Seizure of a Limited Partner’s Property & Seizure of Shares in a Public Limited Company

Our firm, representing its client, a former employee (manager) of a well-known chain of cosmetic medical service institutes, successfully obtained a provisional seizure of the personal property of the limited partner, who was proven to be the actual manager and owner of the employer company, for labor claims amounting to approximately EUR 100,000.

Specifically, after reviewing the case and conducting the relevant investigation, it was established that the true manager of the employer company is the limited partner, and not the general partner, which in essence is a holding company devoid of assets.

Furthermore, it was proven that the limited partner does not personally own any assets, as he had divested himself of them. However, he is the sole shareholder and manager of a real estate management public limited company, which holds real estate of significant economic value.

The competent court, taking into account the above evidence provided by our firm and fully adopting our arguments, ordered the seizure of the personal property of the limited partner. It was ruled that the limited partner was acting as a de facto general partner and manager of the aforementioned company. Consequently, he was deemed personally and wholly liable for the employer company’s debts with all of his assets, not only in accordance with his shareholding in the company. Additionally, following our request, the court also provisionally seized, in favor of our client and to secure her claim, the right of the opposing party to demand from the real estate management public limited company—where he is the sole shareholder and manager—the issuance and delivery of all its shares. Upon the successful outcome of the main case, these shares will be put up for public auction to satisfy our client’s final adjudicated claim.