Northern Commercial Court of Appeal to consider 2 cases on legal status of Gulliver complex on Feb 24
The Northern Commercial Court of Appeal will hold hearings on Tuesday, February 24, in two cases concerning the future legal status of the Gulliver shopping and office complex (Kyiv), according to the press service of Oschadbank.
"The debtor’s intent in these cases amounts to attempts to establish control over the bankruptcy procedure through affiliated persons, which may affect further challenges to the state-owned banks’ ownership rights to the Gulliver shopping and office complex. The banks are defending their rights in accordance with the law and believe that the court will provide a proper legal assessment of all the circumstances of the case," the release posted on Oschadbank’s website on Monday said.
The first case (No. 910/2221/25) concerns the legality of the opening by Tri O LLC, the complex’s former owner, of a preventive restructuring procedure. The debtor initiated this procedure after a consortium of state-owned banks began foreclosure on the property. The hearing is scheduled for 10:00 a.m.
The second case (No. 910/11182/25), scheduled for consideration at 10:45 a.m., concerns the appeal by Tri O LLC against the opening of bankruptcy proceedings.
As reported, ownership rights to the Gulliver shopping and office complex were registered to a consortium of Oschadbank (80%) and Ukreximbank (20%) on July 26, 2025. The property had served as collateral for a loan on which the former owner, Tri O LLC, failed to meet its obligations.
Since October 31, 2025, the banking consortium decided to temporarily close the Gulliver complex. In December, the facility gradually resumed operations, and a full reopening of the Gulliver shopping and business center was planned for February 1, 2026. Some stores remain closed for now.
The phased reopening was necessitated by the need to eliminate the consequences of an emergency situation linked to the previous owner’s refusal to transfer critical engineering communications and incidents of equipment damage.
The Gulliver complex, located in Kyiv’s Pechersky district, opened in 2013. Its total area is 151,800 square meters. Construction of Gulliver was primarily financed by Oschadbank, which provided Tri O LLC with a $460 million loan. The debt restructuring procedure under the loan agreement secured by a mortgage on the Gulliver multifunctional complex in the amount of UAH 18.1769 billion was completed in 2020.
