Bankruptcy

UAB Textilite, clothing retailer owned by UAB Grosso Moda Lithuania of Norwegian capital, is facing bankruptcy proceedings, Verslo žinios reports.

After Lithuania legalized bankruptcy procedures for individuals three years ago, only 17 people have made use of the relief from their debts by declaring bankruptcy. Another 900 have started bankruptcy procedures which take three years. Lithuanians who want to go bankrupt faster and easier still pre...

Bankruptcy administrator of bank Snoras has taken an unexpected step in order to sell property of the bankrupt bank as effectively as possible. Snoras' movable property was put on sale on e-commerce website eBay. Used electronic devices and computer equipment will be sold on the globally popular web...

Bankruptcy proceedings of Lithuania’s financially-troubled shipping operator Lietuvos Jūrų Laivininkystė (Lithuanian Shipping Company, or LJL) will not be initiated yet, the prime minister has said after a meeting with several ministers and executives of LJL and SEB Bankas.

The company Lithuanian Shipping Company (LSC), whose vessels remain arrested in foreign ports and which suffers from an extremely complicated financial situation, will have to file for bankruptcy, said Lithuanian Transport and Communications Minister Rimantas Sinkevičius after a meeting with Preside...

Bankruptcy administrator of bank Snoras has started a new stage of property sales. The plan is to sell more than 1,500 movable and 250 immovable properties, including the bank's former headquarters in Vilnius. The building, located on Vivulskio Street, will be the most expensive item on the list. It...

A court has ordered a freeze on all of the assets of Air Lituanica, a defunct airline that is indirectly owned by the city of Vilnius.

Creditors of Air Lituanica, a defunct airline established by the city of Vilnius, will decide on the company’s bankruptcy at a meeting due on June 25.

Air Lituanica, an airline established by the city of Vilnius, plans to file for bankruptcy, it announced a week after grounding all flights.

In February 2015, compared to February 2014, the number of bankruptcies in Lithuania grew by 30 percent. Retails businesses gained the bankruptcy status more often than any other companies.

Compared to December 2014, the number of bankruptcies in January increased by a third, while the number of distraints decreased by a third.

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Specialists from law firm Tark Grunte Sutkiene (TGS) and audit company Deloitte will work in Bank Snoras bankruptcy administrator Gintaras Adomonis' team during the takeover procedure of the administration of the bank. Meanwhile, British law firm Linklaters LLP and Swiss Nater Dallafior Rechtsanwalt...

The association of depositors and creditors of Lithuania’s bankrupt Snoras bank plans to contest the prosecutors’ decision to dismiss investigation into the actions of Neil Cooper, the bank's outgoing bankruptcy administrator.

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The Prosecutor General's Office announced on Thursday that the decision to terminate the pre-trial investigation into the actions of Bank Snoras bankruptcy administrator Neil Cooper was both lawful and legal.

The association of Snoras Bank depositors and creditors addressed in writing the bankruptcy administrator of the bank demanding information whether he intends to pursue claims against audit company Ernst & Young Baltic.

In accordance to the third payout plan approved by Vilnius Regional Court, Snoras Bank bankruptcy administrator has paid out LTL 750 million (EUR 217 million) to secondary creditor, state company Deposit and Investment Insurance. After the transaction, primary and secondary creditors of Snoras will ...