The right of the potential creditor to initiate a bankruptcy procedure

  • 2012-08-22
  • By Donata Pundinaitė, Associate Lawyer
ECOVIS Miškinis, Kvainauskas ir partneriai advokatų kontoraThe Court of Appeals made a decision in April 2012, one which is important for potential creditors of a company. The facts of the case: the Court of First Instance declared that potential creditors that are not fixed as creditors by the Court are not able to initiate a bankruptcy case against a debtor.The Court of Appeals disagreed with the decision of the Court of First Instance arguments, pointed out below.The Court of Appeals declared that there is no law in Lithuania (no requirement in enterprise bankrupt...
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