The Ukrainian Journal of Bussines Law

[http://www.portmone.com.ua/v2/ru/services/periodicals/2533/] Counse link ANTIKA Law Firm 12, Khreshchatyk street, 2-nd floor, Kyiv , 01001 , Ukraine Phone: +38 (044) 390 09 20 Fax: +38 (044) 390 09 21 office@antikalaw.com.ua www.antikalaw.com.ua/en Arzinger 75, Zhylyanska Street., 5th floor, Kyiv , 01032 , Ukraine Phone: +38 (044) 390 55 33 Fax: +38 (044) 390 55 40 mail@arzinger.ua www.arzinger.ua Asters Leonardo Business Center, 14th floor, 19-21 Bohdana Khmelnytskoho St., Kyiv , 01030 , Ukraine Phone: +380 44 230 6000 Fax: +380 44 230 6001 info@asterslaw.com www.asterslaw.com Chadbourne & Parke LLP 25B Sahaydachnoho Street, 3 Floor, Kyiv , 04070 , Ukraine Phone: +38 (044) 461 75 75 Fax: +38 (044) 461 75 76 Kyiv@chadbourne.com www.chadbourne.com CMS Cameron McKenna LLC 6 Floor, 38 Volodymyrska Street, Kyiv , 01034 , Ukraine Phone: (044) 391 33 77 Fax: (044) 391 33 88 kyivoffice@cms-cmck.com www.law-now.com DLA Piper Ukraine, LLC 77A Velyka Vasylkivska Street, Kyiv , 03150 , Ukraine Phone: (044) 490 95 75 Fax: (044) 490 95 77 ukraine@dlapiper.com www.dlapiper.com Gvozdiy & Oberkovych 19B Instytutska Street, Office 29, Kyiv , 01021 , Ukraine Phone: +38 (044) 581 12 20 Phone: +38 (044) 581 12 21 Fax: +38 (044) 581 12 22 info@golaw.ua www.golaw.ua Ilyashev & Partners 11 Kudryavska Str, Kyiv , 04053 , Ukraine Phone: +38 (044) 494 19 19 Fax: +38 (044) 494 19 99 office@attorneys.ua www.attorneys.ua IMG Partners 1/8 Ihorivska str.,, Kyiv , 04070 , Ukraine Phone: +380 44 201-10-66 Fax: +380 44 201-10-66 office@imgpartners.com.ua www.imgpartners.com.ua International law firm Integrites 15-B Borysohlibska St.,, Kyiv , 04070 , Ukraine Phone: +380 (44) 391 38 53 Fax: +380 (44) 391 38 54 pr@integrites.com www.integrites.com Inyurpolis law firm (ILF) 14-A Skrypnyka Street,, Kharkov , 61057 , Ukraine Phone: +38 (057) 728 00 00 Fax: +38 (057) 714 06 28 office@ilf-ua.com www.ilf-ua.com Konnov & Sozanovsky 23 Shota Rustaveli Street, Suite 3, Kiev , 01019 , Ukraine Phone: +380 (0) 44 490-5400 Fax: +380 (0) 44 490-5490 info@konnov.com www.konnov.com LCF Law Group 47 Volodymyrska street, Office 3, Kyiv , 01034 , Ukraine Phone: +38 (044) 455 88 87 Fax: +38 (044) 502 55 23 info@lcfgroup.com.ua www.lcfgroup.com.ua/en/ Sayenko Kharenko 10 Muzeyny Provulok, 7th floor, Kyiv , 01001 , Ukraine Phone: +380 44 499 6000 Fax: +380 44 499 6250 info@sk.ua www.sk.ua Sokolovskyi and Partners Law Firm 25 Klinichna Street, 2nd floor, Kyiv , 03141 , Ukraine Phone: +380 44 495 1928 Fax: +380 44 275 6799 pravo@lex.org.ua www.lex.org.ua VS Litigation 16/3, M. Zhytomyrska Str., Office 28, Kyiv , 01001 , Ukraine Phone: +380 (44) 227 44 99 Fax: +380 (44) 278 31 73 Kyiv@vslitigation.com vslitigation.com CURRENT ISSUE ( October 2013 ) In focus – Restructuring & Insolvency For many years significant gaps and loopholes in Ukrainian insolvency law have been used for unfair business schemes. But at the beginning of 2013 significant amendments to legislation were introduced. The new rules had an impact on both debtors and creditors and were long expected in the country… Expert Opinion The Amended Ukrainian Insolvency Law: Key Issues Olexiy Y. Soshenko, Andrii L. Grebonkin In the course of restatement of Ukraine’s insolvency law (the Insolvency Act ) that came into effect on 19 January 2013, several significant amendments were made. The changes were an attempt to create a more streamlined and efficient insolvency process and to remedy some of the real and perceived defects in the current law. In doing so, legislature implemented some fairly significant changes to the Insolvency Act which impact both debtors and creditors… In Re Declaring a Transaction of a Debtor Invalid: a New Approach to an Old Issue Yaroslav V. Teklyuk, Valeriia V. Tryfonova On 19 January 2013, a new edition of the On Restoration of Debtor’s Solvency or Declaration of Bankruptcy Act of Ukraine (the Bankruptcy Act ) came into force, embodying an ambitious and long-awaited reform of the institution of bankruptcy and insolvency proceedings as a whole. But legal circles are still mulling the new version of the Bankruptcy Act , because its adoption, on the one hand, has introduced a number of substantive progressive innovations but, on the other hand, it has also added some controversial aspects to legal regulation of bankruptcy proceedings… Debt Restructuring Tools in International Capital Market Transactions Olena V. Polyakova In 2013 several new