In April 2020 an agreement for the divestment of Trelleborg´s Swedish and Estonian operations that manufacture molded components was finalized. The operations were acquired by the management respective companies.
Partners Marit Savi and Tanel Küün from TARK advised the divested Estonian operations under the new business name Sigma Polymer Group OÜ on corporate and financial aspects of the separation.
Partner of law office TARK, Marit Savi, advised agricultural companies Ühinenud Farmid, Varstu Piimaühistu and Luiste Mõis, all owned by Austrian investors, on the sale of ca1000 hectares of agricultural land to Rüütli Property – an Estonian-owned company active in agricultural and forestry sector. We also advised the client on development of new land lease agreements prior to the sale.
Marit SaviAare Tark, the senior partner of Law Office TARK, was ranked as Eminent Practitioner in the field of Corporate/Commercial by Chambers and Partners in its 2020 edition covering Estonian legal market. The title of Eminent Practitioner is awarded to highly influential lawyers in a particular practice area who, due to outstanding client relationships, are key players in the team.
The Legal 500, an international publishing company assessing law firms and lawyers global has published the results of its 2019 research. We proudly announce that TARK was again recognized in all nine rateable categories and all our partners were also highlighted by name.
In the Commercial, Corporate and M&A field partners Marit Savi and Hannes Küün are for the third consecutive year being recognized as Leading Individuals in Estonia.
The Legal500 awarded with the nomination of Next Generation Partner Tanel Tark in the field of EU and Competition, Tauno Tark in the field of Dispute Resolution and Tanel Küün in the fields of Real Estate and Construction and in Banking, Finance and Capital Markets.
As highly recommended come Allar Aru in Real Estate and Construction, Banking and Finance and Tax; Aare Tark in Dispute Resolution; Tanel Küün in Shipping and Transport; Marit Savi in IT, IP and Telecom and Hannes Küün in Real Estate and Construction, Banking and Finance and IT, IP and Telecom.
We thank our clients and cooperation partners for appreciating our work!
For additional information, please see www.legal500.com.
For over 30 years, The Legal 500 has been ranking the quality of legal service providers by analyzing the capabilities of law firms in over 150 jurisdictions across the world. The rankings are based on a series of criteria, among others long-lasting experience in the field of legal services, reviews of experienced independent experts, and feedback from 300,000 clients worldwide.
From 1st of August 2020 a company’s share can be transferred without a certification by a notary. Thus, transactions like transfer of a share and granting options are made faster and simpler for the company, employee and investor.
The new, convenient and more economical solution for transferring a share can be used by companies with a share capital of at least 10 000 euros that has been contributed in full. Additionally, the shareholder(s) must unilaterally approve articles of association that allows carrying out such simplified transaction. Although a notary appointment hereafter is not required, the transfer of a share shall be at least in a format which can be reproduced in writing.
Refreshing introduction is also the reduction of the minimum nominal value of a share. Henceforth the minimum nominal value of a share may be set at one cent, which in turn in transactions regarding company’s shares allows the companies to divide shares more precisely in relation to an employee’s or an investor’s contribution.
Alates 1. augustist 2020 saab Eestis äriühingu osaga teha tehinguid ilma notari tõestamisteenuseta. Seega muutuvad tehingud nagu osa müük ja osalusoptsioonide andmine kordades kiiremaks ja lihtsamaks nii äriühingule, töötajale kui ka investorile.
Uut, mugavat ja säästlikumat lahendust saavad kasutada äriühingud, mille osakapital on vähemalt 10 000 eurot ja täielikult sisse makstud. Lisaks tuleb osanikel ühehäälselt kinnitada lihtsustatud tehingu tegemise võimalus äriühingu põhikirjas. Kuigi notari külastusest on edaspidi võimalik loobuda, tuleb tehing äriühingu osaga teha vähemalt kirjalikku taasesitamist võimaldavas vormis.
Värskendav on ka osa väikseima nimiväärtuse vähendamine. Nimelt võib edaspidi osa nimiväärtuseks määrata ühe sendi, mis võimaldab äriühingutel osaga tehtavates tehingutes osasid jaotada täpsemalt vastavalt töötaja või investori panusele.
Businesses often take out insurance against substantial damage or loss. However, paying insurance means that a company incurs additional expenses that can be quite high. The TARK Legal Office, representing a company that fell victim to international fraud, managed to win a court case whereby they were able to claim the insurance deductible from the criminal.
