Our team has represented a foreign real estate developer against the company’s shareholder in Lithuania who breached his contractual obligations. A claim which exceeds LTL 5 million was fully satisfied by the Vilnius District Court.
The respondent has been trying to avoid financial obligations by raising the issue of reclassification of contractual relations. The respondent was trying to prove existence of a joint venture which would lead to a joint liability for the losses suffered during economic meltdown in Lithuania and waiver of his obligations. Vilnius District Court stated that the arguments of the respondent regarding the unsuccessful joint venture agreement were unfounded.