Eurobond offerings by Ukrainian issuers were coupled with restructuring of their liabilities under existing Eurobonds from the previous issues. By way of an example, a new issue of USD 600 million 7.875% high yield notes by DTEK Group was coupled with a tender offer transaction in respect of the outstanding USD 500 million 9.50% notes. In the agricultural sector, a new issue of USD 750 million 8.25% high yield notes by MHP was coupled with a tender offer transaction in respect of the outstanding USD 584,767,000 10.25% notes… How can a Subsidiary become Free from Foreign Parent Debt Volodymyr O. Yakubovskyy, Kateryna Y. Safronenko Many multinational companies have experienced rather difficult times doing business in developing countries for the last five years, given that even economies in developed countries are still struggling to fully recover from the global financial crisis. Under these circumstances, one can quite often see those global companies restructuring their network of subsidiaries in emerging economies to restore a healthy business and get the books in order. This is important for refinancing or attracting investment. Simple cost cutting and divesture of less performing industries and markets is also the reason for such restructuring… Case Law Forewarned is Forearmed, or Recent Case Law on Trade Defense Remedies Nataliya Y. Mykolska, Anzhela M. Makhinova On its path to the WTO, in 1998 Ukraine adopted legislation specifically addressing trade defense proceedings and remedies, namely: the On Protection of National Producer against Dumped Imports Act of Ukraine , On Protection of National Producer against Subsidized Import Act of Ukraine and On Application of Special Measures against Imports into Ukraine Act of Ukraine . Since then and until June 2013, Ukraine initiated 33 antidumping and 36 safeguard investigations. No anti-subsidy investigations have yet been conducted in Ukraine… Argument Investigators’ Legal Status in Entering Clinical Trial Services Agreements Lana V. Sinichkina, Igor P. Svitlyk According to practice established in Ukraine, investigators are contracted in two capacities: as private entrepreneurs and as individuals. However, due to the lack of clarity of the legislation, а question often asked lately by the community involved in clinical trials for medicines can individuals entering into clinical trial services agreements with non-resident sponsors or contract research organizations (CRO) can enter into such relations without becoming entrepreneurs… Recent Gambling & Lottery Developments in Ukraine: Are They Worth A Light? Pavlo I. Byelousov Until 2012 the situation with gambling and lottery regulations in Ukraine was far from positive and predictable from the operators’ perspective. The lottery business market was closed for newcomers following the moratorium on lottery business introduced in 2005, while gambling activities have been totally prohibited due to the gambling ban imposed in 2009. In 2012-2013 Ukraine faces new developments in lottery and gambling regulations. These developments are triggered by different factors, and thus the regulations are considered separately, since the lottery and gambling operators lobby their interests severally… Business Lunch 8 Key Questions on Corporate Restructuring Development of efficient tax and corporate structures from the perspective of shareholders and potential investors are key issues in a business restructuring. Each cross-border restructuring usually involves several jurisdictions. Answers to some of the most frequently asked questions on the cross-border restructuring of Ukrainian business has been given by Yuriy Nechayev, senior associate at Avellum Partners… Crux Dynamic Arbitration Industry In fact, the arbitration industry is a dynamic one and is evolving all the time in line with the needs of business. A current panel gives an updated overview of the most recent developments in venue preferences, costs and concerns, new specific regulations, legal advisor’s role, and self-regulation achievements… Anna Kombikova Ukrainian businesses still opt largely for the International Commercial Arbitration Courts both at the Ukrainian and the Russian Federation Chambers of Commerce and Industry. This fact has a great deal to do with the geographical location of these institutions, the language issue, and, naturally, the cost of arbitration… Anna Tkachova Today international arbitration is a convenient and popular means