On July 17, 2024, the Supreme Court confirmed that the change of the director of the GNT Group company Inzernoexport LLC (“Inzernoexport”) was legal.
GNT Group has multimillion-dollar debts to American investors Argentem Creek Partners (“ACP”) and Innovatus Capital Partners.
On January 4, 2023, the general meeting of Inzernoexport shareholders decided to change the company’s director. Madison Pacific Trust Limited (Madison Pacific Trust Limited represents the American creditor ACP), acting based on an irrevocable power of attorney, voted for this decision on behalf of the majority shareholder of Inzernoexport. This power of attorney was issued as one of the mechanisms to ensure that GNT Group performs its obligations to its creditors.
The former director and minority owner of Inzernoexport disagreed with the decision to change the director and challenged it in court.
Courts of three instances confirmed the legality of the decision to change the director of Inzernoexport. In addition, the courts noted that the remedies chosen by the plaintiffs to protect their allegedly violated rights were ineffective.
This victory causes a significant obstacle for the former management of GNT Group companies to avoid performing their obligations to the creditors.
AVELLUM and Hillmont Partners teams developed the case’s legal position jointly. Hillmont Partners represented Madison Pacific Trust Limited in the litigation.
On behalf of AVELLUM, the legal work on the case was led by senior partner Kostiantyn Likarchuk and partner Vadim Medvedev, managing associate Oleksandra Syerova and senior associate Kristina Mysenko. On behalf of Hillmont Partners, the case was handled by teams of lawyers from the firm’s Kyiv and Lviv offices, led by partners Andrian Artsyshevsky, Valentyn Zasukha and Andrii Nyzhnyi.
