- Central European University, Legal Studies, Faculty MemberUniversity of Buraimi/Oman, Business, Faculty Member, and 2 moreadd
- Comparative Law, Contract Law, Foreign Direct Investment, International Investment Law, International Investment Arbitration, International Commercial Arbitration, and 7 moreInternational trade law, Corporate Law, Company Law, German Law, Russian Law, Legal Transplants, and Improving Investment Climateedit
- Stefan Messmann edit
By the beginning of 2010, stock foreign direct investment (FDI) in Ukraine amounted to USD 52 billion, a rather unsatisfactory achievement considering Ukraine’s investment potential. This book makes an attempt to analyze legal and policy... more
By the beginning of 2010, stock foreign direct investment (FDI) in Ukraine amounted to USD 52 billion, a rather unsatisfactory achievement considering Ukraine’s investment potential. This book makes an attempt to analyze legal and policy problems of inward FDI in modern Ukraine. The main emphasis of the research is placed on comparisons between Ukraine’s FDI-related legal framework and those of Germany and Bulgaria. The inquiry is predominantly based on comparative legal research and case study, special emphasis is made on reforms in contemporary Bulgaria as the country very similar to Ukraine in terms of culture, legal system and existing problems.
The book examines the most important FDI-related fields of law in all three jurisdictions under comparison: constitutional guarantees, investment treaties and leges specialis on foreign investment, laws on admission of foreigners to banking and insurance sectors, currency regime, property law, company law, tax and customs law, contract law, immigration law, judiciary, bailiff system and alternative ways for investment dispute resolution. The results of the undertaken comparative study demonstrate that, despite promising investment opportunities, Ukraine has so far failed to create an attractive investment climate and may learn a lot from the experiences of Bulgaria and Germany.
The book examines the most important FDI-related fields of law in all three jurisdictions under comparison: constitutional guarantees, investment treaties and leges specialis on foreign investment, laws on admission of foreigners to banking and insurance sectors, currency regime, property law, company law, tax and customs law, contract law, immigration law, judiciary, bailiff system and alternative ways for investment dispute resolution. The results of the undertaken comparative study demonstrate that, despite promising investment opportunities, Ukraine has so far failed to create an attractive investment climate and may learn a lot from the experiences of Bulgaria and Germany.
Research Interests:
Research Interests:
Research Interests:
Having been granted candidate status for EU membership, Ukraine must transpose Directive (EU) 2019/1023 into its national law. Furthermore, the transposition of the Directive is an explicit requirement for the EU’s... more
Having been granted candidate status for EU membership, Ukraine must transpose Directive (EU) 2019/1023 into its national law. Furthermore, the transposition of the Directive is an explicit requirement for the EU’s micro-financial aid to Ukraine. Ukraine faces a rather unique situation, being called to reform its insolvency legislation in line with the Directive during a time of war and within tight deadlines set by the EU. Currently, two bills have been filed with Parliament aimed at revising the 2018 Code on Bankruptcy Procedures in accordance with the Directive. The proposed modernizations aim to address the current problems that Ukrainian businesses face when using the existing rescue mechanism and could prove useful for Ukraine’s post-war economic recovery.
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Comments on the alternative bills proposing the adoption of Directive 2019/1023 in Ukraine
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Pre-trial restructuring is considered an efficient tool for avoiding bankruptcy litigation, minimizing bankruptcy stigma, and preserving viable businesses for both the debtor and its creditors. Developed in the United States (US), many... more
Pre-trial restructuring is considered an efficient tool for avoiding bankruptcy litigation, minimizing bankruptcy stigma, and preserving viable businesses for both the debtor and its creditors. Developed in the United States (US), many other jurisdictions, including the European Union (EU), have adopted it, with particular attention to small and medium-sized enterprises that are vulnerable to economic problems and bankruptcy (Preventive Restructuring Directive 2019/1023). Germany was among the first EU jurisdictions to implement the Directive, while the United Kingdom (UK) introduced cross-class cramdown and other restructuring law amendments to remain an attractive "restructuring hub" in Europe post-Brexit. Although not without caveats, the German and UK experiences provide interesting examples for other jurisdictions looking to improve their bankruptcy and insolvency laws. The COVID-19 pandemic and Russia's aggression against Ukraine have had a catastrophic impact on Ukraine's economy, particularly on small and medium-sized businesses. This article argues that Ukraine should further develop pre-trial restructuring, based on the prudent implementation of the EU acquis (as a precondition for future EU membership) and best practices from jurisdictions such as Germany and the UK. Doing so may become an efficient tool for restoring Ukraine's economy, preserving jobs, and maintaining social peace after the war.
