Integrites and K&L Gates have advised Norwegian utility-scale wind power developer NBT and Paris-based renewable energy independent power producer Total Eren on their entrance into a framework agreement with a syndicate of foreign lenders, including EBRD and the Nordic Environment Finance Corporation, for the construction of one of the largest wind farms in Europe. Redcliffe Partners and Clifford Chance advised the lenders and J.P. Morgan Securities Plc as debt coordinator.
The judicial system of Ukraine has transformed in recent years at an unprecedented scale and speed, and new procedural legislation has been adopted in the civil, economic, and administrative codes. In addition, the Supreme Court was elected for the first time through a competitive procedure, and the structure of the courts was reformatted into a three-level system. Judges of all levels are undergoing re-qualification. An attorney-at-law “monopoly” on representing others in court has been introduced. All of these fundamental changes are occurring in a revolutionary way and in a very short time period.
After a number of important improvements to Ukrainian corporate legislation in 2017, such as the introduction of squeeze-out and sell-out procedures for joint stock companies and the concept of shareholder agreements, reform of the country’s corporate legislation is continuing, with even more significant transformations in 2018.
International arbitration is often perceived as a preferred method for international dispute resolution, due to its time/cost efficiency as well as enforceability of awards. On the other hand, enforcement of an arbitration award can be rather challenging for the parties – especially if recognition and enforcement is sought in countries like Ukraine, because for a long time, the Ukrainian judiciary has been criticized for its inefficiency and overly bureaucratic approach. However, Ukraine is on its way to changing that.
2018 has been an enjoyable year for those wanting the Ukrainian legislator to improve the country’s corporate legal framework. Since limited liability companies (LLCs) and joint stock companies (JSCs) are the most frequent forms of business in Ukraine, improvement in this direction appears to be especially important. On June 17, 2018, the Law on Limited and Additional Liability Companies (the “LLC Law”) came into force, completely replacing the outdated regulation of LLCs. Moving to JSCs, the legislator adopted a law that amended several legal acts regulating these companies and the stock market in general (the “JSC Law”). Below we will outline these major changes in the Corporate Governance in Ukraine.