NOVE successfully represented client in the Supreme Court in a litigation related to the purchase of shares

On 19 June 2019 The Supreme Court partially satisfied the appeal of AS MV Kaubad in a dispute concerning the purchase of AS Jahipaun shares. The dispute concerned whether the financial situation of the company sold to AS MV Kaubad (the buyer) corresponded to the assurances given by the seller in the purchase transaction and to the pre-sale information. In their rulings, the County Court and the Circuit Court found that the seller had provided incorrect information on the value of the assets of the company, but the buyer could not demand compensation from the seller for the damage caused by it, as the sale contract had a limited time limit for the use of remedies by the courts and the buyer submitted a claim for damages belatedly. The Supreme Court annulled the decisions of the lower courts and agreed with the purchaser in the present ruling that the interpretation given by the courts to the sales contract, according to which the parties had limited the term of the remedies is not justified. AS MV Kaubad was represented in the Supreme Court by Kristjan Tamm and Arsi Pavelts.