Kyiv Court Orders Liquidation of Premier Palace Casino

Kyiv Court Declares Premier Palace Casino Bankrupt – 12 Month Liquidation Ordered After UAH380 Million in Recognised Debts

Key Takeaways

• The Kyiv City Commercial Court has declared Premier Palace Casino bankrupt and ordered a 12 month liquidation process.
• Total recognised creditor claims exceed UAH380 million, equivalent to approximately $8.6 million.
• Appeals by the casino against major creditor claims were dismissed by appellate and supreme court instances.
• The company must cease all commercial activities, with liquidation overseen by appointed liquidator Petr Kostyantynovich Reveruk.
• Creditors voted for liquidation after no feasible rehabilitation plan was presented.

Court Concludes Two Year Bankruptcy Proceedings

The Kyiv City Commercial Court has officially declared Premier Palace Casino bankrupt, bringing to a close a legal process that began in April 2024. The decision was published last week and formally initiates a 12 month liquidation period.

The bankruptcy case was opened by the Economic Court of Kyiv on 15 May 2024 after the casino filed for bankruptcy in April of that year. At that stage, the court appointed a property administrator and temporarily suspended creditor enforcement actions.

After nearly two years of proceedings, the court concluded that the business was beyond rehabilitation. At a hearing on 22 April 2026, judges found that no viable recovery plan or amicable settlement had been proposed. The ruling cited persistent financial insolvency based on assessments of the company’s assets and liabilities.

As part of the decision, Premier Palace Casino must cease all commercial operations. The liquidation process will be overseen by appointed liquidator Petr Kostyantynovich Reveruk, who will assume full control of the company’s assets and coordinate creditor participation in accordance with Ukraine’s bankruptcy laws.

Recognised Debts Exceed UAH380 Million

According to court findings, total recognised creditor claims exceed UAH380 million, or approximately $8.6 million. Several prior judgments at lower and appellate court levels upheld the validity of substantial claims against the casino.

During a hearing on 23 October 2024, the court formally recognised significant claims from both public authorities and private entities. These included the Commission for the Regulation of Gambling and Lotteries, the Main Department of the State Tax Service in Kyiv, and Hotel Premier Palace, the independently operated hotel connected to the casino property.

Appeals filed by Premier Palace Casino contesting the recognition of major creditor claims were dismissed by the Northern Appeal Economic Court and later by the Supreme Court’s Cassation Economic Chamber. With these avenues exhausted, the creditor claims remained legally binding.

At a creditors’ meeting held on 24 November 2024, the majority voted in favour of liquidation rather than rehabilitation. The court ultimately endorsed this approach after determining that no workable restructuring plan had been presented.

Liquidator Takes Control of Assets and Debt Settlement

Under the court order, liquidator Petr Kostyantynovich Reveruk will manage the sale or realisation of the casino’s assets and oversee the settlement of debts. The liquidation must be completed within 12 months from the date of the ruling.

The liquidator’s responsibilities include coordinating creditor participation and ensuring that asset distribution follows Ukraine’s established bankruptcy procedures. During this period, the casino is prohibited from conducting further commercial activities.

The property is located at a central Kyiv address on Taras Shevchenko Boulevard and Yevhena Chykalenko Street. The venue has been regarded as a prominent part of Kyiv’s hospitality and leisure sector.

Regulatory Environment Tightens Across Kyiv

The court decision comes amid broader regulatory activity in Ukraine’s gambling sector. The country’s gambling regulator, PlayCity, recently launched a state run programme to monitor gambling transactions within the regulated market. The stated objective is to strengthen regulatory oversight and improve tax compliance among licensed operators.

At the same time, Kyiv authorities have increased enforcement actions against unlawful gambling operations. In a separate case, a Kyiv city court convicted three men for operating an illegal gambling business under the guise of a legitimate enterprise. The court imposed a fine of UAH799,000 on the alleged organiser and UAH765,000 on each accomplice. More than $20,000 was confiscated by the state.

These developments indicate heightened scrutiny of both licensed and unlicensed gambling activities in the capital. For market participants, including land based and online operators, regulatory compliance and financial stability remain central to continued operation.

Implications for the Local Gambling Market

The liquidation of Premier Palace Casino removes a long standing venue from Kyiv’s land based gambling landscape. The court’s finding of persistent insolvency and the scale of recognised debts underline the financial pressures faced by some operators.

For creditors, the 12 month liquidation period will determine how assets are realised and how outstanding claims are settled. For other licensed operators, the case highlights the role of regulatory bodies and tax authorities in bankruptcy proceedings, particularly when public sector claims form part of the debt structure.

Our Assessment

The Kyiv City Commercial Court’s ruling formally ends Premier Palace Casino’s operations and initiates a structured 12 month liquidation under Ukrainian bankruptcy law. With recognised debts exceeding UAH380 million and all appeals dismissed, the case concludes a two year legal process involving both public authorities and private creditors. The decision occurs alongside increased regulatory monitoring and enforcement in Kyiv’s gambling sector, reflecting a stricter compliance environment for licensed and unlicensed operators alike.