The relevance of the study is determined by the necessity to align Ukrainian legislation in the field of regulating private legal relations with pan-European requirements and standards, considering the Eurointegration processes and the path to European Union membership. The purpose of the study is to assess the effectiveness of the method of regulating relations in the field of private law. The research used a variety of scientific inquiry approaches, including historical, comparative, and legal hermeneutics, among others. Several ideas relevant to the research issue were discovered, including private and public law, private legal interactions, and dispositive and imperative regulatory procedures. The differences between these methods and their characteristics were outlined, and the current issues in the research area were examined, such as a considerable number of legal collisions and an outdated approach to regulating entrepreneurial activities. Solutions to these problems were proposed, including the process of abolishing codified economic legislation. The advantages of recodification as a method of reforming the field of private law and civil legislation in general were substantiated. Recommendations were provided for improving and optimising this process to minimise negative public perception, encompass and consider modern needs of private law and relations arising in the field, including those related to information technologies, international law, and more. The significance of this process for the effective integration of Ukraine into the European Union, as well as the assertion of safeguards for protecting the rights and freedoms of persons and legal entities as participants in private legal interactions, were emphasized. The findings of the study can be utilised by legislators to enhance regulations in the respective field and by researchers to expand the scientific doctrine in the field of private law. [ABSTRACT FROM AUTHOR]