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Публикации

Аналитика. Статьи. Комментарии.

Legislative Update. The Ukrainian Journal of Business Law , 05 May 2014

Опубликовано 05.05.2014 Игорь Реутов

The Act as of 10 October 2013, No.642-VII is aimed at eliminating unlawful schemes used for fraudulent acquisition of shares and supervening illegal appropriation of property thereafter. Giving a general outline of the new regulation, several aspects thereof could be distinguished.

Firstly, the Act introduces criminal liability for submission of forged documents to the State Registrar within the procedure of state registration of a legal entity (including state registration of changes of information related to existing legal entity).

Therefore, producing untruthful documents and statements regarding shares and shareholding constitutes a crime; and the persons involved in such activity will be criminally prosecuted. Moreover, fraudulent appropriation of assets (including shares) by means of use of forged documents shall be treated as a criminal offence. A person who is found guilty in committing such a crime could be sentenced to imprisonment up to 10 years.

Secondly, it is noteworthy that the Act provides an effective mechanism to prevent illegal dilution of shares. In this regard the court may impose temporary restrictions on amendments to Articles of Associations dealing with the change of the size of the authorized capital; thereby freezing the ratio of shares until the corporate dispute is settled.

Thirdly, the Act provides precise and clear instructions for the state registrars elucidating the procedure of changing information in the state registry based on a court decision. Thus, if the state registry is amended unlawfully the legitimate status quo could be easily reinstated by means of a court decision. To sum up, the new regulation should have a positive impact on shareholders rights protection.

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