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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 Set a credit limit and ask for advance payments. First, take a good look at the credit limits you have set for […]
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The Lithuanian Parliament has enacted the Law on the Impact of the Effects of the New Coronavirus (COVID-19) on the Application of the Lithuanian Law on the Insolvency of Legal Entities (the “Lithuanian COVID-19 Law”), effective as of 25 April 2020. The Lithuanian COVID-19 Law applies only to companies that have experienced financial difficulties and […]
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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 wrongful trading concept is that it may give rise not only to the liability of the director of the company […]
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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 wrongful trading concept is that it may give rise not only to the liability of the director of the company […]
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Updated on 21 April 2020 A nationwide quarantine has been announced in Lithuania, effective 16 March until 11 May 2020. It is possible that the quarantine may be extended for a longer period. There are no exemptions for individual territorial units. Non-compliance can result in liability for both natural and legal persons. The Government resolution […]
