CURRENT ISSUES RELATED TO THE REPEAL OF THE ECONOMIC CODE OF UKRAINE

Abstract

The article examines the preconditions for the repeal of the Commercial Code on the basis of the Law of Ukraine “On the Peculiarities of Regulating the Activities of Legal Entities of Certain Organizational and Legal Forms during the Transition Period and Associations of Legal Entities” No. 4196-IX of January 9, 2025, and the consequences for business entities and the economy of Ukraine, as well as analyzing the prospects and directions for improving economic legislation for successful European integration after the end of hostilities. Even before the adoption of the Commercial Code, there were heated discussions among experts about the advisability of introducing a special code to regulate commercial relations. One group of scholars insisted on preserving the traditional civil law system for regulating all property relations (including business relations) under the Civil Code, while another group, on the contrary, emphasized the European experience of introducing independent commercial legislation. As a result of the confrontation, the Commercial Code was nevertheless adopted, but it had many shortcomings and conflicts, which led to its repeal through amendments and additions to the Civil Code of Ukraine. However, even at the stage of its repeal, it became clear that the Civil Code was not capable of fully replacing the Commercial Code and overcoming all the structural problems of commercial legislation, and after the repeal of the Commercial Code, new problems and challenges arose, such as the difficulties of the transition period, the uncertainty of the status of non-commercial entities, and, moreover radical reform always has a negative impact on business, as investors are unable to calculate entrepreneurial risks. Therefore, the scientific community has developed a series of steps to adapt economic legislation to European Union.