As you are aware from our previous Newsletters, the new Law of Ukraine on Limited Liability and Additional Liability Companies no. 2275-VIII (the “New Law”) entered into force on 17 June 2018.
Please remember that the New Law requires all existing limited liability companies to bring their charters in line with the new rules before 17 June 2019.
It is important to note that the failure to do so may block certain corporate changes, including but not limited to the change of share capital, change of information about a participant(s), etc. Also, we expect that there might be some difficulties with the local banks, as they could treat the lack of an updated charter as a flaw in the documentation provided by the bank’s client for identification / financial monitoring purposes. Although there is no penalty for a failure to update the charter, for the reasons mentioned above we would strongly recommend bringing the charter in line with the Law before the expiry of the transition period.
Considering this, we would recommend to start the process without delay if not yet done.
This newsletter should not be used as an instruction for taking legal advice in any particular case.
If you have any questions, you are welcome to contact:
Partner, Head of corporate and M&A pratice
Tel.: +38 (044) 391 38 53