The team of our firm defended the interest of the client by proving to the Court of First Instance that unprofitable contract is null and void and thus the counterparty has an obligation to return over EUR 1 million for the Client.
The case concerned stock transactions where insolvent company brought a claim against a former shareholder of the company. The client required the Court to declare that the stock purchase agreement signed by the insolvent company and former shareholder is null and void. The main questions in the case were the date of the economic crisis start in the construction sector in Lithuania and whether the counterparty was honest under the case circumstances.
Deep economic analysis was prepared in order to determine the moment of the beginning of the crisis and its influence to the profitability of disputable contract. The Court of First Instance supported the arguments of our lawyers.