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The book under review is a new volume edited by the Vale Columbia Center on Sustainable International Investments (New York) dedicated to focal topics of foreign investment. The volume brings together 21 contributions from experts and... more
The book under review is a new volume edited by the Vale Columbia Center on Sustainable International Investments (New York) dedicated to focal topics of foreign investment. The volume brings together 21 contributions from experts and scholars in the fields of law, public policy, political science and economics.
Research Interests:
Research Interests:
Research Interests:
Research Interests:
The article covers problems foreign investors face during self-employment or hiring expatriates in the countries of comparison (Germany, Bulgaria and Ukraine). Special emphasis is made on Ukraine, transition economy struggling for reforms... more
The article covers problems foreign investors face during self-employment or hiring expatriates in the countries of comparison (Germany, Bulgaria and Ukraine). Special emphasis is made on Ukraine, transition economy struggling for reforms and foreign capital. The article dwells on the necessity of drastic changes in the EU-Ukraine visa dialogue and argues that current discriminatory visa practices of some EU Member States toward Ukrainian nationals are not only harmful for bilateral relations but also detrimental for prospective direct investments flowing in both directions.
Research Interests:
By the beginning of 2010, stock foreign direct investment (FDI) in Ukraine amounted to USD 52 billion, a rather unsatisfactory achievement considering Ukraine’s investment potential. This book makes an attempt to analyze legal and policy... more
By the beginning of 2010, stock foreign direct investment (FDI) in Ukraine amounted to USD 52 billion, a rather unsatisfactory achievement considering Ukraine’s investment potential. This book makes an attempt to analyze legal and policy problems of inward FDI in modern Ukraine. The main emphasis of the research is placed on comparisons between Ukraine’s FDI-related legal framework and those of Germany and Bulgaria. The inquiry is predominantly based on comparative legal research and case study, special emphasis is made on reforms in contemporary Bulgaria as the country very similar to Ukraine in terms of culture, legal system and existing problems. The book examines the most important FDI-related fields of law in all three jurisdictions under comparison: constitutional guarantees, investment treaties and leges specialis on foreign investment, laws on admission of foreigners to banking and insurance sectors, currency regime, property law, company law, tax and customs law, contract law, immigration law, judiciary, bailiff system and alternative ways for investment dispute resolution. The results of the undertaken comparative study demonstrate that, despite promising investment opportunities, Ukraine has so far failed to create an attractive investment climate and may learn a lot from the experiences of Bulgaria and Germany.
Research Interests:
Research Interests:
In 2010 and 2011, Ukraine experienced a revival of inward foreign direct investment (IFDI) flows compared to 2009, when flows had plunged to less than half of their 2008 level. At US$ 7.2 billion, IFDI flows to Ukraine in 2011 were well... more
In 2010 and 2011, Ukraine experienced a revival of inward foreign direct investment (IFDI) flows compared to 2009, when flows had plunged to less than half of their 2008 level. At US$ 7.2 billion, IFDI flows to Ukraine in 2011 were well above their level of US$ 4.8 billion in 2009, although still considerably below their peak of US$ 10.9 billion in 2008. The increase in 2010-2011 was brought about partly by the rather difficult economic situation, which led many domestic and foreign investors to sell their businesses to willing buyers. Improved performance of the Ukrainian economy in 2010, rising prices of raw materials and food and regulatory changes, especially in the banking industry, were factors that attracted increased IFDI flows. However, Ukraine has failed to improve the investment framework and to accelerate economic reforms adequately. The country continues to suffer from a high level of corruption and the absence of effective guarantees protecting foreign investors. Among other key factors hindering FDI in the country are its rather controversial relations with Russia and the delay in concluding an association agreement with the European Union (EU).
