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LEGAL HOTLINE 04.11.2021

Contents

  1. News in land legislation: The Government determined the procedure for correcting mistakes in the State Land Cadastre
  2. The Government approved a draft Law to unblock the management of securities and shares in authorized capital
  3. From now on, the fate of seized assets transferred to ARMA shall be determined by court

News in land legislation: The Government determined the procedure for correcting mistakes in the State Land Cadastre

Resolution of the Cabinet of Ministers of Ukraine No. 1098 as of October 20, 2021 “On Amendments and Repeal of Certain Resolutions of the Cabinet of Ministers of Ukraine” entered into force on October 27, 2021.

By this Resolution, the Government determined, inter alia, the procedure for correcting mistakes in the State Land Cadastre (hereinafter referred to as the “SLC”).

From now on, if the mistakes made in the SLC information on the boundaries of land plots are detected during the inventory, the corrected information about them shall be specified in the cadastral plans of relevant land plots. Therefore, a cadastral plan of such a land plot in respect of which mistakes have been detected shall be drawn up following the results of the inventory. The cadastral plan shall reflect the existing boundaries of a land plot and the ones that are already entered to the cadastral map. Discrepancies within a land plot and potential overlaps shall be corrected by a certified surveying engineer.

At the same time, information about the new boundaries shall be entered into the SLC only if the corrected mistakes are agreed upon with the owners or land users.

The Government approved a draft Law to unblock the management of securities and shares in authorized capital

The Government approved the draft Law amending the Law of Ukraine “On the National Agency of Ukraine for Finding, Tracing and Management of Assets Obtained from Corruption and Other Crimes” at the initiative of the Asset Recovery and Management Agency (hereinafter referred to as the “ARMA”).

It is proposed to exclude the obligation of an administrator of the seized shares and stock in the authorized capital to coordinate his/her actions with the holder of such assets.

This draft law is expected to unblock the option of fully-fledged management of the specified assets. It is noted that currently, when exercising the powers of a holder of shares or corporate rights in the higher management bodies of a legal entity, the administrator selected by ARMA must coordinate his/her actions with the holder of such assets, which de facto makes fully-fledged management of such assets impossible.

From now on, the fate of seized assets transferred to ARMA shall be determined by court

The Law of Ukraine “On Amendments to the Law of Ukraine “On the National Agency of Ukraine for Finding, Tracing and Management of Assets Obtained from Corruption and Other Crimes Concerning the Guarantees of Investor Rights” entered into force on November 1, 2021.

One of the most significant innovations to the Law on ARMA is the regulation of selling the seized property.

From now on, the possibility to sell movable property will be determined only by a court by clear criteria, and real estate will be sold at auction only after a guilty verdict is made.

Thus, the Law provides that when a court chooses the asset management method in the form of disposal of property, such disposal may be carried out only after a verdict enters into force, except for the property that is perishable and/or to the sale of which the owner has given a written consent.

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