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Court ruling highlights importance of indemnity clauses in M&A transactions

A commonly negotiated provision in M&A transactions is the clause that provides for the buyer s indemnity right, which, among other things, applies in relation to the liabilities of the target whose existence is based on a past event prior to the closing of the deal. This clause aims to limit the liability of the parties involved in the transaction for losses relating to the company or the asset traded and can be structured in several ways.
Facts
A relevant decision by the Sao Paulo Court of Justice highlighted the importance of expressly regulating this type of clause in M&A contracts. In the case, a contract for the purchase and sale of shares representing 26.05% of a limited company s capital was entered into. Pursuant to this agreement, the buyers would pay part of the price in cash and the other part by paying off the seller s debts to the company and the other partners. ....

Sao Paulo , Bernardo Vianna Freitas , Quartier Latin , Bernardo Freitas , Amanda Santos Sette , Adriano Augusto Teixeira Ferraz , Fernanda Vale Versiani , Freitas Ferraz Advogados , Editora Dpl , Rodrigo Amaral Souza , Bruno Mirada Gontijo , Henrique Barbosa , Thomaz Murtae Penna , Isabela Ardaya , Belo Horizonte , Sao Paulo Court , Rodrigo Amaral , New Themes , Corporate Finance , Acosta Cruz , Thomaz Murta , Corporate Law , Capital Markets , Editorad Pl , Law Firms , Law Updates ,

COVID-19 and increased liability of company managers

The liability of company management is a recurring theme in corporate disputes. A group of shareholders may be dissatisfied with a company s performance and unite against a specific manager, accusing them of performing reckless acts which are unfair or incompatible with social interests. In such situations, the shareholders will usually attempt to remove the manager from their position and hold them liable for damage caused by their alleged actions.
Managers liability
As a general rule,managers are not liable for the obligations incurred in the name of the company or for actions undertaken in the course of their role (Article 158 of the Corporations (S/A) Act). Managers personal liability for social damages is exceptional and admissible only when the manager: ....

Sao Paulo , Guilherme Capuru , Justice Lu , Bernardo Freitas , Pedro Henrique Castello , Freitas Ferraz Advogados , Roberto Barroso , Alexandre Couto Coord , Osmar Brina , Pargendler Mariana , Supreme Court , Company Administration , Provisional Measure , Bruno Vianaat Freitas Ferraz Advogados , Business Judgment Rule , Latin Quarter , Alexandre Couto , Corporate Law , ஸ்ம் பாலொ , நீதி லு , பெர்னார்டோ ஃப்ரீடாஸ் , பேடரோ ஹென்றிக் காஸ்டெல்லோ , ஃப்ரீடாஸ் ஃபெராஸ் அட்வொகடோஸ் , ரொபெர்டோ பரோசோ , ஒஸ்மர் பிரினா , உச்ச நீதிமன்றம் ,