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Ukraine > Legal Developments > Law firm and leading lawyer rankings

Editorial

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

 

AVELLUM represented UK citizen in Supreme Court of Ukraine

November 2018 - Dispute resolution. Legal Developments by Avellum.

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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

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.

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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.

Sayenko Kharenko advises the world’s leading insurance company on sale of companies in Ukraine

October 2018 - Insurance. Legal Developments by Sayenko Kharenko .

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Kharenko has advised AXA Group (France), a global leader in insurance and asset management, and UkrSibbank on the sale of PrJSC "Insurance company "AXA Insurance" and ALC "Insurance company "AXA Life Insurance" to Fairfax Financial Holding Limited (Canada).

AVELLUM advises on acquisition of shares in Bank Lviv

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

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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.

RESPONSIBILITY OF OFFICIALS UNDER THE NEW LAW ON LLC

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

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Officials of the company according to the new Law on LLC shall bear joint and several and in some cases – subsidiary liability to the company.

Sayenko Kharenko advised Mriya Agro Holding

October 2018 - Corporate & Commercial. Legal Developments by Sayenko Kharenko .

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Sayenko Kharenko advised Mriya Agro Holding on the successful debt restructuring and subsequent sale

Sayenko Kharenko has advised Mriya Agro Holding for several years in connection with USD 1.1 billion debt restructuring. 13 unsecured bank credits, 7 suppliers’ credits, 1 ECP programme and 2 issues of Eurobonds were restructured in a single secured debt instrument. Due to this unprecedented restructuring, the total debt of the new Mriya Group has decreased from USD 1.1 billion to USD 309.5 million.

Employing Foreign Specialists in Ukraine – Rules of the Game Have Been Simplified?

July 2018 - Employment. Legal Developments by GOLAW.

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Following the strategy of the Government to improve the doing business climate in Ukraine, Parliament adopted the Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine Concerning Elimination of Barriers for Foreign Investments Attraction” dated May 23, 2017 (hereinafter – “the Law”), which came into force on September 27, 2017.  The Law with such an expressive name should have definitely removed the barriers for employment of foreigners, but what have we actually received? Putting the cart before the horse, the Law really significantly changed the procedure of obtaining work permits (hereinafter – “the Permit”) facilitating it essentially from the one hand, but introducing some questionable conditions from the other.

New Law on LLCs in Ukraine

The Law of Ukraine On the Limited Liability Companies and Additional Liability Companies passed on 6 February 2018 shall come into force on 17 June 2018. The Law is a positive sign for doing business in Ukraine as it introduces significant changes and innovations in the legal regulation of the establishment and activities of limited liability companies, which are the most numerous and the most popular form of entrepreneurial activity in Ukraine (second only to individual entrepreneurs).

Prior to the the new Law adoption, the limited liability companies’ activities were regulated by the Law of Ukraine On Business Entities, adopted in 1991 (with many subsequent amendments) and which stopped meeting the facts of life, preventing limited liability companies’ shareholders from handling the issues of corporate relationships between them easily.

The Code of bankruptcy procedure in Ukraine: positives and negatives of the new document

The Verkhovna Rada registered a draft law on the Code of Bankruptcy Procedure (No. 8060). Among other things, it is noted that such a document will increase the efficiency of bankruptcy procedures, the level of protection of the rights of creditors, improve the procedures for selling debtor property at the auction, increase the level of execution of contracts and court decisions. However, does the text of the document correspond to the stated purpose? 

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