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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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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...
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...
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...
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...
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...
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...
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...
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...
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 ...
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...
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...
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...
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 ...
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...
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...
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...
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 ...
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...
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...
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...