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The VILGERTS’ finance team advised Advance Global Capital Ltd, a leading global investment management company, on the various legal aspects of its EUR 6 million revolving credit facility to an international factoring company, headquartered in Latvia.

The VILGERTS’ team is advising East Capital Real Estate on its acquisition of 100% of the shares in Hepsor U30 SIA (a subsidiary of the Estonian company, Hepsor Latvia OÜ), which owns a commercial building called “StokOfiss U30”, developed by Hepsor (with a total rental area of 3,642 m2). The transaction is valued above EUR 5 million. StokOfiss U30 is a multifunctional commercial building with a three-in-one leased space solution, including a sales premises, office space and a warehouse.

VILGERTS advised SIA "Biļešu paradīze", a company of Ekspress Grupp AS, in a dispute in which SIA "Biļešu serviss" contested the results of the procurement tender concerning the sale of tickets for the upcoming and the largest national “Song and Dance Festival” in Latvia. As a result, the tender results were left unaltered and SIA "Biļešu paradīze" concluded a contract with the contracting authority.

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Publications

The concept and legal impact of preliminary agreements

October 21, 2024

by Agris Dēdelis, Associate

In its judgment (case No. C29244819) of 5 July 2023, the Supreme Court of the Republic of Latvia ruled that a preliminary agreement constitutes a contract. Voluntary non-performance of such an agreement grants the right to seek the enforcement of the main contract through judicial proceedings. The co...

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Amendments concerning the regulation of a collateral agent under Latvian law

August 27, 2024

by Gints Vilgerts, Managing Partner

Those arranging bond issuances in Latvia often have practical questions about the regulation of a collateral agent’s functions. Until 12 July 2024, this was a very complex question with several possible answers. Theoretical uncertainty contributed unnecessary worries amongst bond issuers and inv...

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Family of trademarks

July 17, 2024

by Brigita Tērauda, Partner

In March this year, the final ruling in the almost eight-year long trademark dispute between Air Baltic Corporation AS and SIA Baltic Taxi, over the trademarks Baltic Taxi[1], entered into force. The Latvian Supreme Court’s judgement in this case expressed several important conclusions which are li...

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What are “options” and the possible types of option contracts?

May 20, 2024

by Reinis Sokolovs, Partner

In the business world, as well as in everyday life, there are options and opportunities. If in life options and choices are dependent on various coincidences and they coincide with human actions, then in the business world options to choose can also be strengthened contractually by closing options co...

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Purchase of commercial land in Latvia

May 20, 2024

by Elizabete Bartansone, Associate

Can you imagine the situation where a carefully selected and purchased plot of land ends up causing more losses than expected gains? This article provides a practical overview of what to look out for so as to avoid ending up in such unfortunate situations. In 2019, when the well-known supermarke...

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Legal trends: M&A tech deals in Europe and US (2024)

April 5, 2024

by Gints Vilgerts, Managing Partner

The IBA’s 7th Mergers and Acquisitions in the Technology Sector Conference took place in Barcelona on 14–15 March 2024. It was generously attended by prominent deal makers and leading lawyers from all over the world. Below is a summary of key takeaways from the conference attended by Gints Vilg...

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Should a trademark owner formally react to a similar brand circulating in Latvia?

March 19, 2024

by Brigita Tērauda, Partner

Traditionally, companies, for one reason or another, seek to avoid litigation as much as possible. This is totally understandable, litigation is time and resource consuming and for the most part, unpredictable. In this regard, to date, there has been no very active litigation practice before the Latv...

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Private damages claims as a result of cartelized procurement in Latvia

March 11, 2024

by Debora Garanča, Partner

Is it simply enough for the claimant to rely on the decision of the Competition Council? The construction cartel saga has thoroughly disturbed the calm waters of private damages claims in Latvia, in which the EU Damages Directive has so far been relatively unused in practice. However, sinc...

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Public limited liability companies must amend their Articles of Association and disclose their shareholders’ register by 30 June 2024

February 5, 2024

by VILGERTS law firm

To date, the shareholders’ register of a public limited liability company (akciju sabiedrība) have been only accessible via internal processes within the company itself or the central securities depositary [centrālais vērtspapīru depozitārijs]. The shareholders’ register is accessible ...

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Review of M&A deals in Latvia and the Baltic states for the year 2023

February 5, 2024

by Reinis Sokolovs, Partner

The year 2023 witnessed a decline in the number and value of Latvian and Baltic M&A (Mergers and Acquisitions) The war in Ukraine, energy risks, supply chain disruptions and inflation have continued to pose challenges for deals, as in previous years. Additionally, this year has seen new hurdles...

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Non-compete clauses: permissible between potential competitors?

November 23, 2023

by Charles Clarke, Expert Counsel

Non-compete clauses are nothing new and common business practice to ensure the necessary fulfilment of agreements and to protect common interests. Such clauses are compatible with competition rules so as long as their duration, subject matter and geographic scope do not go beyond what is reasonably n...

