2026-07-30 - LD Milan - Biopsafe v. Kaltek - UPC-CFI-0002216/2025

Was ist diese UPC-Entscheidung?

Zusammenfassung: The Milan Local Division dismissed a defendant's application for security for costs under Art. 69(4) UPCA and R. 158 RoP. Following the Court of Appeal, the division applied a two-stage burden: the applicant must substantiate and prove that the claimant's financial position gives rise to a legitimate and real concern that a costs order may not be recoverable or may be unenforceable or unduly burdensome to enforce, and only once those facts are presented credibly must the claimant rebut them in a substantiated manner. The applicant relied on the claimant's low registered share capital, its microenterprise headcount, a dividend payout exceeding the year's profit and near-zero liquidity; the division held that none of these, taken alone or together, established the required concern. Share capital and headcount are weak proxies for financial soundness, the above-profit distribution was plausibly explained by an imminent sale of the entire shareholding, and the market valuation paid by the acquirer was some 1,400 times the share capital. The applicant had also failed to analyse the balance sheet as a whole, in particular the claimant's debt exposure, and had focused only on cash reserves, while gross profit, net income, current assets and receivables were all growing.

Quelle und Fundstellen

Quelle: UPC Website

Aktenzeichen: UPC-CFI-0002216/2025