A valuation report underpins transactions, court decisions and management action — and when its quality is in doubt, the law provides a dedicated verification instrument: the appraisal review. The Kanzas company performs independent reviews of valuation reports covering every asset class — real estate, businesses and corporate rights, machinery and equipment, vehicles and property rights. Our reviewers include RICS- and TEGoVA (REV)-certified valuers with 20+ years of practice.
When an appraisal review is needed
Under Article 13 of the Ukrainian valuation law, a review may be requested by any party that relies on a valuation: the client who commissioned it, the opposing party to a transaction or dispute, a court or a public authority. Typical engagements include:
- the other side of a dispute has filed a valuation report and you need an independent, professional assessment of its soundness;
- the value assigned to a shareholding or asset in a settlement or buyout appears understated or inflated;
- a lender, investor or auditor requires assurance on the quality of a report submitted to them;
- a report on a Ukrainian asset must be reviewed before a foreign parent company, fund or counsel relies on it.
For international clients, this is a fast, cost-effective desk review: you receive a reasoned professional opinion on whether a Ukrainian valuation report can be relied upon — before it affects your transaction or litigation position.
Who may review a valuation report in Ukraine
Ukrainian law restricts reviewers to certified valuers with at least two years of practice, expert councils of self-regulatory valuers' organisations, and valuers of the State Property Fund. The reviewer must be free of any interest in the outcome, and their certification must match the asset class of the report. Kanzas reviewers exceed the statutory experience threshold many times over and hold qualifications across all principal valuation specialisations.
What the review contains: four possible conclusions
A review is a written, signed document that assesses the grounds of the valuation, the qualifications of its authors, the appropriateness of the selected basis of value, the sufficiency of input data and the correctness of the methodology. Notably, a review does not express the reviewer's own opinion of value — where an alternative figure is needed, a full independent valuation is performed.
The review concludes with one of four statutory classifications, ranging from "fully compliant with valuation regulations" to "non-compliant, substandard and unusable". The two lower classifications are powerful evidence against an opponent's report in court or negotiation.
Challenging a valuation
A professional review is the key procedural instrument for contesting a valuation in Ukraine: without a reasoned expert conclusion on the report's deficiencies, objections remain assertions. We prepare reviews for litigation over asset and share values, support clients with explanations of the review's findings, and — where required — deliver our own independent valuation as alternative evidence.
Fees and timelines
The fee depends on the volume and complexity of the report under review: an apartment valuation and the valuation of an integral property complex are engagements of very different scale. A typical review takes from a few business days; fee and deadline are fixed in the engagement contract once we have seen the report.
FAQ
Can a review "cancel" a valuation report? Not by itself — a review is a professional opinion on the report's quality. However, a conclusion of non-compliance gives a court or counterparty solid grounds to disregard the report.
Is there a standard review template? There is no mandatory form, but the content is prescribed by Ukrainian National Valuation Standard No. 1: grounds, analysis and one of four classification conclusions. A review that omits these elements carries no weight.
How long does a review remain valid? Its validity is not time-limited: the review relates to a specific report and remains relevant for as long as that report is in use.
An appraisal review is called for precisely when the outcome of a court case or transaction is at stake — superficial work is not an option. We examine every report on its merits, with full attention to your legal position, and deliver a review that withstands scrutiny by opponents. Contact us by email or messenger.
