LIECHTENSTEIN Law and Practice Contributed by: Alexander Appel and Hemma Kohlfürst, Schurti Partners Attorneys at Law Ltd
of court judgments with Switzerland and Austria. As a consequence, the enforceability of a Liechtenstein court judgment in other jurisdictions is limited, which may lower the parties’ motivation to initiate interna - tional M&A-related litigation before the Liechtenstein courts. 10.2 Stage of Deal Please see 10.1 Frequency of Litigation . 10.3 “Broken-Deal” Disputes In some transactions, the force majeure clause in the transaction agreement was tested based on the argument that the COVID-19 pandemic constituted an enforceable event that equals a force majeure event.
Liechtenstein statutory law does not directly address this type of activism. However, the law gives share - holders certain mandatory rights that cannot be opted out of in the articles/by-laws of a company, including the right to call an extraordinary shareholder meeting, the right to place certain motions on the agenda and the right to vote on the discharge of directors. Exercising these rights can facilitate shareholder activ - ism. However, as mentioned, no significant increase in shareholder activism has been noted over recent years, and no such trend is visible in the Liechtenstein market. 11.2 Aims of Activists There has been no trend of activists seeking to encour - age companies to enter into M&A transactions, spin- offs or major divestitures. 11.3 Interference With Completion Activists do not seek to interfere with the completion of announced transactions in Liechtenstein.
11. Activism 11.1 Shareholder Activism
Shareholder activism does not constitute a very popu - lar tool in Liechtenstein. Therefore, not surprisingly,
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