What amount shall LLC statutory capital be reduced to?

State Committee of Entrepreneurship in its letter №4573 from April, 13th, 2010 regarded the issue on the limit, used for the reduction of the statutory capital of the limited liability company (LLC).

At present, while establishing LLC, statutory capital amount shall not be less than a minimum wage at the time of the company establishing (Art. 52 of the Law “On Business Companies”). Yet such regulation has been in operation only since the end of 2009. Shall LLC, established before, when the law stipulated obligations of much considerable amount of statutory capital, reduce it now up to the minimum wage?

For LLC (in contrast to joint stock companies) there is no direct law regulation on its liquidation in case statutory capital of the company shall be reduced to the smaller amount, than stipulated by the law. However such regulation shall be applied under Art. 8 of the Civil Code of Ukraine by analogy of the law.

State Committee of Entrepreneurship inclined to the point of view that LLC statutory capital should be reduced to the minimum amount, stipulated by the law at the time of company establishing, and such point of view was supported by the Ministry of Justice of Ukraine in the letter №3245-0-33-10-19 from April, 1st, 2010.

It should be noted that under Art. 144 of the Civil Code of Ukraine the reduction of the statutory capital amount shall be followed by notifications to all the creditors of LLC. The latter may require early termination or performance of obligations by LLC and indemnities.