News

24.03.2010

On 25 June 2009, the Verkhovna Rada of Ukraine passed in a second reading and in full Draft Law No. 3447-d “On General Basis of Public-Private Partnership.” Yana Isaakovna Bugrimova and Ruslav Vladimirovich Kalnitskiy, partners of Prudens CG, were included as legal experts in a working group on preparation of this draft law for a second reading which was created at the Committee for Industrial and Regulatory Policy and Entrepreneurship at the Verkhovna Rada of Ukraine.

24.03.2010

On 4 June 2009, Yana Isaakovna Bugrimova and Ruslan Vladimirovich Kalnitskiy, the Company’s partners, and Alexei Ivanovich Pelikhov, the Company’s leading legal counsel, were included as legal experts in a working group dealing with elaboration of a new revision of the Law of Ukraine "On Reestablishing Debtor Solvency and Declaring a Debtor Bankrupt" created by the Effective Management Fund with participation of the Committee for Industrial and Regulatory Policy and Entrepreneurship at the Verkhovna Rada of Ukraine. The main goal of the working group in the development of a new revision of the law is approximation of Ukraine’s procedure of reestablishing solvency / declaring bankrupt to the best world practice by means of reducing its duration and cost, increase of the percentage of recovery in favor of the creditors, as well as making sure that this procedure is in practice aimed at reestablishing the solvency of potentially wealthy enterprises.

The working group also includes representatives of the Effective Management Fund, the Verkhovna Rada Committee for Economic Policy, judges, representatives of the Department for Bankruptcy Affairs, analytical centers, law firms, business communities, arbitration managers, IFC, McKinsey@Company.

24.03.2010

On 1 June 2009, Yana Isaakovna Bugrimova and Ruslan Vladimirovich Kalnitskiy, partners of Prudens CG were included as legal experts in a working group on licensing and self-regulating created at the Committee for Industrial and Regulatory Policy and Entrepreneurship at the Verkhovna Rada of Ukraine.

As far as the licensing area is concerned, the working group must analyse the types of licensing which currently exist in Ukraine in terms of their feasibility. As regards self-regulating, the task of the working group is to come up with a concept of self-regulating in Ukraine and develop a framework law "On Self-Regulating Organizations." The working group includes representatives of the State Committee of the Cabinet of Ministers of Ukraine for Regulatory Policy and Entrepreneurship, the Regulatory Policy Department of the Ministry of Economics, the Committee for Industrial and Regulatory Policy and Entrepreneurship at the Verkhovna Rada of Ukraine, Ukraine’s State Property Fund, the Effective Management Fund Фонда, the International Financial Corporation, as well as associations, corporations and other business communities in the areas of financial markets, securities, marketing, anticrisis management, etc.

24.03.2010

On 19 May 2009, Draft Law No. 3447-d “On General Basis of Public-Private Partnership” was taken as a basis by the Verkhovna Rada of Ukraine. Yana Isaakovna Bugrimova and Ruslan Vladimirovich Kalnitskiy, partners of Prudens CG, were included as legal experts in the working group on development of this law which was created at the Committee for Industrial and Regulatory Policy and Entrepreneurship at the Verkhovna Rada of Ukraine.

24.03.2010

On 9 April 2009, Yana Isaakovna Bugrimova, a partner of Prudens CG, participated in a round table discussion on the following topic: "Public-Private Partnership in Ukraine: Development Prospects Based on Legislative Regulation", organized by the Committee for Industrial and Regulatory Policy and Entrepreneurship at the Verkhovna Rada of Ukraine. While discussing a draft law “On Public-Private Partnership”, the round table participants emphasized the problems which are not governed by the draft law in question but have to be addressed. Yana Isaakovna Bugrimova, a partner of Prudens CG, noted that the law is of a framework type and is aimed at creating a legal and institutional base for development of PPP in Ukraine. At the same time, a lot of obstacles PPP is now facing on the way of its development may be done away with only by amending special legislation: particularly, the prices and budget legislation.

