TGS Baltic successfully represented the insolvent SIA Viesis 2 claiming EUR 1,786,655.54 damages from its former management board members in the appellate instance court in order to enable the company to pay the creditor claims and the costs of administration of the insolvency proceedings.
The judgment is not final. The appellate instance court ruling is subject to appeal in the Senate of the Supreme Court. The management board members of SIA Viesis 2 have filed a cassation complaint.
On 15 May 2019, the appellate instance court satisfied the damages claim of the insolvent SIA Viesis 2. The court also ruled to recover damages amounting to EUR 1,786,655.54 by applying statutory interest of 6% per annum from the outstanding amount of the principal debt, as well as the state duty and litigation costs jointly and severally from the former management board members.
TGS Baltic Partner Nauris Grigals and senior associate Raivis Znotiņš represented the insolvent SIA Viesis 2.
TGS Baltic is a full-service business law firm in Latvia, Estonia and Lithuania employing 150+ lawyers across the Baltics. http://tgsbaltic.com/