As explained in previous editions, a new Insolvency Law has come into force in Lithuania since 1 January 2020. This article looks at one of the law’s most essential changes, i.e. the new definition of insolvency.
Lithuania: change in organisation of the profession of insolvency practitioners: Chamber of Insolvency Administrators established by Frank Heemann and Aušra Zabulionytė
As reported in the previous issue of Eurofenix, a more contemporary insolvency law finally came into force in Lithuania on 1 January 2020. One of the major changes is the introduction of a self-governing body for insolvency practitioners.
On 13 June 2019 the Parliament of Lithuania adopted the new Law on the Insolvency of Legal Entities (“Insolvency Law”). The law will come into force on 1 January 2020 and will replace two current laws, the Enterprise Bankruptcy Law and the Law on Restructuring of Enterprises.
The financial crisis of 2008 affected the economic players more than ever, with the winding-up of a large number of financial institutions worldwide. Due to the specialisation of banks among other legal entities, insolvency is a scenario to be avoided, with restructuring being the more favourable solution.
Cyprus: New laws to improve the legal framework on Non-performing loans. Several new laws were enacted in July 2018 to facilitate the reduction of non-performing debt in the Cyprus banking system.