The Parliament of Ukraine approved a draft law No.1056-1 on amendments to certain legislative acts on the protection of property rights in the first reading. In simple words, this is another step in countering raiding in Ukraine.
Raiding is one of the most pressing issues for business, since there have been over 3,000 illegal takeovers in the last 6 years. Usually, it is done by changing ownership due to forgery of documents, “non-existent” registrars, “gaps” in registries or simply by removing property from registries.
The main provisions of the draft law include:
- termination of activities of accredited entities;
- introduction of obligatory notarization of agreements on corporate rights alienation;
- implementation of the principle of simultaneous notarization and state registration of rights;
- increasing responsibility for violations of the relevant registration procedures
The adoption of the Law will allow:
- to reduce the number of illegal takeovers of real estate and corporate rights;
- to reduce costs incurred by individuals and businesses to protect property against unlawful infringements.
We are happy that the initiative the BRDO Office has long worked on is supported!