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Termination of a company's bankruptcy case

The Law on Corporate Bankruptcy stipulates that a creditor has the right to file a lawsuit in court and to initiate a bankruptcy case against the debtor. The company's bankruptcy process is a set of procedures established by legal norms, violation of which can make the initiation of the company's bankruptcy process unjustified. An example could be when a creditor can initiate a bankruptcy process against a debtor only after 30 days from the warning that they will go to court with such a lawsuit for the initiation of a bankruptcy case if the debtor does not fulfill their obligations voluntarily. If the debtor did not receive such a warning, this can be interpreted as a violation of an imperative norm, on the basis of which the initiation of the bankruptcy process is not legal.
A lawsuit for debt recovery and a lawsuit for the initiation of a bankruptcy case cannot be equated. Court practice states that the initiation of a bankruptcy case cannot be used as a disguised method of disputed debt recovery.
Abuse of procedural rights means the use of procedural rights not according to their purpose. Unjustified initiation of a bankruptcy case infringes the debtor's interests, harms the reputation, so such hidden objectives of the creditor with illegal actions are evaluated as an abuse of the right to initiate a bankruptcy case.
Upon identifying cases of abuse, the court can impose a monetary penalty on the person involved in the case (in this case, the creditor).
  • Provide legal consultations;
  • Assess the company's solvency (realistic assessment of the company's bankruptcy signs);
  • Preparation of a response to the court notice about the initiation of the bankruptcy process;
  • Preparation of other documents related to the termination of the bankruptcy case.


More information: UAB "SOSTINĖS TEISĖ", tel. no. +370 5 2134813, email: info@sostinesteise.lt.


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