Issue: № 6, 2026
Doi: https://doi.org/10.37634/efp.2026.6.7p
Introduction. Protection of minority shareholders’ rights is an important prerequisite for investment attractiveness, stability of capital markets, and effective corporate governance. Under martial law, economic instability, restricted access to public registers, and prolonged judicial reform, Ukraine has faced increased risks of corporate raiding and violations of shareholders’ rights. At the same time, Ukraine’s European integration requires harmonisation of national corporate legislation with EU standards. The purpose of the paper is to conduct a comparative legal analysis of mechanisms for protecting minority shareholders’ rights and counteracting corporate raiding in Ukraine and the European Union under martial law conditions, as well as to formulate proposals for improving national legislation in accordance with EU standards. Results. The paper analyses proprietary, managerial, and procedural rights of minority shareholders under conditions of war and economic crisis. It is established that martial law, remote corporate governance, limited access to state registers, and economic decline have increased risks of corporate rights violations and transformed raiding schemes into “registration” and “procedural” raiding. Particular attention is paid to squeeze-out procedures and determination of the “fair price” of shares. It is substantiated that European approaches to share valuation require adaptation to wartime economic conditions in Ukraine. The paper also examines shortcomings of derivative actions, instability of judicial practice, and excessive duration of corporate disputes. Comparative analysis demonstrates that EU mechanisms are based mainly on preventive market and procedural safeguards, while Ukrainian practice relies significantly on administrative anti-raiding measures. Conclusion. It is concluded that further harmonisation of Ukrainian corporate legislation with EU law should be accompanied by improved procedural guarantees for minority shareholders, development of digital monitoring of corporate risks, and strengthening of judicial protection of corporate rights. The study substantiates the concept of a dual sovereign risk caused by the combination of wartime restrictions and institutional weaknesses of the judicial system.
Keywords : corporate law, international law, business entities, protection of rights, commercial disputes, legal mechanisms, EU law, minority shareholders, corporate raiding, squeeze-out
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