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.
Although the Insolvency Law came into effect only at the beginning of 2020, implementation work had already started earlier. On 13 September 2019 the inaugural meeting of the Chamber of Insolvency Administrators (“Chamber”) took place, during which the Chamber was established, the governing bodies of the Chamber and the representatives of other institutions operating ancillary to the Chamber (members of the Court of Honour and the Audit Commission) were elected and the Statutes of the Chamber, the Code of Ethics for insolvency administrators and the Rules of the Court of Honour were approved.