Skrastiņš & Dzenis has successfully represented SIA First Baltic Property Riga in an investment dispute against two Latvian banks

Skrastiņš & Dzenis has successfully represented SIA First Baltic Property Riga, an asset management company owned by a Lichtenstein Investment fund, in a case against two Latvian banks.

Back in the 2006, our client made an investment in a real estate project financed by two banks with a condition that our client would receive title to 22 apartments once the project would be finished. In a while, the developer went insolvent, and banks as secured creditors refused to give their permission to our client to register its title to the apartments.

SIA First Baltic Property Riga with an assistance from Skrastiņš & Dzenis filed a claim requesting the court to establish our client’s title to the real estate (apartments) and impose a duty on the banks to allow register the title in the land register.

Under Skrastiņš & Dzenis assistance and representation the parties concluded a settlement on acceptable conditions for all the involved parties, thus, it putting an end to the litigation which started lasted 7 years.

Experience