European practices in antitrust and competition field as the model for development of domestic competition environment. During those two years, the AMC significantly increased its investigation of alleged violations of competition law (including violations of the merger control regime, cartels, unauthorized concerted practices, abuse of dominance, unfair competition, and bid rigging) and deepened its commitment to promoting fair competition in general. In this regard, the existence of the antitrust compliance program for medium and large-sized companies has become very important.

Recent Legal Developments in Renewable Energy Sector

July 2017 - Projects, Energy & Natural Resources. Legal Developments by Avellum.

More articles by this firm.

Glib Bondar, Partner, AVELLUM

Dmytro Symbiryov, Associate, AVELLUM

Ukraine has huge potential and capacity for growth in renewable energy sector. In view of the Government’s efforts to attract foreign capital flow into the economy, Ukraine continues to support the “green” energy sector. 

A Remarkable Year of Restructuring. What Next?

August 2016 - Finance. Legal Developments by Avellum.

More articles by this firm.

What happened in 2015 in the world of Ukrainian corporate finance was a reflection of larger scale events in and around Ukraine. In this article, we will share our view of the key events in 2015 in the area of cor-porate finance, highlight the most important legislative and regulatory developments in finance and, based on our experience, make a few suggestions for creditors and debtors on how to navigate through 2016.

Enforcement in Ukraine of Interim Orders Issued by Foreign Courts and Arbitral Tribunals

July 2016 - Litigation & Dispute Resolution. Legal Developments by Avellum.

More articles by this firm.

In the past few years Ukrainian clients have developed an appetite for solving their disputes abroad. Litigation and arbitration sagas involving Ukrainian parties or related to Ukrainian assets often spread across many jurisdictions. In many such sagas various interim reliefs were granted by courts and tribunals.

Ukraine Introduces Tax Incentives for IT Industry

August 2012 - Tax & Private Client. Legal Developments by Avellum.

More articles by this firm.

On 5 July 2012, the Parliament of Ukraine adopted the Law Of Ukraine “On Amending Section XX “Transitional Provisions” of the Tax Code of Ukraine on Peculiarities of Taxation of Software Companies” (the “Law”). The Law came into force on 3 August 2012. The tax incentives introduced by the Law provide for a very favourable tax regime for companies operating in the IT industry and are likely to be widely used by national and international businesses. Below we provide the brief description of the incentives introduced by the Law.

REFORMS IN PHARMACEUTICALS REGULATION

August 2012 - Corporate & Commercial. Legal Developments by Avellum.

More articles by this firm.

The Ukrainian Parliament adopted a number of laws significantly influencing the operation of Pharma and Healthcare companies in Ukraine.

NBU Changes Rules for Registration of Cross-Border Loan Agreements

August 2012 - Finance. Legal Developments by Avellum.

More articles by this firm.

On 15 June 2012, the National Bank of Ukraine (the “NBU”) amended the rules for registration of cross-border loan agreements between Ukrainian borrowers and foreign lenders (the “New Registration Rules”). The New Registration Rules will become effective on 9 November 2012. Our summary of the most important changes is set out below.

UKRAINE CONTINUES TAX REFORMS

August 2012 - Tax & Private Client. Legal Developments by Avellum.

More articles by this firm.

On 5 July 2012, the Parliament of Ukraine adopted the Law Of Ukraine “On Amending the Tax Code of Ukraine Regarding the State Tax Service Due to Administrative Reform in Ukraine” (the “Law”).

Developments in Protection of Secured Creditors’ Rights in Bankruptcy of a Ukrainian Debtor

July 2012 - Finance. Legal Developments by Avellum.

More articles by this firm.

On 19 January 2013 the Law of Ukraine “On Amendments to the Law of Ukraine “On Restoring Debtor’s Solvency or Declaring it Bankrupt” dated 22 December 2011 (the “Restated Insolvency Law”) will become effective. The Restated Insolvency Law introduced a number of important changes to the protection of rights of secured creditors and the enforcement of security in bankruptcy.

