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The Law of Ukraine “On Privatization of State and Communal Property» came into force

The Law of Ukraine “On Privatization of State and Communal Property” was adopted by the Verkhovna Rada of Ukraine on January 18, 2018 and March 07, 2018, came into force.

Its main objective is to simplify the privatization process and increase its transparency and efficiency.

The Law simplifies the classification of privatization objects by division into small and large privatization objects. The small privatization group includes real estate objects, small enterprises, and the large privatization group includes objects whose assets exceed 250 million UAH. Also, the terms of preparation for the sale of objects are shortened and the deadline for submitting applications to potential buyers is increased. It has been established that in case of large privatization, international advisers will be involved, and the small privatization will be held on electronic trading.