Settlement with creditors

  • 2012-01-25
  • By Indre Triponaite, Assistant to the Attorney at Law
According to the Enterprise Bankruptcy Law of the Republic of Lithuania (hereinafter referred – Enterprise Bankruptcy Law), bankruptcy proceedings shall be terminated when a settlement agreement is concluded and the court approves it (Article 27 of the Enterprise Bankruptcy Law). The settlement agreement shall be signed by all the creditors whose claims have not been satisfied in the course of the bankruptcy process, before the conclusion of the composition with the creditors, or by their authorized representative and the administrator, after the latter has received ...
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