Research Interests: Business, Business Ethics, International Economics, Corporate Social Responsibility, International Law, and 15 moreHuman Rights, Virtue Ethics, Corporate Governance, Natural Law, Ukrainian, Philosophy Of Law, Foreign Direct Investment, European Union, Environmental Sustainability, Ethics and economics, International Strategy, Soft Law, Global Economic Governance, Philosophy of Law, and FDI
Research Interests:
Research Interests:
Research Interests:
The article covers problems foreign investors face during self-employment or hiring expatriates in the countries of comparison (Germany, Bulgaria and Ukraine). Special emphasis is made on Ukraine, transition economy struggling for reforms... more
The article covers problems foreign investors face during self-employment or hiring expatriates in the countries of comparison (Germany, Bulgaria and Ukraine). Special emphasis is made on Ukraine, transition economy struggling for reforms and foreign capital. The article dwells on the necessity of drastic changes in the EU-Ukraine visa dialogue and argues that current discriminatory visa practices of some EU Member States toward Ukrainian nationals are not only harmful for bilateral relations but also detrimental for prospective direct investments flowing in both directions.
Research Interests:
By the beginning of 2010, stock foreign direct investment (FDI) in Ukraine amounted to USD 52 billion, a rather unsatisfactory achievement considering Ukraine’s investment potential. This book makes an attempt to analyze legal and policy... more
By the beginning of 2010, stock foreign direct investment (FDI) in Ukraine amounted to USD 52 billion, a rather unsatisfactory achievement considering Ukraine’s investment potential. This book makes an attempt to analyze legal and policy problems of inward FDI in modern Ukraine. The main emphasis of the research is placed on comparisons between Ukraine’s FDI-related legal framework and those of Germany and Bulgaria. The inquiry is predominantly based on comparative legal research and case study, special emphasis is made on reforms in contemporary Bulgaria as the country very similar to Ukraine in terms of culture, legal system and existing problems. The book examines the most important FDI-related fields of law in all three jurisdictions under comparison: constitutional guarantees, investment treaties and leges specialis on foreign investment, laws on admission of foreigners to banking and insurance sectors, currency regime, property law, company law, tax and customs law, contract l...
Research Interests:
Modern Estonia, located in the heart of the Baltic Region and one of the fastest-growing economies in Northern Europe, represents an attractive business and investment location among new European Union members. The easiest and cheapest... more
Modern Estonia, located in the heart of the Baltic Region and one of the fastest-growing economies in Northern Europe, represents an attractive business and investment location among new European Union members. The easiest and cheapest way for a foreign company willing to do business in its own name in Estonia is to establish a branch there
Research Interests:
The book under review is a new volume edited by the Vale Columbia Center on Sustainable International Investments (New York) dedicated to focal topics of foreign investment. The volume brings together 21 contributions from experts and... more
The book under review is a new volume edited by the Vale Columbia Center on Sustainable International Investments (New York) dedicated to focal topics of foreign investment. The volume brings together 21 contributions from experts and scholars in the fields of law, public policy, political science and economics.
Research Interests:
The reviewed Yearbook is the second volume in a new series of Oxford Yearbooks on International Investment Law & Policy edited by Karl P. Sauvant, a renowned expert in the field of international investment law and public policy. Among a... more
The reviewed Yearbook is the second volume in a new series of Oxford Yearbooks on International Investment Law & Policy edited by Karl P. Sauvant, a renowned expert in the field of international investment law and public policy. Among a great number of publications on the topic of international investment law, the Yearbook stands out for its interdisciplinary approach and for masterfully combining contributions from experts and scholars in the field of law, economics, public policy and political science, and for therefore providing a unique perspective on the problems related to foreign investment.
