In September 2017, Integral contracted with Petrogat for the purchase of fuel oil cargoes produced by Seydi refinery in Turkmenistan, to be delivered on FOB Turkmenbashi ferry terms with subsequent shipment to Kulevi, Georgia. San Trade guaranteed Petrogat’s obligations under the contract. Between November and December 2017
We are based in the heart of Europe and the biggest commodity trading hub in the world, having key specialization in hard and soft commodities, including trading of petroleum and agricultural products in Eastern Europe and Central Asia. Our lawyers are qualified in various jurisdictions (England and Wales, Ukraine, Georgia, Switzerland, New York, Malta), which allows us to handle disputes both in London and other forums. We also advise on non-contentious issues such as trade finance.
What is recognition and enforcement of arbitral awards or foreign judgments?
This is a procedure for extending the legal force of the decision to the territory of Ukraine and enforcing the recovery of money from the debtor awarded to the claimant by the arbitral tribunal or foreign court.
How to check whether the debtor owns property in Ukraine?
Good if you know of the specific property of your debtor in Ukraine, at the expense of which you can collect your debt. If not, try to identify the debtor's property as follows:
- In the company register, you can check what is the debtor's share capital, its founders, UBOs.
- In the state registers, you can find out whether the debtor owns the movable and immovable property, whether such property is encumbered.
- In the court register, you can determine whether there are pending cases or decisions on debt recovery against the debtor, whether the debtor is in the process of liquidation or bankruptcy.
- In the register of debtors, you can check whether there are initiated enforcement proceedings against the debtor.
- General Google search of the debtor may help determine his reputation, what its production turnover is, whether it owns some property, whether the debtor or its associated persons are involved in fraudulent schemes.
Before applying to the court for recognition of the arbitral award, check whether such award can be recognized in Ukraine. Recognition is allowed if:
- The award is made in one of the state parties to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958. The Convention is in force for 170 states (here is the list). To the other states, the principle of reciprocity applies — the award is enforceable unless the contrary is proven.
- The award is final and entered into force.
- The award was made less than three years ago.
- The debtor resides / is registered in Ukraine or owns property in Ukraine.
Recognition of arbitral awards
What arbitral award can be enforced?
Before applying to the court for recognition of the arbitral award, check whether such award can be recognized in Ukraine. Recognition is allowed if:
What documents are required for recognition of the award?
First, the original or a notarized copy of the arbitral award. It must be apostilled or legalized in the territory of the state of arbitration.
Secondly, the original or a notarized copy of the arbitration agreement. This may be a contract with an arbitration clause or a separate agreement under which the dispute was referred to arbitration.
A notarized translation of the arbitral award and arbitration agreement into Ukrainian is also required if they are made in a foreign language.
What authority handles the application for recognition and what is the procedure?
Before applying to the court for permission to enforce a foreign judgment, make sure that your judgment meets the following conditions:
Granting permission to enforce foreign judgments
A civil court at the place of residence / registration of the debtor in Ukraine, or the location of the debtor's property in Ukraine.
Blackbeard owns 30 cars. To make money, Blackbeard leases the cars to the Pirate Taxi Service. The Service then arranges the transportation processes: hiring drivers, setting the conditions and rates for the taxi, paying for fuel and maintenance, for a garage, and advertising.
Blackbeard owns 30 cars. To make money, Blackbeard leases the cars to the Pirate Taxi Service. The Service then arranges the transportation processes: hiring drivers, setting the conditions and rates for the taxi, paying for fuel and maintenance, for a garage, and advertising.
Secondly, the original or a notarized copy of the arbitration agreement. This may be a contract with an arbitration clause or a separate agreement under which the dispute was referred to arbitration.
A notarized translation of the arbitral award and arbitration agreement into Ukrainian is also required if they are made in a foreign language.
A partnership, a voluntary association of individuals united to conduct a business for profit, isn't seen as a separate legal entity. Hence, profits made by the partnership are taxed as income received by the individual partners. All partnerships must be registered with the Registrar of Partnerships. There are two main types of partnerships in Cyprus: General and Limited.
Secondly, the original or a notarized copy of the arbitration agreement. This may be a contract with an arbitration clause or a separate agreement under which the dispute was referred to arbitration.
A notarized translation of the arbitral award and arbitration agreement into Ukrainian is also required if they are made in a foreign language.
Granting permission to enforce foreign judgments
First, the original or a notarized copy of the arbitral award. It must be apostilled or legalized in the territory of the state of arbitration.
Secondly, the original or a notarized copy of the arbitration agreement. This may be a contract with an arbitration clause or a separate agreement under which the dispute was referred to arbitration.
A notarized translation of the arbitral award and arbitration agreement into Ukrainian is also required if they are made in a foreign language.
