The Ukrainian Journal of Business Law

[http://notarium.com.ua/] 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 Senator Business Center, 32/2 Moskovska street, 10th floor, Kyiv , 01010 , 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 DLF attorneys-at-law Torus Business Centre, 17d Hlybochytska Street, Kyiv , 04050 , Ukraine Phone: +380 44 384 24 54 Fax: +380 44 384 24 55 info@dlf.ua www.dlf.ua ECOVIS Bondar & Bondar Law Bureau 3 Rognidyns'ka street, office 10, Kyiv , 01004 , Ukraine Phone: +38 (044) 537 09 10 Fax: +38 (044) 537 09 10 Kyiv-law@ecovis.com www.ecovis.com/ua GOLAW 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 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 KUSHNIR, YAKYMYAK & PARTNERS 19-B Instytutska Street, Suite 40, Kyiv , 01021 , Ukraine Phone: +380 44 253 5939 Fax: +380 44 253 5940 kypartners@kypartners.com www.kypartners.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 CURRENT ISSUE ( January-February 2018 ) In focus – Financial Restructuring When economic growth changes into depression, it almost always means facilitation of debt restructuring across both the private and state sectors. Some high value cross-border restructurings over the last couple of years became a positive sign for restoring the confidence of international lenders. Expert Opinion Debt Restructuring in Ukraine from a Foreign CreditorТs Perspective ќleksander Plotnikоv The last 4-5 years can be called the Уera of big cross-border debt restructuringФ in Ukraine, as we saw many high-profile debt restructuring projects in the private and public sectors which have established certain market practices and have provided a vector for further development of debt restructuring practice in Ukraine. In Re Opportunities for Investing in Non-performing Loans in Ukraine Tetiana Mykhailenko, Anаstasiya Voronova More than half of all Ukrainian banking sector loans are currently non-performing, which makes Ukraine very attractive to NPL investors. As reported by the National Bank of Ukraine (NBU), from the beginning of November 2017, the ratio of non-performing loans (the NPLs) in Ukraine constituted 56.5% and amounted to UAH 587 billion, which is approximately EUR 18 billion. The level of NPLs in Ukraine remains higher than in any other European country, including Cyprus and Greece. Debt to Equity in Ukraine Vasyl Yurmаnovych A debt-to-equity swap is a refinancing deal in which a holder of debt receives an equity in exchange for cancellation of the companyТs contractual debt. In Ukraine, debt-to-equity swaps are still rarely done in practice, although the Ukrainian legal society started to review the topic in 2008. News Deals EVRIS has completed financial restructuring for PJSC Alfa-Bank Dentons advised FUIB on loan restructuring AVELLUM Ч Ukrainian legal advisor to Deere & Company AEQUO advised JSCB† Industrialbank† Asters advised International Finance Corporation Kinstellar Ч Ukrainian legal counsel to ArcelorMittal Kryvyi Rih † Cases EU Court allowed premium brands to ban sale of goods on Amazon and eBay Court seized KurchenkoТs UMH property Lifecell appealed AMCU decision High Court of Justice in London put end to dispute over Sky Mall Starbucks wins trademark dispute Global arrest of Ihor Kolomoyskyi and Gennadiy Bogolyubov assets † Draft Draft proposes popularization of payment terminals Amendments to the Budget Code † Law digest Moratorium on land sales extended until 1 January 2019 Additional measures to protect agrarians from illegal takeover Procedure for residents to bring foreign currency in cash simplified Mechanism of selecting supervisory boards in banks regulated Conditions of transfer to incentive based regulation for energy companies Law on Privatization † Biznews Energy Subsidiary of AmericaТs TrailStone obtained license for right to supply natural gas Kyivenergo split into two companies Banking & Finance NBU refinanced PrivatBank via loan Trade Policy Largest free trade zone on the planet M&A Nestle sells Ferrero confectionary business in USA Softbank bought stake in Uber EU EU approved Уtax havensФ blacklist Public Administration Desk audits to be computerized AMCU AMCU commenced case on petrol price rises UBA News Activities of forensic experts in Ukraine in the spotlight The Forensic Experts Section of the Ukrainian Bar Association became a platform for discussion about the reform of forensic expert activities. Within the framework of the Section, at the turn of the year the Association held 3 events dedicated to Draft Law No. 6264 On Forensic Activity in Ukraine . Chamber News Members of the American Chamber of Commerce in Ukraine elected Board of Directors for 2018 On 7 December† 2017 the American Chamber of Commerce in Ukraine held its Annual Ge- neral Membership Meeting welcoming 300+ senior level representatives of the business community, Government officials and partners, who had a chance to network with each other, share best practices in the sectors of their businesses and catch up on the latest developments. Cover Story Increasing Interest Since the economic situation provoked an increase in the amount of bad debts held by banks, corporate debtors have strongly required a mechanism to resolve debt recovery in the out-of-court procedure. The new Law of Ukraine On Financial Restructuring is currently being examined in practice. It is expected to be the turning point for the financial sector as there is increasing interest from both borrowers and lenders. We asked Sergii Papernyk , head of the banking and finance practice at EVRIS Law Firm, how the new rules actually work in practice. Hot Issue Pricing Mechanisms in M&A Deals: to Adjust or to Lock? Tetyana Dovgаn, Vitalii Mainarovych The purchase price which a potential investor would be willing to pay to a seller for its business is an essential element of any M&A deal, and it always requires significant effort for the parties to agree how such a purchase price should be determined. This article aims to analyse the two most common mechanisms of price determination Ч Уcompletion accountsФ and Уlocked boxФ. Argument Strategy for Effective Logistics in Ukraine Viktor Dovhаn The World Bank has prepared recommendations for Ukraine on its logistics strategy, while providing an assessment of the real state of the countryТs transport infrastructure. The conclusions of experts are very disappointing: the transport infrastructure is not used at full capacity, the level of services and transport networks is much lower than world standards, user costs for logistics are too high. Global Legal Update Freezing and Ancillary Injunctions in Cross-Border Litigation ostiаntyn Likarchuk, Dаnylo Volkovetskyi Recent journalist investigations, including most recently the УParadise PapersФ, have reinforced the view that multi-layered and complicated corporate structures are an integral part of large Ukrainian businesses. Sophisticated parties go beyond standard corporate structuring, which is usually limited by considerations of tax efficiency and corporate governance. Crux Legal Digest Over the last two† months the editorial team has monitored legislative initiatives and changes that may be of particular interest for our readers. We asked legal experts to give us their hands-on comments. Particularly on our radar are Resolution No.925, which introduced amendments to some regulations governing the registration of rights to land plots and maintenance of the State Land Cadaster; Draft Law On Amending Certain Legislative Acts in the Field of Road Transport with Intent to Bring them into Line with EU Legal Norms; algorithm for automatic desk-top audits of tax reporting; the strategy for reforming the state supervision (control) system. Of course, it is important to mention draft laws regarding the restoration of development opportunities for small and medium-sized businesses using loan financing on the territory of the Anti-Terrorist Operation and On State Property Privatization, as well as the National Bank of Ukraine Resolution that introduced the procedure for banks to open escrow accounts. † Subscribe Subscribe to The Ukrainian Journal of Business Law right now and enjoy the most relevant issues on doing business in Ukraine on your device or in print. 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