Our Dispute Resolution team represents an aircraft company in a forced sale of shares case in which one of the company’s two shareholders (foreign-owned companies) claims the other shareholder to sell them all of the company’s shares.
The case raises the question of whether the actions of a shareholder refusing to provide essential information to the activities of a company are unlawful actions that justify the application of the institute of the forced sale of shares established in Article 2.115 of the Civil Code of the Republic of Lithuania.
At the plaintiff’s request, the Vilnius Regional Court granted interim measures and seized the disputed shares. The Lithuanian Court of Appeal agreed with the position of our client and the plaintiff that the defendant did not deny their intentions to transfer the shares to third parties and stated that temporary prohibition on the transfer of shares serves the status quo function, i.e, such measures help to keep the shares intact until the court settles the dispute.
This victory will ensure maximum protection of the client’s interests and stable control of the company during the litigation.