Redemption of shares and exclusion of a shareholder

26 August 2020

We were confronted with an interesting issue in a suit seeking a declaration of invalidity of a limited liability company’s resolution providing for a compulsory redemption of shares. The first instance court upheld our client’s claim in its entirety, pointing out that the institution of compulsory redemption of shares could not be used to circumvent the provisions of Article 266 of the Commercial Companies Code, i.e. the judicial exclusion of a shareholder, particularly when conditions for the out-of-court “expropriation” of a shareholder from his shares were imprecisely formulated.

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