Instituting Bankruptcy Proceedings
Bankruptcy in Lithuania - the state of an insolvent enterprise where bankruptcy proceedings have been initiated in court or the creditors are performing extrajudicial bankruptcy procedures in the enterprise. Bankruptcy proceedings means a civil case opened in court over disputes arising from legal relations connected with bankruptcy. Bankruptcy proceedings shall be instituted if the court establishes the presence of at least one of the following conditions: the enterprise is insolvent; the enterprise has made a public announcement or in…