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Friday 22.09.2017 | Name days: Maigurs, Mārica, Māris

Court lifts ER restrictions on registration of changes about VBU Council

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Аuthor: SXCThe Riga Regional Court has lifted the measures that prevented the submission of the application regarding changes to the composition of the Board and Council of Ventbunkers (VBU) to the Enterprise Register (ER), as one of the defendants Aivars Gobins reports.

The plaintiffs in this case are the Kement, British Virgin Isles registered Gyges Limited and Steropes Limited, as well as Topmar Baltic Investments. The defendants in this case are Martins Bunka, Alvis Haze, Janis Haze, Mikhail Dementyev, Deivids Gajs Nstiss, Aivars Gobins, Diana Jukna, Arita Linde, Rudolf Meroni, IAG and IAG Industrieanlagen GmbH.

As it is stated in the court’s decision, this means the cancellation of the last year November 26 decision on the satisfaction of the claim. With the April 10, 2013 court decision, the measures that prevented the aforementioned defendants from submitting applications about changes regarding VBU capital, concern’s contracts, company reorganization to the ER without VBU Board’s consent have been lifted.

The decision is not subject to appeal and shall enter into force on the day of its adoption.

The Regional Court had referenced the statement of the Supreme Court (SC) – a restriction for shareholders perform their duties cannot be used as a form of security measures. This contradicts with general principles of commercial rights and does not comply with the point of specific types of measures.

The Regional Court agrees with the opinion of the defendants that the court’s decision has put an end to this dispute.

Defendants’ representatives, lawyers Oskars Jonans and Daimars Skutans, note that by requesting to lift the decisions of the Regional Court regarding specific measures, the defendants stated in their applications that this specific case had secured a non-financial claim. It was also stated in their application that, contrary to the Civil Procedure Law, the decision of the Regional Court had no stated amounts for which measures were to be imposed.

Also, this civil proceeding had no hypothetical difficulty in securing the claim and contrary to the point of regulations of the Civil Procedure Law, as well as conclusions of the SC was secured based on only unproven claims about its difficulty. It was also stated by the defendants that measures used in securing the claim were illegal, because they are directed toward limiting the shareholders’ rights.

Lawyers note that the Regional Court had previously disagreed with arguments of the defendants, declining their request to lift the measures. As a result, defendants were forced to submit a number of additional complaints regarding the decision of the Regional Court.

They do not understand why the court had previously ignored their pleas, and only started listening after the involvement of the SC. Lawyers note that “it took more than 10 months to left the illegal measures”.

“The only positive result is that the court practice has been added by quite a few decisions of the Chamber of Civil Cases. This will allow Latvian courts to consult this practice in the future, so that they will be able to avoid similar situations”, – the lawyers said.

On April 2, the Regional Court secured the plea of the defendants to lift the measures in regard to submitting changes to the ER. Those measures prevented the defendants from taking office in the Board and Council of VBU until the dispute had been resolved and the decision of the court would come into force.

The decision about calling and holding shareholders meetings of VBU was also cancelled. When submitting their application, defendants had noted that neither Steropea Limited nor Gyges Limited are valid VBU shareholders.


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