#01-02 January-February 2013

In focus – English Law

Since London has historically been a global financial center, English law dominates in international corporate and financial transactions across a variety of jurisdictions. It is no surprise that CIS business transactions are usually governed by provisions of English law. Moreover, even deals of Ukrainian origin are often governed by English law, excluding cases when the prescribed law is Ukrainian by law

Expert Opinion

English Law Guarantee vs Ukrainian Suretyship a Tale of Two Systems

Igor V. Krasovskiy, Tatiana M. Golubko

Ukrainian companies are often required to provide an English law guarantee in cross-border financing. Traditionally, overseas lenders seek to eliminate exposure to a less-established legal system and prefer to have English law governed loan documentation. In this article we will look into some major differences between a guarantee (suretyship) under English law and Ukrainian law, and will, on that basis, discuss the enforceability of an English law guarantee against Ukrainian obligors...

In Re

English Law and Judiciary in International Commercial Arbitration

Alexander V. Chebotarenko, Vyacheslav P. Lebedev

The practice of resolving business conflicts in the second half of XX century has proved that in an increasingly cross-border commercial world, parties to international business transactions have growing discomfort as regards resolving their disputes before focal national courts, especially under unfamiliar legal systems. The result was that international arbitration, with its relative speed, cheap and confidential proceedings, had become the preferable choice for resolving conflicts arising out of international transactions and very important element of combined system of international commercial dispute resolution

Standard Listing Regime

Andrei G. Liakhov, Alina I. Plyushch

The UK listing regime was restructured from 6 April 2010 into premium and standard listings. Before 6 April 2010, a company incorporated in the UK which was considering an admission of its equity shares for trading on a public market primarily had two options available to it.

The first option was to have its shares listed on the Official List of the UK Listing Authority (UKLA) and admitted to trading by London Stock Exchange PLC. This would have involved obtaining a primary listing, which was seen as the gold standard of the company listing regime in London

Fitness for Purpose in Design and Build Contracts: a Standard or a Burden

Sergii V. Gan

When an architect is contracted separately by a client to prepare a design for a construction project, the liability of the designer is limited to the exercise of reasonable skill and care, unless otherwise provided in the contract. Similarly, the liability of professionals in the UK is limited in the areas of medical and legal practices where the outcome cannot obviously be guaranteed even if the best possible skills and care are applied

Business Lunch

A Mature, Reliable, Flexible and Reputable Legal System

Current Ukrainian legislation lacks basic fundamental principles available in more developed jurisdictions. For this reason, very often commercial deals with the participation of Ukrainian businesses are governed by foreign law (usually English law). In order to secure the property and business of their clients, even Ukrainian legal advisors often advise their clients to leave local jurisdiction

Argument

English Company Law as an Example to Follow

Volodymyr O. Yakubovskyy

The private or closed corporate form with limited liability was specifically chosen as an object of this article as the rules on limited liability companies demand urgent reform in Ukraine. The author further believes that particular attention should be drawn to problematic legal capital rules for limited liability companies in Ukraine. At the same time, English company law currently has one of the most efficient legal capital mechanisms for private companies in Europe that ensures adequate protection of creditors interests

Case Law

Foreign Law in Ukrainian Commercial Courts

Dmitry A. Shemelin

It is widely accepted that Ukrainian commercial courts may apply foreign law on the basis of Article 4(4) of the Commercial Procedural Code (the CPC). However, such application presupposes, according to Ukrainian law, prior determination of the substance of such foreign law in line with Article 8 of the Private International Law Act of Ukraine

Venue

Strategies for the New Economic Landscape

Olga A. Usenko

On 29-30 November Moscow hosted the 6th Law Firm Management Conference traditionally conducted by the International Bar Association and LegalStudies.RU. The event attracts the attention of the top decision makers in national legal markets from all over the world

Crux

From Stagnation to New Growth

Tymofiy Sikorskiy

According to the new rules that will come into effect on 1 January 2013, notaries will have the power to register rights to real property transferred in the transactions that result in the accrual or change in such rights. Other administrative bodies, including the Technical Inventory Bureau, will longer be more involved in the process

Viktoriya Demydenko

As of 2009 due to the economic downturn, many real estate developments in Ukraine were suspended. This primarily concerned the loan-backed developments. In 2012 a number of commercial properties were commissioned; they were, predominantly, those built by major developers, financed by their own capital and having significant competitive potential

Alexander Tretiakov

Considering the requirement to obtain approval of the Antimonopoly Committee of Ukraine on concentration in the form of purchasing or leasing property, one should consider two key points. Firstly, the Committee developed its own approach to define integral property complex (IPC), which differs from the term used in the legislation

Nataliaya Vorskaya

Analysis of judicial practice indicates that the majority of disputes concerning real estate arise from credit relationships. The most common claims in this area have been claims to recognize mortgage and surety agreements invalid, and to terminate them. Such disputes are caused by both objective and subjective reasons

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