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    A guide to pre-insolvency and insolvency proceedings across Europe
    2023-07-06

    The events in the last few years have had significant and lasting impacts on business in general and restructuring in particular, with the latter referring to the various options available for firms experiencing difficulties. European economies, hit by both the upheavals caused by the health crisis and geopolitical tensions, have also been a

    Filed under:
    Austria, Belgium, Bulgaria, Cyprus, Czech Republic, European Union, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Lithuania, Malta, Netherlands, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Ukraine, United Kingdom, Insolvency & Restructuring, Deloitte Legal
    Location:
    Austria, Belgium, Bulgaria, Cyprus, Czech Republic, European Union, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Lithuania, Malta, Netherlands, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Ukraine, United Kingdom
    Firm:
    Deloitte Legal
    COVID-19 related amendments to insolvency regulations in Lithuania
    2020-05-09

    Suspension of managers’ duty to file for insolvency proceedings

    Filed under:
    Lithuania, Insolvency & Restructuring, SORAINEN, Coronavirus
    Authors:
    Kazimieras Karpickis , Žygimantas Pacevičius
    Location:
    Lithuania
    Firm:
    SORAINEN
    Lithuania: When things get tough. How to deal with debt and liquidity issues?
    2020-05-11

    Many companies will likely be forced to deal with debts and liquidity issues – one must act smart and early to keep the problems from snowballing.

    Advice to creditors: stop the snowballing effect

    Filed under:
    Lithuania, Insolvency & Restructuring, SORAINEN
    Authors:
    Žygimantas Pacevičius , Kazimieras Karpickis
    Location:
    Lithuania
    Firm:
    SORAINEN
    Legal entity insolvency proceedings (ISP) under law in force as at 11.12.2019
    2020-02-25

    Persons entitled to file an insolvency application and insolvency (IS) proceedings entry criteria: 

    1) A non-secured creditor or a secured creditor (regarding the non-secured part of the claim), in cases where:

    Filed under:
    Belarus, Estonia, Latvia, Lithuania, Insolvency & Restructuring, SORAINEN
    Authors:
    Raivo Raudzeps , Edvins Draba
    Location:
    Belarus, Estonia, Latvia, Lithuania
    Firm:
    SORAINEN
    Legal protection proceedings (LPP) under law in force as at 11.12.2019
    2020-02-25

    Preconditions for starting an LPP:

    1) no liquidation initiated against the debtor;

    2) in the previous 5 years, the debtor has not implemented and completed LPP;

    Filed under:
    Belarus, Estonia, Latvia, Lithuania, Insolvency & Restructuring, SORAINEN
    Authors:
    Raivo Raudzeps , Edvins Draba
    Location:
    Belarus, Estonia, Latvia, Lithuania
    Firm:
    SORAINEN
    Out-of-court legal protection proceedings (OCLPP) under law in force as at 11.12.2019
    2020-02-25

    1) Debtor prepares OCLPP plan & obtains approval from creditors:

    - more than 50% non-secured creditors (total of principal claims);

    - at least 2/3 secured creditors (total of principal claims).

    Who may not vote (on approval the plan): persons in the same group of companies, shareholders (natural persons) with decisive influence and persons who acquired claims against the debtor from the aforementioned persons within the previous 2 years.

    2) Debtor and creditors agree on supervisor's candidate during OCLPP.

    Filed under:
    Belarus, Estonia, Latvia, Lithuania, Company & Commercial, Insolvency & Restructuring, SORAINEN
    Authors:
    Raivo Raudzeps , Edvins Draba
    Location:
    Belarus, Estonia, Latvia, Lithuania
    Firm:
    SORAINEN
    Court judgments in relation to civil liability of CEOs: case law overview
    2017-06-09

    In practice there a numerous uncertainties in relation to civil liability of management bodies of companies, scope of such liability, and related matters. On 4 April 2017, considering the current situation, the Supreme Court of the Republic of Lithuania (the Supreme Court or SC) published the first overview of case law in relation to application of the norms of civil law regulating civil liability of management bodies of companies in the case law of the Supreme Court.

    Filed under:
    Lithuania, Company & Commercial, Insolvency & Restructuring, Litigation, Glimstedt, Board of directors, Chief executive officer, Court of Cassation (France)
    Authors:
    Aušra Maliauskaite-Embrekte , Laura Tunkeviciutes
    Location:
    Lithuania
    Firm:
    Glimstedt
    Wrongful trading - Lithuania
    2020-04-15

    Generally speaking, wrongful trading is the special form of liability where a director of a company is liable for damages towards the creditors for the mismanagement of an insolvent company.

    A special feature of the institution of wrongful trading is, that it may give rise not only to the liability of the director of the company but also to the liability of the director, management, employee of the parent company or even of the grandparent company (so called shadow director).

    Filed under:
    Lithuania, Insolvency & Restructuring, Litigation, SORAINEN, Board of directors
    Authors:
    Kazimieras Karpickis , Greta Kubiliūnaitė
    Location:
    Lithuania
    Firm:
    SORAINEN
    Didesnė nei rinkos turto įsigijimo kaina negarantuoja įmonės kreditoriams žalos atlyginimo
    2016-12-13

    Lietuvos Aukščiausiasis Teismas 2016 m. lapkričio 25 d. nutartyje susistemino kriterijus, pagal kuriuos sprendžiama, kada už žalingus įmonei sandorius kreditoriams galėtų būti priteisiama žalos atlyginimas iš įmonės vadovo ir/ar jos akcininkų.

    Filed under:
    Lithuania, Insolvency & Restructuring, Litigation, Glimstedt
    Authors:
    Dr. Solveig Paleviciene
    Location:
    Lithuania
    Firm:
    Glimstedt
    Property purchase price that exceeds the market price does not guarantee damage recovery to the company’s creditors
    2016-12-15

    The ruling of the Supreme Court of Lithuania of 25 November 2016 established a system of criteria to decide in which situation the manager of the company and/or its shareholders may be ordered to pay to its creditors a compensation for damages caused by transactions that are harmful to the company.

    Filed under:
    Lithuania, Insolvency & Restructuring, Litigation, Glimstedt
    Authors:
    Dr. Solveig Paleviciene
    Location:
    Lithuania
    Firm:
    Glimstedt

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