Parliament abolishes Commercial Code of Ukraine

The relevant statement was made by Member of Parliament Yaroslav Zhelezniak (from the parliamentary faction ‘Holos’) on Telegram, an Ukrinform correspondent reports.

A total of 248 Members of Parliament voted in favor of draft bill No. 6013 on the peculiarities of regulating the entrepreneurial activities of certain types of legal entities and their associations in the transition period.

According to the explanatory note, the amendments provided by the draft bill are aimed at improving corporate governance in the legal entities established on the base of state and municipal property, increasing the country’s investment attractiveness, implementing effective mechanisms to control the use of state and municipal property objects, and eliminating contradictions between the Civil Code of Ukraine and special legislative acts.

In particular, the draft bill proposes to declare the Commercial Code of Ukraine as null and void, as its provisions mostly have no regulatory effect, are declarative in content, and also contradict other laws and regulations, as well as the general principles of civil legislation.

A reminder that, according to legal experts, there will be no need to reorganize enterprises if the Commercial Code is abolished.