Law on privatization comes into force

Law on privatization comes into force

Ukraine's law No. 2269-VIII "On privatization of state and municipal property," which was adopted on January 18 and officially published on March 6, has come into force.

The law was published in the Ukrainian parliament's Holos Ukrainy newspaper. 

The purpose of the law is to speed up the process of selling state property, as well as making it transparent.

The law introduces two methods of sale - an auction and acquisition of privatization facilities if the property was already leased at the time of the adoption of the law.

The document also sets 11 months of preparation for privatization of large facilities and five months for small-sized ones.

One of the key points of the bill is privatization under English law. By January 1, 2021, buyers of privatization facilities have the right to demand that all legal agreements be concluded under the law of England and Wales.

Under the law, the Cabinet Ukraine, within three months from the date of entry into force of the document, is to develop and bring into compliance with this law its own regulations; to ensure the development and adoption by ministries and other central executive bodies of normative legal acts stipulated by this law; and to ensure that the ministries and other central executive bodies review and cancel their normative legal acts that are in conflict with this law.

As reported, on January 28, the Verkhovna Rada adopted the law on the privatization of state property. A total of 266 MPs voted for the decision.


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