There are many natural persons who can no longer meet their debt obligations in the Baltic states. For them, overindebtedness is not just a temporary problem – various factors have led to an increase in the number of insolvent natural persons. As shown by economic examples, the insolvency of natural persons is caused by excessive […]
The Lithuanian Court of Appeal ruled in favour of our client, the bankrupt credit union Taupkasė (the bankruptcy administrator is Klaipėdos Administratorių Biuras), in a case brought by ten credit union shareholders over recognising a credit union share as a deposit. Although the court of the first instance ruled in favour of the claimants – […]
Deals & Cases / Laurynas Lukošiūnas, Jurgita Karvelė, Greta Kubiliūnaitė
We successfully represented our client before the Supreme Court of Lithuania in a case over the possibility of appealing the initiation of insolvency proceedings by cassation. The court dismissed the opponent’s claim and established the case law that cassation of a court’s decision to initiate insolvency proceedings is not possible. The new case law ensures […]
The Lithuanian Court of Appeal made a decision favourable for our client – the bankrupt credit union Taupkasė (the bankruptcy administrator was Klaipėdos Administratorių Biuras) – in a case over recognising a credit union share as a deposit. Although the court of the first instance ruled in favour of the claimant – a credit union […]
On 18 March 2021, the Latvian Parliament adopted amendments to the Latvian Law on the Suppression of Consequences of the Spread of COVID-19 Infection (“the Latvian Covid-19 Law”) that provide for a further extension of the insolvency moratorium. Suspension of creditors’ right to file for insolvency Pursuant to the amendments to Article 22, Paragraph 1 […]
