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TGS Baltic Successful for SIA Viesis 2 in Claim Against Former Management

TGS Baltic Successful for SIA Viesis 2 in Claim Against Former Management

Latvia
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TGS Baltic Latvia has successfully represented insolvent SIA Viesis 2 on its claim of EUR 1,786,655.54 in damages from its former management board members in in order to enable the company to pay creditor's claims and the costs of the insolvency proceedings.

On May 15, 2019, the appellate instance court satisfied the damages claim of the insolvent SIA Viesis 2. The court also ruled that SIA Viesis 2 should recover damages amounting to EUR 1,786,655.54 by applying statutory interest of 6% per year 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.

The judgment is not final, and according to TGS Baltic 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.

The TGS Baltic team consisted of Partner Nauris Grigals and Senior Associate Raivis Znotins.