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This paper argues that the current international investment regime predominantly based on bilateral investment treaties (BITs) is exhausting its capacity as an efficient tool for regulating international investment. The increasing number... more
This paper argues that the current international investment regime predominantly based on bilateral investment treaties (BITs) is exhausting its capacity as an efficient tool for regulating international investment. The increasing number of international investment agreements (IIAs) further perpetuates and accentuates the defragmented international investment regulation. Moreover, the existing regime can hardly accommodate the needs of developed states concerned with increasing investments from former capital-importing economies (e.g., BRIC countries) and sovereign wealth funds. Based on historical experience, it remains unlikely that a new multilateral investment treaty initiative will be successful in near future. However, the international community may deepen regional co-operation and foster conclusion of regional investment treaties better designed for current challenges. It might become a provisional measure which would facilitate negotiation of a MAI remaining on the internat...
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... A COMPARATIVE STUDY BY OLEKSIY KONONOV LL.M. SHORT THESIS COURSE: DRAFTING AND NEGOTIATING INTERNATIONAL CONTRACTS PROFESSOR: STEFAN MESSMANN, SJD Central European University H-1051 Budapest, Nador utca 9 Hungary ...
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The key role MNEs play in the global economy through international investment, and the changing landscape of such investment as MNEs as well as host and home economies adjust to changing conditions and objectives, make it important to... more
The key role MNEs play in the global economy through international investment, and the changing landscape of such investment as MNEs as well as host and home economies adjust to changing conditions and objectives, make it important to understand trends and developments with respect to FDI and the policy context in which they take place. This second edition of country profiles seeks to contribute to such an understanding by bringing together, in a single collection, the country profiles on inward and outward FDI prepared as part of the Columbia FDI Profiles series. Authored and peer-reviewed by scholars from around the globe, the profiles throw light on the diverse experiences of the economies that are covered with respect to inward and/or outward FDI. Each profile covers country-level developments with respect to inward or outward FDI, the leading corporate players, effects of the recent global crises or other special developments, and key aspects of, and developments with respect t...
In 2010 and 2011, Ukraine experienced a revival of inward foreign direct investment (IFDI) flows compared to 2009, when flows had plunged to less than half of their 2008 level. At US$ 7.2 billion, IFDI flows to Ukraine in 2011 were well... more
In 2010 and 2011, Ukraine experienced a revival of inward foreign direct investment (IFDI) flows compared to 2009, when flows had plunged to less than half of their 2008 level. At US$ 7.2 billion, IFDI flows to Ukraine in 2011 were well above their level of US$ 4.8 billion in 2009, although still considerably below their peak of US$ 10.9 billion in 2008. The increase in 2010-2011 was brought about partly by the rather difficult economic situation, which led many domestic and foreign investors to sell their businesses to willing buyers. Improved performance of the Ukrainian economy in 2010, rising prices of raw materials and food and regulatory changes, especially in the banking industry, were factors that attracted increased IFDI flows. However, Ukraine has failed to improve the investment framework and to accelerate economic reforms adequately. The country continues to suffer from a high level of corruption and the absence of effective guarantees protecting foreign investors. Among...
Research Interests: Business Ethics, Corporate Social Responsibility, International Law, Human Rights, Virtue Ethics, and 11 moreCorporate Governance, Natural Law, Philosophy Of Law, Environmental Sustainability, Ethics and economics, Foreign Direct Investment ( FDI ), International Strategy, Soft Law, Global Economic Governance, Philosophy of Law, and FDI
Research Interests: Business Ethics, Corporate Social Responsibility, International Law, Human Rights, Virtue Ethics, and 11 moreCorporate Governance, Natural Law, Philosophy Of Law, Environmental Sustainability, Ethics and economics, Foreign Direct Investment ( FDI ), International Strategy, Soft Law, Global Economic Governance, Philosophy of Law, and FDI
Research Interests:
Research Interests: Comparative Law and FDI
... Balancing Rights with Responsibilities, 23 A. U. I' L. R. 451, 468 (2008); Kate M. Supnik, Making Amends: Amending the ICSID Convention to Reconcile Competing Interests in International Investment Law, 59 Duke LJ 343, 345... more
... Balancing Rights with Responsibilities, 23 A. U. I' L. R. 451, 468 (2008); Kate M. Supnik, Making Amends: Amending the ICSID Convention to Reconcile Competing Interests in International Investment Law, 59 Duke LJ 343, 345 (2009); Zachary Elkins, Andrew T ...