REFORM OF SEAPORTS INFRUSTRUCTURE IN UKRAINE

June 2012 - Transport. Legal Developments by Avellum.

More articles by this firm.

On 17 May 2012, the Ukrainian Parliament adopted the Law of Ukraine “On Seaports of Ukraine”, which will become effective on 13 June 2013 (the “Effective Date”) (the “Seaports Law”).

RECENT CHANGES IN UKRAINIAN LEGISLATION Reform of Railroad Transport in Ukraine

March 2012 - Transport. Legal Developments by Avellum.

More articles by this firm.

On 23 February 2012 the Ukrainian Parliament adopted the Law of Ukraine “On the Specifics of Establishment of Public Joint Stock Company of Public Railway Transport” (the “Public Railroad Transport Company Law”), which became effective as of 22 March 2012, and the Law of Ukraine “On Amendments to the Law of Ukraine “On Railroad Transport” (the “Railroad Amendment Law”), which will become effective from the date of state registration of the Company according to the Public Railroad Transport Company Law.

Recent Court Practice Relating to Taking Security in Ukraine

February 2012 - Corporate & Commercial. Legal Developments by Avellum.

More articles by this firm.

From May 2011 and until January 2012, as a result of unification effort against inconsistent practice of the lower courts,the Supreme Court of Ukraine (the “Supreme Court”) re-examined inconsistent rulings of Ukrainian cassation courts on disputes arising out of, inter alia, mortgage and suretyship agreements and made a number of important decisions providing guidance on application of the relevant legislation in similar cases.

CHANGES IN CORPORATE LEGISLATION

November 2011 - Corporate & Commercial. Legal Developments by Avellum.

More articles by this firm.

We set out below most recent changes in Ukrainian corporate law:

  • legislation on reorganization of legal entities was modified;
  •  Ukrainian SEC explained the standard of compliance with the duty of public companies to have their shares admitted to listing on a stock exchange;
  • Ukrainian SEC provided more details on the functioning of joint stock companies; and
  • On-line access to the Unified State Register of Legal Entities and Individual Entrepreneurs was launched following the Order of the Ministry of Justice of Ukraine.

UKRAINE IMPROVES RULES TO PROTECT CREDITORS’ RIGHTS AND CONSUMERS OF FINANCIAL SERVICES

October 2011 - Finance. Legal Developments by Avellum.

More articles by this firm.

On 13 October 2011, the President of Ukraine signed into law a number of amendments to the Civil Code, the Bankruptcy Law, the Law on Securing Creditors’ Claims, the Criminal Code and some other laws (the “Amendments”) aimed at increasing protection of creditors’ rights and consumers of financial services, decreasing the share of delinquent assets in the loan portfolio of banks. Amendments became effective on 16 October 2011. The most important changes are outlined below:

Corporate Registration Is Now On-Line in Ukraine

September 2011 - Corporate & Commercial. Legal Developments by Avellum.

More articles by this firm.

Ukrainian government further simplifies corporate registration procedures and eases access to basic corporate information on legal entities by taking the Unified State Register of Legal Entities and Individual Entrepreneurs (the “State Register”) and registration procedures on-line.

Cabinet of Ministers of Ukraine Approved Procedure For Privatization of PJSC “Kyivenergo” and PJ

September 2011 - Projects, Energy & Natural Resources. Legal Developments by Avellum.

More articles by this firm.

According to the news release circulated by the State Property Fund of Ukraine (“SPFU”) on 21 September 2011 the Cabinet of Ministers of Ukraine adopted a Resolution (the “Resolution”) approving conditions for the sale of stateowned shareholdings in power generation companies Public Joint Stock Company “Kyivenergo” (“Kyivenergo”) and Public Joint Stock Company “Zakhidenergo” (“Zakhidenergo”). A 25% stake in Kyivenergo and a 45,103% stake in Zakhidenergo are offered for sale.