The large-scale criminal case was brought against fraudsters who had been committing criminal offences against property for years. A rental car was stolen from the client of the TARK Legal Office, and sold abroad.
“In the case of a theft of an expensive vehicle, the insurance deductible alone is several thousand Euros, equivalent to the monthly salary of many employees,” said Tauno Tark, partner and team leader of the TARK Legal Office. “The legal proceedings lasted for many years, and although the thieves tried to claim that they were only fulfilling orders and did not understand the essence of their actions, we achieved the full compensation of damages from the court, meaning that the thieves also had to cover the expenses of the insurance deductible.“
However, according to Tark, the victim of a crime must consider that simply catching the criminal and starting court proceedings may not automatically mean that insurance deductible can be claimed and covered. “For the full coverage of damages, a special claim must be presented during the criminal proceedings,“ said Tark.
Leading global law publication IFLR1000 named two TARK attorneys and partners, Hannes Küün and Tanel Küün, as rising stars of the Estonian law market.
In the 2020 IFLR1000 rankings, Tanel Küün was named as a rising star in financial and banking law and mergers and acquisitions, while this leading global law publication gave Hannes Küün a similar title in the fields of mergers and acquisitions and banking law.
“We are sincerely pleased that our work and efforts are so well recognised in this highly competitive market”, said Tanel Küün.
IFLR1000, who ranks the world’s leading finance and civil law attorneys, gives the rising star title to remarkable attorneys who are rapidly gaining a reputation in their field.
IFLR1000 is one of the most authoritative law publications, leading the way amongst the world’s best financial and civil law attorneys and law firms. The leading legal advisors’ ranking was first published in 1990. Today, IFLR1000 ranks the best legal advisors in more than 120 countries. Attorneys and law firms are ranked based on market transaction analysis and in-depth interviews.
TARK law firm has successfully represented the leading European bus manufacturer, Solaris Bus & Coach S.A. (Solaris), in the public procurement of gas buses for Tallinna Linnatranspordi AS (TLT). This is the largest bus purchase in Tallinn’s history.
In August this year, TLT named Solaris as the successful tenderer for 100 compressed natural gas buses. The award of this tender was challenged by a competing firm, Scania, whose offer was declared ineligible.
“When a large amount of the taxpayer’s money is at stake, it is especially important for the purchaser to get the best deal,” said Tauno Tark, attorney of the team representing Solaris. “Taxpayers win when the competition is fierce, but competition also needs to be fair and offers must be made on equal terms. Only then can the buyer choose the best deal for the taxpayer.”
Scania’s offer was considered ineligible because, in addition to the cost of the buses, tenderers had to disclose the full cost of using the buses and the cost of non-warranty maintenance and spare parts/materials over 10 years of use. Scania’s offer did not state these costs as requested. Scania did not agree with their exclusion and challenged TLT’s decisions.
“After proceedings at the complaints board, two court instances and an Appeals Selection Committee, it was decided that the contracting authority had done everything correctly from the beginning. These proceedings have only delayed the purchase of economical and environmentally friendly buses for the people of Tallinn for six months,” said Rahel Bersin, the attorney who represented Solaris. “Our client has now started to prepare the agreement with Tallinna Linnatransporti AS and hopes to bring the first 100 gas buses to Tallinn soon.”
Disputes were heard both at the Public Procurement Complaints Board and in the first and second court instances. On the 26th of November, the Supreme Court refused to take Scania’s complaint into the proceeding, which resulted in a positive circuit court ruling – the public procurement of TLT’s gas buses was won by Solaris. The circuit court agreed with Solaris and TLT that Scania’s offer did not meet the specifications of public procurement’s reference documents regarding warranty duration and conditions, which is why TLT decided that Scania’s offer is not legally eligible. Therefore, the district court no longer considered it necessary to resolve the issue of how tenderers had to understand the subject matter of maintenance and spare parts/materials requested in the procurement documents, and whether Scania’s offer was adequate in this regard.
As a result of the successful dispute, Solaris and TLT are today working on the preparation of the procurement contract and predictably the comfortable and environmentally friendly Solaris gas buses will be seen in Tallinn city traffic in autumn 2020.
Marit Savi