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The risk of invalidity of the transaction is no longer hypothetical, it has already been confirmed by judicial practice

authors: Maxim Oleksiyuk, Victoriia Minets

30 May, 2019 Exclusive

Almost a year had passed since the Law of Ukraine “On Limited Liability and Additional Liability Companies” became effective on June 17, 2018 (hereinafter – the Law on LLC).

Even before the Law on LLC was adopted, we have pointed out some significant risks to commercial activity, which were put into its text (please seeKey risks to commercial activity connected with the Law on Corporate Agreements and the Law on Limited Liability Companies). One of such risks is the invalidation (recognition that no binding obligations exist for the company) of the agreement that meets the criteria of the “significant transaction”, exceeding 50 % of the net assets of the company by the end of the previous quarter, if concluded without consent of the company’s general meeting.

It should be noted ...

 

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