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Successful resolution of corporate dispute in Swiss courts

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Successful resolution of corporate dispute in Swiss courts

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Nadmitov, Ivanov and Partners Law Firm together with correspondent Swiss law firm represented the interest of a Cyprus company, the defendant, in Swiss courts. The case concerned contesting a share purchase agreement under Swiss law.

Our client as a buyer took over a machine-building plant in a quick deal with a Swiss company as a seller. The terms of the contract provided for payments in tranches. After paying the initial trance, the buyer suspended other payments because it discovered significant defects of plant relating to its efficiency. The buyer contested the contract on the grounds of fraudulent misrepresentation because the seller provided false information about the plant to them before the contract was made and made false representations and warranties. The seller filled two lawsuits in a Swiss court claiming two tranches of contract’s consideration. When we entered the litigation process, the court had already granted the first claim on recovery of the unpaid sum. We appealed the decision, and the court’s decision was reversed by a superior court on the grounds of improper notification of the defendant. The litigation lasted for four years; as a result the court denied all of the claimant’s (the seller’s) claims and recovered the full amount of court expenses possible in favor of our client.

This case was a complex one. Large amount of evidence had to be translated and presented to the court. Some complex issues of law were raised. In particular, such issues as the difference between a share deal and an asset deal were covered, as well as the possibility to apply the statutory provisions on defective goods to share sale and purchase deals. The court also analyzed the information about the plant, the representations and warranties provided by the seller, as well as the obligation of the buyer to inspect the product at issue before signing the contract of sale.

Nadmitov, Ivanov and Partners Law Firm regularly represents clients in complex corporate disputes in Russian and foreign litigation and arbitral proceedings. We also regularly represent our clients’ interests in the courts and arbitration tribunals in Switzerland.

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