On 24 November 2015 the Verkhovna Rada amended the Law of Ukraine “On business entities” in relation to reduction of the quorum in the participants' meetings of limited liability companies.
The Law established that the participants' meetings of LLCs are deemed to be authorized to pass resolutions, if there are participants (their representatives) present who jointly own more than 50% of votes (previously it was more than 60% of votes).
The Law also specified that the constitutional documents of the entities without state participatory interest in their capital might provide for other percentage of votes of participants (their representatives) necessary for passing resolutions at the participants' meetings of LLCs.
Until the charters of LLCs are amended in order to conform to the requirement of the current legislation, such charters are valid in parts, which do not contradict the Law.
Due to the changes the owners of 40% of votes will not be able to block the activities of the general participants' meetings of LLC, and Ukrainian legislation will be closer to international standards.