The economic crisis is manifesting itself even in long-term business partnerships. The TEFFI Law Firm Client, an international distributor of chemical products, was involved in argue by its Counterparty, to whom goods were sold on a goods loan in 2014-2020 with a corresponding fee for using the loan.
The Counterparty asks the court to recognize the additional agreement on the method of delivery of the goods as fictitious, having debts to the TEFFI Client for more than 60 consignments of the delivered goods, after 5 years of conscientious cooperation.
TEFFI Law Firm’s lawyers managed to restore business parity in court and declare the agreement legal. At the same time, they filed a lawsuit against the Counterparty for debt collection, reimbursement of expenses, as well as interest per annum and for the use of the loan. The total amount of the lawsuit exceed UAH 9 million.
To avoid such situations, TEFFI Law Firm recommends that its Clients pay considerable attention to monitoring the integrity of Counterparties during the growing economic crisis.
The positive decision for the Client was provided by the TEFFI team: Managing Partner Igor Kryzhanovskyi, Head of court practice Andriy Ilyuk, Senior lawyer Bogdan Herasymyk.