In recent weeks, many business have been asking questions not only about the internal business processes but also about the situation of indebted business partners. Businesses are considering initiating insolvency (bankruptcy) proceedings against debtors. The search for such solutions is driven by the likelihood that the debtor is already insolvent (the legal entity is unable to perform its property obligations on time or the legal entity’s obligations exceed the value of its assets) and fraudulent actions by the debtor’s management bodies restricting debt recovery.

Find out more about creditors’ rights in Lithuanian.

Danielius Matonis, Associate