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Modern Estonia, located in the heart of the Baltic Region and one of the fastest-growing economies in Northern Europe, represents an attractive business and investment location among new European Union members. The easiest and cheapest... more
Modern Estonia, located in the heart of the Baltic Region and one of the fastest-growing economies in Northern Europe, represents an attractive business and investment location among new European Union members. The easiest and cheapest way for a foreign company willing to do business in its own name in Estonia is to establish a branch there
Research Interests:
Research Interests:
Aquaculture is a promising sector in Ukraine's agricultural economy and could contribute to the nation's food security and assist in overcoming some of the challenges posed by the COVID-19 pandemic. For years, Ukrainian government's... more
Aquaculture is a promising sector in Ukraine's agricultural economy and could contribute to the nation's food security and assist in overcoming some of the challenges posed by the COVID-19 pandemic. For years, Ukrainian government's policy towards aquaculture has been less than supportive, in part because the government's management of the sector has been tossed between different ministries. Legal regulation of the sector is overcomplicated, and producers face numerous difficulties with permits, rent of waterbodies, inspections, customs, and feed importation. There are no specific approximation obligations related to aquaculture in the Association Agreement between the European Union and Ukraine. State aid to struggling aquaculture producers remains insignificant and difficult to get compared to the aid available to other agricultural businesses. This article analyzes the main policy and legal problems faced by aquaculture businesses in Ukraine and concludes with solutions that can improve the situation.
Research Interests:
Research Interests:
Research Interests: Business Ethics, Corporate Social Responsibility, International Law, Human Rights, Virtue Ethics, and 10 moreCorporate Governance, Natural Law, Philosophy Of Law, Environmental Sustainability, Ethics and economics, Foreign Direct Investments (FDI) in the Transition Countries and Economic Growth, Foreign Direct Investment ( FDI ), International Strategy, Soft Law, and Global Economic Governance
Modern Estonia, located in the heart of the Baltic Region and one of the fastest-growing economies in Northern Europe, represents an attractive business and investment location among new European Union members. The easiest and cheapest... more
Modern Estonia, located in the heart of the Baltic Region and one of the fastest-growing economies in Northern Europe, represents an attractive business and investment location among new European Union members. The easiest and cheapest way for a foreign company willing to do business in its own name in Estonia is to establish a branch there
Research Interests:
This paper argues that the current international investment regime predominantly based on bilateral investment treaties (BITs) is exhausting its capacity as an efficient tool for regulating international investment. The increasing number... more
This paper argues that the current international investment regime predominantly based on bilateral investment treaties (BITs) is exhausting its capacity as an efficient tool for regulating international investment. The increasing number of international investment agreements (IIAs) further perpetuates and accentuates the defragmented international investment regulation. Moreover, the existing regime can hardly accommodate the needs of developed states concerned with increasing investments from former capital-importing economies (e.g., BRIC countries) and sovereign wealth funds. Based on historical experience, it remains unlikely that a new multilateral investment treaty initiative will be successful in near future. However, the international community may deepen regional co-operation and foster conclusion of regional investment treaties better designed for current challenges. It might become a provisional measure which would facilitate negotiation of a MAI remaining on the international agenda.
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests: International Investment Law, Foreign Direct Investment ( FDI ), Foreign direct investment and international spillovers International Trade International economic law International trade law Policy Development World Foreign and Trade Policies, and International Investment Law and Investment Treaty Arbitration
As a candidate country for EU membership, Ukraine must transpose the EU Preventive Restructuring Directive 2019/1023 into national law. The report briefly examines two bills aimed at implementing the Directive in Ukraine and their... more
As a candidate country for EU membership, Ukraine must transpose the EU Preventive Restructuring Directive 2019/1023 into national law. The report briefly examines two bills aimed at implementing the Directive in Ukraine and their implications for both debtors and creditors.
