Legal Assistance for Legal Entities in the Bankruptcy Process in Lithuania
We provide legal assistance to legal entities in the bankruptcy process (services related to preparing for company bankruptcy, consulting on liability in the bankruptcy process, initiating bankruptcy procedures, preparing documents for out-of-court and court bankruptcy procedures, preparing petitions to the court for the initiation of bankruptcy proceedings, representing clients’ interests at creditors’ meetings, creditors’ committees, and in court, performing legal audits of transactions made by the company, etc.).
Bankruptcy is the state of an insolvent company when a bankruptcy case has been filed in court or creditors are conducting bankruptcy procedures in the company outside the judicial process.
Company Insolvency: Definition and Key Indicators
Company insolvency is the state when the company fails to settle its obligations with creditors (one or more creditors) after a period of three months from the deadline established by law, other legal acts, or the agreements between the company and the creditors for fulfilling obligations, or after the same period following a creditor’s (creditors’) request to fulfill obligations, if no deadline is established in the contracts, and the overdue liabilities (debts) of the company exceed half of the value of its assets recorded on the balance sheet.