COBALT assists in recovery of more than EUR 2 million from a gifted asset

COBALT represented the Danish branch of Nordea Bank AB (publ), Sverige in a civil action brought by the bank to recover a debt of more than EUR 2 million from a borrower and from nine immovable properties that the borrower had transferred to another party shortly before the termination of the loan agreement. In its judgment of 27 June 2018, Zemgale Regional Court held that the bank had rightly terminated the loan agreement and that there were preconditions for recovery not only from the borrower’s assets but also from the transferred assets, as the borrower’s own assets were insufficient to recover the debt. The bank’s claim was therefore granted in full. On 25 March 2019, the Senate refused to initiate cassation proceedings due to the cassation complaint filed by the defendants, and the judgment of Zemgale Regional Court of 27 June 2018 entered into force.

Legal assistance to Nordea Bank AB (publ), Sverige, Denmark branch was provided by Specialist Counsel Mārtiņš Aljēns.