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picture News December, 16 2017
LEADELL Pilv informs LEADELL Pilv informs

Attorneys-at-law of LEADELL Pilv clarify two significant judgements of Supreme Court concerning the responsibility of a board member and executed transactions by a board member.

In the last few couple months there were finalized two significant and principled court disputes concerning the responsibility of a board member and executed transactions by a board member.

Partner/attorney-at-law Pirkka-Marja Põldvere and attorney-at-law Tambet Laasik from LEADELL Pilv Law Office provide summarized review of two given decisions in articles published at Delfi news portal, where law office achieved successful results in representing the clients.  

In the first case in the decision from 29 March 2017, the Supreme Court established that in certain cases the liability of board members is up to 10 years. Usually the applicable term for any claim against board members is 5 years.

In the given case the shareholders of a private limited company decided to increase the share capital. The claimant paid for the additional shares with non-monetary contribution by transferring his apartment ownership to the company. However, the increase of share capital was unsuccessful and new shares were not subscribed. Despite this fact, the company dispossessed the apartment to a third person. The content of the court dispute was whether the defendants are subject to compensate the value of the apartment to the claimant. The claimant (subscriber) in this court dispute was represented by attorney-at-law Merilin Ojasaar (Valdmaa) of the LEADELL Pilv Law Office.

 

Full article in English is available in LEADELL Pilv News.

Article in Delfi in Estonian is available here.

 

In the second case in the decision from 26 April 2017 the Supreme Court established that a transaction concluded by a member of the management board is void also in case this transaction was not made with the board member personally but with a private limited company controlled by the board member.

 

Such transaction is deemed to be valid only if the shareholders or the supervisory board agreed to the transaction or if the transaction was concluded in the course of daily economic activities of the private limited company according to the market price of a service. In this case attorney-at-law Tambet Laasik from LEADELL Pilv successfully represented the client in cooperation with partner/attorney-at-law Urmas Volensig from NOVE Law Office.

 

Full article in English is available in LEADELL Pilv News.

Article in Delfi in Estonian is available here.

 

Pirkka-Marja Põldvere and Tambet Laasik



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