{"id":48629,"date":"2023-06-18T11:54:18","date_gmt":"2023-06-18T08:54:18","guid":{"rendered":"https:\/\/koumentakislaw.gr\/articles\/apofash-diorismou-eidikou-ekprosopou\/"},"modified":"2026-08-28T09:53:28","modified_gmt":"2026-08-28T06:53:28","slug":"decision-appointment-special-representative","status":"publish","type":"post","link":"https:\/\/koumentakislaw.gr\/en\/articles\/decision-appointment-special-representative\/","title":{"rendered":"Decision on the Appointment of a Special Representative"},"content":{"rendered":"

In our previous article<\/strong><\/a>, we looked into the appointment of a special representative for the exercise of corporate lawsuit – when the Board of Directors is inactive or refuses to file it. We were concerned with the purpose of the relevant legislation (Art. 105, Law 4548\/23) as well as the conditions for the appointment of a special representative<\/strong><\/a>. The court is the one that will ultimately decide on the relevant application, to appoint the special representative, the powers that will be assigned to them as well as the limits of the latter. About them, the present article…<\/p>\n

 <\/p>\n

Judicial Decision on the Shareholders’ Application<\/strong><\/p>\n

Criteria for the Acceptance (Or Not) of the Application<\/strong><\/p>\n

After the submission of the application for the appointment of a special representative on behalf of the (majority or, as the case may be, minority) shareholders of the company, the court is asked to rule on it.<\/p>\n

As was accepted under the previous regime, the acceptance of the application for appointment does not presuppose the proof (or probability) of the foundation of compensation claims against the members of the Board of Directors. On the contrary, for its acceptance (or not), the presence of at least one of the restrictively enumerated formal conditions is examined (art. 105 \u00a71 ed. a\u0384-e\u0384).<\/p>\n

Under the previous legislative regime, the advisability of appointing a special representative was not examined, even if this was aimed at the company’s interest (Court of Appeal of Athens 44\/2008, 83\/2012 Multimember Court of First Instance of Athens, 316\/2010 Multimember Court of First Instance of Larissa, Nomos Legal Database). However, although the criterion of the corporate interest constitutes a business judgment of the company, the legislator deemed it necessary, under the current regime, to examine it.<\/p>\n

Corporate Interest<\/strong><\/p>\n

In particular, as expressly provided (art. 105 \u00a72 section b – and referred to in the Memorandum on this article): “…the court accepts the request of the shareholders and appoints a special representative, as long as there is no obvious superior interest of the company which justifies the non-conduct of a legal battle against the members of the Board of Directors.” Consequently, the assumption that the expediency of the corporate lawsuit does not affect the judicial judgment for the appointment of a special representative ceases to be valid. The court accepts the request of the shareholders and appoints a special representative, as long as there is no (obvious) superior interest of the company, which would justify not conducting a legal battle against the (culpable) members of the board of directors.<\/p>\n

On the contrary, there is an obligation for the judge not to accept applications when they find that there are reasons of greater corporate interest.<\/p>\n

The court is asked, initially, to weigh the cost-benefit ratio in relation to the exercise of corporate lawsuit. Then, if from this estimation it concludes, without a doubt, that there is an overriding corporate interest in not pursuing the lawsuit in question, it is obliged to refuse the appointment of a special representative. It is sufficient that the non-conduct of the trial is an appropriate and necessary measure for safeguarding the company’s interests (:proportionality check). Of course, the court should only in exceptional cases make essentially business decisions: limiting, in fact, in the case where the conclusion is clearly derived from the above-mentioned cost-benefit weighing.<\/p>\n

The criterion of the best corporate interest is judicially invoked by the person who seeks the non-initiation of the corporate lawsuit (e.g. the named, on the application of article 104, BoD member).<\/p>\n

Content<\/strong><\/p>\n

The decision of the court on the appointment of a special representative also mentions (upon acceptance of the relevant application) the facts on the basis of which the responsibility of the members of the Board of Directors is founded. The special representative, as will be analyzed later, is bound in the exercise of their duties by the specific facts provided.<\/p>\n

 <\/p>\n

The Special Representative<\/strong><\/p>\n

If the court decides on the appointment of a special representative, it proceeds, at its absolute discretion, to select the specific person.<\/p>\n

This means that the court is not bound by any inclusion of a proposal in the shareholders’ application of a specific person as a special representative (art. 105 \u00a73 section b). They are entitled, on the contrary, to choose any person they deem suitable – on the condition that they have legal capacity. The competent court appoints as a special representative, usually, one of the requesting shareholders. The appointment of a third party is however not excluded (shareholder or not – art. 105 \u00a73 section a’).<\/p>\n

In some (complex, unusual or under special circumstances) cases, it is accepted that the court can appoint more special representatives (:this, despite the fact that the new law refers to a “special representative” and not to the appointment of “special representatives”). In this case, it is necessary to clearly define the responsibilities of each of the special representatives: will they act, for example, jointly or individually ?<\/p>\n

Finally, the decision of the court may appoint a deputy special representative (art. 105 \u00a73 in fine). This is clearly intended to prevent cases of removal from said office, resignation or death of the special representative.<\/p>\n

