CHANCE TO GET BENEFIT FROM GREAT CASE AGAINST DEBTOR – STATE OWNED COMMERCIAL ENTERPRISE (subject of Commercial code with independent legal entity and own assets) WITH GOOD RECORD AND VERY SOUND ASSET BASE. FUNDING BUDGET IN CAMPAIGN INCLUDES COSTS OF PRELIMINARY AND CONSERVATIVE MEASURES TO SECURE MOST LIQUID ASSETS OF THE DEBTOR.
CASE WILL BE SUBMITTED TO ARBITRATION WITH SEAT IN SWITZERLAND WITH VERY LIMITED REASONS TO PROCEDURAL CHALLENGES. ARBITRATION CLAUSE IS CONCLUDED WITHIN WRITTEN BILINGUAL (SLOVAK-ENGLISH) FRAMEWORK SERVICES CONTRACT.
Our company JSM-Pannonica, Kft in 2011 concluded Framework services-contract with state-owned commercial enterprise Lesy Slovenskej republiky, š. p. (Forests of Slovak republic, state-owned enterprise) which is published in Central registry of contracts with public interest (https://www.crz.gov.sk/index.php?ID=238518&l=sk)
Principal sub-clauses of the Article 3 governs ways of fullfilment of above described purpose as follows:
3.1 . Based on Debt recovery Order of the dlient, the provider shall take the client’s documentation for claims that are more than 60 days post due. and notify the client need to submit additional documents.
3.2. Client shall submit to the claims included in the program, all available evidence for screening and enforcement and in the number of copies, what is the expected number of parties to !he dispute + 1 .
3.3. Based on the scrutiny of claims and the contracting parties shall conclude a specific agreement on assignment of receivables, if slovak debtors are concerned. Unless the followning contracts otherwise noted, applies to the mutual rights and obligations of the parties clause Art. IV of present contract.
We found that during the framework contract period, client (to be defendant) was able to let there intact huge amount of unpaid receivables without any consulting (in specific years 7-11 million EUR of account receivables), and when these entered 1 year after date payable client only created reserves in the balance sheet and in the next step had written-off huge amounts of these accounts receivables with no try to use our agreed services.
Therefore we are heading to initiate commercial arbitration based on arbitration clause included in contract (which has been subject of publication in official government publication registry and therefore shall be not objected as to existence or form).
Place of arbitration shall be Switzerland, and parties have been excluded review of award by Federal Tribunal, therefore eventual award shall be virtually non-objectionable.
With regard to material law in force in Slovakia, legal ground of the arbitration request will be stipulation of section 363 and seq bellow of the Commercial Code which reads as follows:
Section 367
A creditor shall be entitled to demand – from the debtor who is in delay with the fulfillment of a certain obligation – compensation for the damage thus incurred under Section 373 et seq. below. The creditor shall be entitled to repudiate the contract under circumstances stipulated by law or the contract.
As prescibed by intertwinned articles of Commercial Code and Civil Code of Slovak Republic part of the damages is also loss of profit.
As we have agreed our percentual provisions and we have data about receivables overdue (only more than year overdue) and receivables written-off we calculated our loss of profit as 1 875 000 EUR.
sjancok submitted this post on 07/11/2016.
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ESTIMATED 937.5% RETURNS: COMMERCIAL ARBITRATION IN SWITZERLAND FOR 1 875 000 EUR DAMAGES AGAINST SLOVAK STATE-OWNED COMMERCIAL ENTERPRISE WITH HUGE ASSETS
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