The Kyiv City Commercial Court has officially declared Premier Palace Casino bankrupt and initiated a 12-month liquidation process, concluding that the business was beyond rehabilitation. 

The court’s decision marked the end of a two-year legal bankruptcy proceeding that began in April 2024.

Several prior judgments at lower and appellate courts upheld the validity of large creditors’ claims against the venue, whose total recognised debts exceed UAH380 million ($8.6 million).

At a hearing on 23 October 2024, the court recognised significant claims from both public authorities and private entities. They 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 run hotel attached to the casino.

Liquidation must be completed within 12 months from the ruling date. In addition, the company must cease all its commercial activities.

Premier Palace Casino has long been a notable player in Kyiv’s hospitality and leisure industry. 
 

Background and legal reasoning

Premier Palace Casino filed for bankruptcy in April 2024. The Economic Court of Kyiv then formally opened bankruptcy proceedings on 15 May 2024, appointing a property administrator and temporarily halting any creditor enforcement actions.

Appeals filed by the casino contesting the recognition of major creditors’ claims were dismissed by both the Northern Appeal Economic Court and the Supreme Court’s Cassation Economic Chamber.

At a creditors’ meeting on 24 November 2024, the majority voted to proceed with liquidation rather than rehabilitation. 

At the 22 April 2026 hearing, the court found that no feasible rehabilitation plan or amicable settlements had been proposed. They cited “persistent financial insolvency” based on assessments of assets and liabilities.

 

 

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