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Emojis: can they create binding legal contracts in Latvia?

November 22, 2023

by Agris Dēdelis, Associate

On 8 June 2023, the Supreme Court of Canada ruled that a supplier’s claim for debt collection from the buyer for the supply of linseed was justified due to the fact that the buyer had agreed to the terms of the contract by sending the supplier a “👍” or raised thumb emoji (see KING'S BENCH FO...

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UNEQUAL DISTRIBUTION OF DIVIDENDS: RISKS FOR MINORITY SHAREHOLDERS

August 18, 2023

by Gints Vilgerts, Managing Partner

Until 1 July 2023, the principle applied under the applicable law in Latvia detailed that dividends could be calculated only in proportion to the shares held applied to Latvian private and public limited liability companies (AS and SIA). This principle could not be changed by way of mutual agreement ...

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The risks attached to unpaid work of a Board Member.

June 13, 2023

by Agris Dēdelis, Associate

Nearly all natural and legal persons who engage in an economic activity encounter debtors who deliberately evade fulfilment of their obligations or attempt to do so in an unlawful or unethical manner. It is emphasised, such behaviour by a debtor is wholly unacceptable and illegal. There are variou...

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Upgrading current distribution agreements.

May 16, 2023

by VILGERTS law firm

Distribution agreements are a common business tool used by manufacturers to establish relationships with distributors and expand their reach in different markets. A distribution agreement is a legal agreement that outlines the terms and conditions of the distribution relationship, including the right...

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Insurance sales as additional income: brokers, agents, and other insurance distributors.

May 16, 2023

by Madara Zeltiņa, Associate

According to the Latvian Law on Insurance and Reinsurance Distribution (hereinafter, “the Law”), insurance distribution is defined as: “the provision of recommendations, offering of insurance, preparation of necessary documents for the conclusion of an insurance contract, explanation of the ter...

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The risk of an undefined salary for a board member in Latvia

May 16, 2023

by Gints Vilgerts, Managing Partner

Under the respective provision of the Commercial Law (Article 221) in Latvia, it is stated and confirmed by the Senate (see case No. C33594518, SKC-71/2022) that a board member has the right to remuneration corresponding to their duties and the financial condition of the company. The issue of the ...

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Risks with public contract amendments

December 21, 2022

by VILGERTS law firm

The correct application of procurement contract amendments has always been a hot topic. This is supported by the list of the Procurement Monitoring Bureau's (“PMB”) most commonly discovered inconsistencies throughout the procurement procedure, where, among other things, the proposed method for am...

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A company may be subject to the Latvian AML law even if not explicitly stated

December 20, 2022

by VILGERTS law firm

Accountants, legal service providers, financial institutions and real estate brokers clearly understand their role as subjects of the Latvian Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Act (“AML Law”). However, what about companies operating in other sectors...

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Update: EU adopts new sanctions package against Russia on 6 October

November 10, 2022

by Diāna Ķīse, Junior associate

On 6 October 2022, the Council of the European Union adopted the latest package of sanctions against Russia over the illegal annexation of Ukraine’s Donetsk, Luhansk, Zaporizhzhia and Kherson regions (the “Eighth Package”). [1] The Eight Package was published in the Official Journal of the E...

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Publications

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Law firm

Client appraisal

Lawyers

Jūlija Jerņeva

Diāna Ķīse

Reinis Sokolovs

Madara Zeltiņa

Elizabete Bartansone

Anda Staltmane

Agris Dēdelis

Gints Vilgerts

Jānis Kubilis

Brigita Tērauda

Debora Garanča

Ineta Krodere

Charles Clarke

Kalīne Ozola

Recent Deals & Cases

Publications

The concept and legal impact of preliminary agreements

Amendments concerning the regulation of a collateral agent under Latvian law

Family of trademarks

What are “options” and the possible types of option contracts?

Purchase of commercial land in Latvia

Legal trends: M&A tech deals in Europe and US (2024)

Should a trademark owner formally react to a similar brand circulating in Latvia?

Private damages claims as a result of cartelized procurement in Latvia

Public limited liability companies must amend their Articles of Association and disclose their shareholders’ register by 30 June 2024

Review of M&A deals in Latvia and the Baltic states for the year 2023

Non-compete clauses: permissible between potential competitors?

Emojis: can they create binding legal contracts in Latvia?

UNEQUAL DISTRIBUTION OF DIVIDENDS: RISKS FOR MINORITY SHAREHOLDERS

The risks attached to unpaid work of a Board Member.

Upgrading current distribution agreements.

Insurance sales as additional income: brokers, agents, and other insurance distributors.

The risk of an undefined salary for a board member in Latvia

Risks with public contract amendments

A company may be subject to the Latvian AML law even if not explicitly stated

Update: EU adopts new sanctions package against Russia on 6 October

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