Court ruling and what it requires the company to do
The Kyiv city prosecutor’s office secured a court ruling requiring Limited Liability Company (LLC) «ЗВ Ріелті» to bring the historic building at Saksahanskoho 38 in the capital into proper condition. The decision concerns obligations under the protection agreement signed with the Department for the Protection of Cultural Heritage of the Kyiv City State Administration (KMDA) and requires the execution of repair and restoration works.
The victory in court reports “Kyivvлада”. The court decision also states that the bankruptcy procedure does not release the company from obligations under the protection agreement and that a rehabilitation plan can be amended to provide funding for the restoration.
How this happened and the facts that led to the court decision
The building at Saksahanskoho 38 was added to the list of newly discovered cultural heritage sites in 2011. In 2020 the structure was privatised by Limited Liability Company (LLC) «ЗВ Ріелті» for 16.5 million hryvnia. In March 2023 the company signed a protection agreement with the Department for the Protection of Cultural Heritage of the Kyiv City State Administration (KMDA) requiring restoration in 2023–2024.
A technical report recorded an unsatisfactory condition of internal structures and finishes. Some floors had been damaged by fire, windows were broken, and the premises were cluttered with rubbish. In February 2026 the department issued an order requiring submission of scientific design documentation. Due to failure to meet the terms of the agreement, the prosecutor’s office filed a lawsuit in May 2026.
Why now
Tension around the building increased after the department’s order in early 2026 and the lack of response to demands for the design documentation. It was precisely the failure to meet specific deadlines that allowed the prosecutor’s office to initiate legal proceedings.
In practice, the court decision was driven by a combination of a documented poor technical condition, the existence of a protection agreement and subsequent orders from the department. The court also took into account the absence of evidence of transfer of ownership of individual premises to another company that had claimed to have purchased them.
Who will be affected by the decision and the risks for investors
First and foremost this affects Limited Liability Company (LLC) «ЗВ Ріелті», which formally still holds registered ownership of non-residential premises totalling 187.7 sq. m. The company claimed that in April 2021 it sold the building to Limited Liability Company (LLC) «Таймкол» for 12.9 million hryvnia as part of enforcement proceedings, but the court found no evidence of a transfer of ownership.
For investors and creditors it is important to understand that a rehabilitation procedure (sanaция) aims to restore the debtor’s solvency through an agreed restructuring plan. The court emphasised that rehabilitation does not release parties from obligations under protection agreements and that a rehabilitation plan can be amended to provide financing for the necessary works. This may affect the priority of payments to creditors and the timing of repayments.
According to YouControl, Limited Liability Company (LLC) «ЗВ Ріелті» was registered in 2017 and has been in bankruptcy since September 2023. The company is associated with the corporate group of businessman Kostyantyn Zhevago. The building itself dates back to 1849 and includes rebuilds in a historicist style with elements of neo‑Renaissance, underlining its value for the street’s urban environment.
