Kinstellar has advised UMG Investments on the acquisition of a minority stake in Feednova LLC, a Ukrainian company focusing on the production of feed additives for farm animals and pets, and the subsequent establishment of a joint venture with Effective Investments Group and other stakeholders of Feednova.
GOLAW team is gathering and updating constantly the information on the legal aspects of the combating COVID-19 in Ukraine. Laws and regulations adopted by the central government introduce specific extraordinary measures affecting both businesses and everybody personally. Brief summary of the latest legislation aimed at preventing and combating COVID-19 is laid down below.
On March 31, 2020 Verkhovna Rada of Ukraine enacted the Law of Ukraine "On amendments to certain legislative acts of Ukraine concerning turnover of the agricultural land" (Bill No. 2178-10) (hereinafter referred to as the "Law"). The Law is set for signature of the President of Ukraine and will take effect on July 1, 2021.
On March 17, 2020 a law (bill No. 3219) came into force that included quarantine established by the Cabinet of Ministers of Ukraine in the list of force majeure events. Will this be a tool that allows Ukrainian businesses to drop their obligations without any consequences? In most cases – no, because force majeure is not as easy as it might seem at first glance.
According to information posted on the official website of the State Enterprise "Guaranteed Buyer" (hereinafter - "Guaranteed Buyer"), as of April 01, 2020, the state enterprise had indebtedness to the producers of electricity from RES in the amount of approximately 34% for February 2020. Quite recently, the Guaranteed Buyer also had significant debt for the last months of 2019.
The State continues to respond to the situation with COVID-2019 and promptly adopt regulations to resolve the quarantine-related issues. On March 30, 2020, a law intended to provide for significant changes in the field of labor relations was adopted. Let us consider the major changes and their impact on employers and employees.
CMS has advised the Bank of Cyprus on Ukrainian law matters following its 2014 sale of the Ukrainian subsidiary of Bank of Cyprus and associated debt to Alfa Group and on the refinancing by the EBRD of a EUR 68 million facility for the construction of the “largest shopping, exhibition, and office centers in Odesa Riviera Property Complex owned by Ukrainian asset holding company Novi Biznes Poglyady."