Odesa Legal issues
On October 17, 2018 EBA Odesa Legal Committee was held. The meeting agenda included the updated Law of Ukraine “On Limited Liability and Additional Liability Companies” and its practical application. The Law came into force this Summer, but discussions among the small and middle-level businesses (most numerous representatives of such organizational-legal form is in this segment) continues.
Oleksandr Melnyk, GOLaw Odessa office Head, became the speaker of the event. He highlighted the list of changes related to LLC / ALC and some issues that concern the business environment, namely:
- New requirements to the Statute of the company, the procedure for bringing of existing foundation documents into compliance with the legislation and provisions that may be amended or supplemented by the Charter;
- New responsibility of officials – the possibility of bringing the director and other officials to subsidiary and solidary responsibility, new duties of officials (provisions on non-competition and confidentiality, conflict of interests, obligations to keep documents);
- Significant agreements and agreements with interest – which transactions fall under these criteria and which procedure for granting the business owner’s consent to their conclusion.
In the second part of the event the nomination period for EBA Odesa Legal Committee chairmanship was summed up. Than by the general voting of the participants unanimously was elected its Head. Congratulations to Mr. Melnik with a new position!