"COBALT Secures Landmark Ruling on Director Liability in Complex Insolvency Case"

"The COBALT team successfully represented a client in a complex case regarding the liability of former company directors for damages to the company. The court ruled that both formally appointed (de jure) and actual (de facto) directors, who made management decisions, share responsibility for the company's insolvency and creditor damages. The judgment emphasized that individuals performing managerial functions have the same duties as officially appointed directors, regardless of their legal status. This case sets a precedent for recognizing multiple de facto directors and assessed liability based on actual decision-making and conduct, leading to damages awarded jointly against several directors. The COBALT team, led by Partner Marius Inta and Managing Associate Valdemaras Kovalevskis, advised the client throughout the process."