According to Finnish Limited Liability Companies Act (624/2006), chapter 18, a shareholder with more than nine tenths (9/10) of all shares and votes in the company (redeemer) shall have the right to redeem the shares of the other shareholders at the fair price (right of squeeze-out). A shareholder whose shares may be redeemed (minority shareholder) shall have the corresponding right to demand that the shareholder’s shares be redeemed (right of sell-out).
Disputes about the right of squeeze-out and the redemption price shall be referred to arbitration
On the application of a party to the dispute, the Redemption Board of the Finland Chamber of Commerce shall appoint the requisite number of impartial and independent arbitrators with the expertise needed for the task. If several arbitrators are appointed, the Redemption Board shall designate a chairperson from among the arbitrators. The application shall contain the details of the applicant’s demand for redemption and the grounds for the same.
When an application arrives, the Redemption Board shall petition the court for the appointment of a special representative. He or she shall look after the interests of minority shareholders in the arbitration, unless all parties have declared that they consider the appointment of a special representative unnecessary.
For further information:
The Redemption Board of the Finland Chamber of Commerce
P.O. Box 1000
FI-00101 Helsinki, Finland
Fax +358 9 4242 6257
Tel. +358 9 4242 6200