NBU EASES LICENSING REQUIREMENTS FOR CROSS-BORDER SURETY (GUARANTEE) PAYMENTS TO FOREIGN LENDERS

September 2011 - Finance. Legal Developments by Avellum.

More articles by this firm.

Cross-border foreign currency payments by Ukrainian surety providers (guarantors) to a foreign lender under a surety agreement (guarantee), which secures obligations of a Ukrainian borrower under a foreign currency loan agreement with such foreign lender, will be exempt from the individual licensing requirement.

THE CABINET OF MINISTERS OF UKRAINE ADOPTED NEW PROCEDURE OF REGISTRATION OF RIGHTS TO REAL ESTATE

July 2011 - Real Estate & Property. Legal Developments by Avellum.

More articles by this firm.

The Cabinet of Ministers of Ukraine has adopted Resolution No. 703 “On approving the Procedure for state registration of rights to real estate and their encumbrances and the Procedure on issuance of extracts from the State registrar of property rights to real estate” dated 22 June 2011 (the “Resolution”), which was prepared pursuant to Article 15 of Law of Ukraine No. 1952-IV “On State Registration of Property Rights to Real Estate and Their Encumbrances”. Below you will find a short overview of main changes with respect to registration of rights and encumbrances to real estate.

LATEST CHANGES IN UKRAINIAN CORPORATE LAW

June 2011 - Finance. Legal Developments by Avellum.

More articles by this firm.

Recently Ukrainian corporate law underwent numerous amendments, in particular:

  • introduction of International Financial Reporting Standards (“IFRS”) in Ukraine
  •  increase of the maximum number of participants in a limited liability company
  •  abolition of the incorporation certificate

LEGAL ALERT

April 2011 - Finance. Legal Developments by Avellum.

More articles by this firm.

Government to provide support for Public-Private Partnership   

PROCEDURE FOR CHALLENGING DECISIONS OF ANTIMONOPOLY COMMITTEE OF UKRAINE HAS BEEN IMPROVED

March 2011 - Litigation & Dispute Resolution. Legal Developments by Avellum.

More articles by this firm.

On 25 March 2011 Regulation of Antimonopoly Committee of Ukraine (“AMCU”) “On approval of amendments to Rules of consideration of applications and cases on violation of legislation on protection of economic competition” (“Rules”) No. 84-p dated 14 February 2011 (“Amendments”) entered into force. The Amendments are aimed to improve the procedure for review and re-examination of cases on violation of legislation on protection of economic competition.

UKRAINIAN CORPORATE AND SECURITIES LEGISLATION FURTHER IMPROVES

March 2011 - Finance. Legal Developments by Avellum.

More articles by this firm.

Amendments to Joint Stock Companies Law

ACQUISITIONS IN UKRAINE: 12 TIPS ON MAKING A SUCCESSFUL DEAL

February 2011 - Finance. Legal Developments by Avellum.

More articles by this firm.

With the global financial crisis approaching its end, the mergers and acquisitions (M&A) activity is picking up in Ukraine. Foreign buyers are again looking at the Ukrainian market as sellers have adjusted their pricing expectations to reasonable levels. With this trend in mind, it could be useful to reiterate a few basic aspects of investing in Ukraine.

LEGAL ALERT

February 2011 - Corporate & Commercial. Legal Developments by Avellum.

More articles by this firm.

(1) Changes to Currency Control Rules (2) Changes to Foreign Investment Procedures (3) Simplification of Dividends Remittance Procedure

Shares in Joint Stock Companies Should Be Converted into Electronic Form by 29 October 2010

September 2010 - Finance. Legal Developments by Avellum.

More articles by this firm.

On 29 October 2010 the provision of the Law “On Joint Stock Companies” (the “Law”), dated 17 September 2008, onthe form of shares of Ukrainian joint stock companies will enter into force. The Law requires that by this date all sharesof all joint stock companies in Ukraine should be converted into electronic form and all further share issues after thisdate should also be made in electronic form. This requirement is indefinite and does not depend on the issuer’s size, itsamount of profits/losses, amount of assets or the number of shareholders, etc.