After considering the results of the round table discussion, the working group was instructed to finalize the draft law, taking into account the recommendations of the round table participants.

24.03.2010

On 15 January 2009, Yana Isaakovna Bugrimova and Ruslav Vladimirovich Kalnitskiy, partners of Prudens CG, were included as legal experts in a working group which deals with development of a draft law "On Public-Private Partnership" which was created at the Ukraine’s Verkhovna Rada Committee for Industrial and Regulatory Policy and Entrepreneurship.

Subject to the provisions of the Concept of Developing a Public-Private Partnership in Ukraine approved by the working group participants, full-fledged introduction of the mechanism of public-private partnership will allow Ukraine to solve three acute problems: creation of an additional source of financing for projects aimed at development and upgrading of the industrial and social infrastructure and the housing and utilities infrastructure, enhancement of quality and efficiency of services provided to the public and businesses, and release of funds of the state for their concentration on immediate tasks of development and implementation of the state and local policy.

The working group also included representatives of the Committee for Industrial and Regulatory Policy and Entrepreneurship at the Verkhovna Rada of Ukraine, the Ministry of Economics of Ukraine, the Effective Management Fund, the International Financial Corporation, the Center of Commercial Law, as well as businessmen which amalgamate the interests of potential investors.

24.03.2010

Partners of PRUDENS Consulting Group have organized seminars devoted to a new law of Ukraine “On Joint-Stock Companies” and held them in a number of Ukrainian cities.

On 17 September 2008, the Verhovna Rada of Ukraine adopted the Law of Ukraine “On Joint-Stock Companies" which became effective on 30 April, 2009. The above law was elaborated on the basis of the best world principles of corporate management and contains new conceptual approaches to regulation of relations on creation and operation of joint-stock companies.

Partners and specialists of Prudens Consulting Group actively participated in preparing the final version of the above said Law for the voting at the Verkhovna Rada of Ukraine.

Having an idea of the system structure of the new Law and its main innovations, Prudens Consulting Group have prepared a seminar called: "Presentation of a new law of Ukraine “On Joint-Stock Companies”: review of innovations, specific solutions to existing problems of corporate legislation ".

This seminar was successfully held in Kharkov on 21 November and 18 December, 2008, and in Donetsk on 28 January, 2009. Lectures were given by Yana Isaakovna Bugrimova and Ruslan Vladimirovich Kalnitskiy, the Company’s partners, and by Alexei Ivanovich Pelikhov, the Company’s lead specialist for corporate legislation affairs.

Seminar participants were fully informed on:

1) all key innovations of this Law:

· new classification of joint-stock companies, specifics of creation and operation of governing bodies

· mandatory repurchase of shares by the Company from the shareholder; repurchase of shares from the shareholder in case of purchase of the Company’s majority stake

· new possibilities for shareholders to affect the Company activity

· specifics of appealing general meetings’ resolutions

special requirements to conclusion by the Company of substantial transactions and interested-party transactions

· simplification of the deciaion-making procedure in single-shareholder joint-stock companies, etc.

2) specific ways described in the Law of how to solve the existing problems of corporate legislation in the areas of:

· safeguarging the joint-stock company rights on the stage of its creation

safeguarging the protection of rights of minority shareholders to participation in joint-stock company administration and at general shareholders’ meetings
creation of governance mechanisms which would enforce the shareholders’ rights to obtain information on the Company’s activity
providing a guarantee that general shareholders' meetings are held, that no unreasonable obstacles are created for such meetings
exclusing the possibility of “concealed” consolidation of the Company shares
resistance to potential abuse by shareholders of their rights
guaranteed absence of unreasonable abuse and obstacles on the part of the Company officials
governance mechanisms of protection from corporate raid.

Special attention of the seminar participants was paid to the procedure of the new Law’s coming into effect and to mandatory changes to be made in the articles of association of joint-stock companies.

In addition, partners and specialists of Prudens Consulting Company have outlined a number of corporate legislation problems which were left unregulated by the new Law.