of dispute resolution for a large variety of international disputes. The notion of international arbitration covers international commercial arbitration and investment arbitration. International commercial arbitration is used to resolve international commercial and contractual disputes between private law entities… Ivan Zievakov When choosing a place for arbitration the parties usually rely upon certain subjective circumstances that are relevant specifically for these parties in this particular matter. The following are among the most common criteria for choosing a particular place of arbitration: Reputation of arbitration institutions. Among the most important requirements for arbitration court are its independence, impartiality and competence… Kateryna Zviagina In the past few decades, arbitration has become a mainstay in resolving legal disputes. The most popular and the most expensive seats of arbitration are London, Paris, New York and Geneva. Singapore has emerged as a regional leader in Asia. According to statistics the most negative attitude and perception is of Moscow and mainland China as seats of arbitration. The International Court of Arbitration (ICC) is the most preferred and widely used arbitration institution. London Court of International Arbitration is the second most preferred institution and American Arbitration Association/International Centre for Dispute Resolution (AAA/ICDR) is in third place… Olena Perepelynska An expert’s report is often used as evidence in international arbitration. However, its evidentiary weight and significance could substantially differ depending on (i) the method of appointing such an expert as well as (ii) the subject matter of the expert's analysis. The expert could be appointed by the party, arbitral tribunal or according to the mixed procedure (e.g. Sachs Protocol)… Dmytro Donenko In international arbitration the term conflict of interest is generally used to describe a situation when an arbitrator is involved in multiple interests, one of which could possibly corrupt his motivation to act independently and impartially. Needless to say that the existence of conflict of interest is absolutely unacceptable if the interests of justice are at issue… Andrii Kubko Speaking about a lawyer’s work in this area, one should bear in mind investment arbitration deals with the responsibility of the state. This responsibility is based on international legal standards which include both multilateral and bilateral investment treaties, generally acceptable international legal principles, customary international laws, and awards made by international arbitral tribunals… Oleksandr Denysenko The main challenges in recognition and enforcement of foreign arbitral awards in Ukrainian courts are related to the low level of awareness about relevant legal norms among Ukrainian judges, especially those who work in courts of first instance. The recognition and enforcement of foreign arbitral decision require from judges a good understanding of the main international treaties which are binding for Ukraine, such as the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958, the European Convention on International Commercial Arbitration of 1961, the Kiev Agreement on Settlement of Commercial Disputes of 1992 and others… Markian Malskyy There are two international arbitration institutions at the Ukrainian Chamber of Commerce and Industry (UCCI): International Commercial Arbitration Court (ICAC) and International Maritime Commission (IMC). The main advantages of those dispute resolution forums are the reasonable costs of arbitration and a less formal procedure compared to litigation in Ukrainian courts… Tatyana Slipachuk The launch of the Ukrainian Arbitration Association (UAA) in November 2012 created strong stimuli for those interested in international commercial arbitration to join efforts and contribute to promoting arbitration and developing an arbitration-friendly environment in Ukraine. Following its creation the UAA organised and co-organised several arbitration events and carried out a range of educational and promotional activities. Among the latter activities: HOME CURRENT ISSUE SUBSCRIBE & ORDER NEWS SPONSORSHIP & ADVERTISING GET PUBLISHED EDITORIAL CALENDAR ARCHIVE CONTACT HOME CURRENT ISSUE SUBSCRIBE & ORDER NEWS ADVERTISE GET PUBLISHED EDITORIAL CALENDAR ARCHIVE CONTACT BANNER EXCHANGE Copyright © 2003-2013 by Yuridicheskaya Practika Publishing. All rights reserved.