 <\/p>\n

Powers of the Special Representative<\/strong><\/p>\n

The special and only authority of the special representative is the filing of a corporate lawsuit (and the conduct of the relevant trial) with the aim of redressing the company’s loss. Damage caused by a culpable act or omission (former-current and\/or substitutes <\/strong><\/a>– art. 102 \u00a71) of members of the Board. Their relative authority lasts until the irrevocable conclusion of the relevant trial (art. 105 \u00a74 section a’).<\/p>\n

In the context of the corporate lawsuit and the (imminent) trial, the special representative is bound by the judicial decision appointing them, regarding the historical basis they will investigate for the lawsuit (art. 105 \u00a75 paragraph a’). This commitment, however, does not prevent them from freely developing their claims regarding the legal basis, culpability or causation, as well as from determining the extent of the SA’s claims (art. 105 \u00a75 section b). Furthermore, they have the freedom to direct the action against any advisors they deem necessary. It is sufficient that these are named (even among others) in the shareholders’ application.<\/p>\n

It goes without saying that the special representative is not bound, reasonably given the circumstances of their appointment, by instructions from the company’s bodies (the General Assembly or the Board of Directors included). Nor, however, from the suggestions and instructions of those who requested the exercise of the corporate lawsuit (art. 104 \u00a71) or requested the appointment of a special representative (art. 105 \u00a71).<\/p>\n

When exercising the above authority, the special representative is ultimately entitled not to initiate the corporate lawsuit. This, after carrying out a legal evaluation of the historical basis of the lawsuit and an assessment of its validity. Their relevant judgment is a legal one; they are not, however, entitled to enter into a weighing of the corporate interest.<\/p>\n

Therefore, if the special representative determines that there is no possibility that the corporate lawsuit will succeed, they may not pursue it. This assumption is supported by the provision of the law that if the special representative does not bring the corporate lawsuit and notifies the requesting shareholders, they are not liable for compensation (art. 105 \u00a76).<\/p>\n

In the event that the special representative does not pursue the corporate lawsuit, as stated above, the interested shareholders can come back with a new application for the initiation of a corporate lawsuit to the Board of Directors (art. 105 \u00a76 section b) – that is, not start the whole procedure from the beginning with a new application for appointment of a special representative).<\/p>\n

 <\/p>\n

Limits of Power of the Special Representative<\/strong><\/p>\n

The authority of the special representative to represent, exclusively, the company for the needs of corporate litigation is not unlimited. It has already been pointed out that they are bound by the court decision regarding the historical basis of the action they will bring. According to jurisprudence, however, specific actions escape the limits of their authority.<\/p>\n

In particular, it has been accepted that the special representative is not authorized to exercise injunctive measures for the preventive seizure of property of members of the Board of Directors. Nor, respectively, an application for the appointment of temporary management of the company (189\/2018 Supreme Court, Nomos Legal Database). It is not sufficient, according to the decisions of this category, that the applications in question were filed with the purpose of serving the corporate lawsuit and redressing the company’s loss. However, with reference to the application for interim measures, the opposite position has also been accepted (177\/2019 Single Member Court of First Instance of Volos, Nomos Legal Database). It was decided, in the context of the specific decision, that the special representative is legalized in the exercise of injunctive measures (in view of the trial of the corporate lawsuit) – as long as in this way it is sought to secure the claim of the impending trial.<\/p>\n

In any case, however, it is required that the taking of injunctive measures constitutes an appropriate and necessary solution to serve the interests of the company. Even under these conditions, however, it is not certain that the court will consider the request of the special representative admissible.<\/p>\n

 <\/p>\n

The competent court will accept the request of the shareholders for the appointment of a special representative – provided that the formal conditions, according to the law, are met. However, another, particularly important, assessment will precede: the presence (or not) of a superior corporate interest justifying the non-initiation of a corporate lawsuit. Otherwise, it should reject the relevant application. However, if the court accepts it, it will designate the special representative (one or more) and their powers. The one who will be designated as such has the right (albeit essentially dangerous) not to bring the corporate lawsuit when they assess the lack of legal basis of the company’s claims. The latter, however, are not indescribable. Also: the obligations of the special representative are not limited to what was stated above. We will look into these issues, as well as those related to the remuneration and replacement of the special representative, in our next article.<\/p>\n

\"\"<\/p>\n

Stavros Koumentakis<\/a>
\nManaging Partner<\/em><\/p>\n

The information contained in this article does not constitute (nor is it intended to constitute) legal advice. Such legal advice may only be provided by a qualified lawyer who has taken into account all the facts and circumstances of your particular case.<\/em> Read more<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In our previous article, we looked into the appointment of a special representative for the exercise of corporate lawsuit – when the Board of Directors is inactive or refuses to file it. We were concerned with the purpose of the relevant legislation (Art. 105, Law 4548\/23) as well as the conditions for the appointment of […]<\/p>\n","protected":false},"author":5,"featured_media":48630,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[1222,53,1265,110,112,1226,1272,1253,1225,1189,335,1217,1191,1269,1271],"class_list":["post-48629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-board-member-liability","tag-board-of-directors","tag-corporate-claims","tag-corporate-governance","tag-corporate-interest","tag-corporate-lawsuit","tag-court-appointment","tag-directors-duties","tag-directors-liability","tag-greek-corporate-law","tag-law-4548-2018","tag-minority-shareholders","tag-shareholder-rights","tag-special-representative","tag-special-representative-appointment"],"acf":[],"yoast_head":"\nSpecial 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