Award of Debt and Damages to IDS Borjomi Beverages

01.01.2012 Award of Debt and Damages to IDS Borjomi Beverages

TGS Baltic represented IDS Borjomi Beverages Co. N.V., producer of world-famous Borjomi mineral water, in civil cases for a debt award in the amount of $1.3 million and approximately 2 million euros.

The firm initiated bankruptcy proceedings against the debtor company in order to challenge transactions illegally and wilfully made by the head of the debtor company and third persons, and in order to assess the lawfulness of actions of the head and shareholders of the debtor company in the management of the company. Additionally, the imposition of liability on the persons whose actions rendered the company insolvent is sought, with award of damages to be paid by these persons to cover the debts of the company.