Recently enacted changes to the Lithuanian Enterprise Bankruptcy Law (EBL) as well as a fresh initiative by the country’s Presidency to further amend the EBL merit a closer look.
At the beginning of this year important changes came into effect significantly altering the process of selecting administrators for enterprise bankruptcies. As before, the court opening bankruptcy proceedings against a company must also appoint an administrator. What is new is that as of 1 January 2015 the bankruptcy administrator is selected randomly by a computer program.
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