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Marius Devyžis: Implementation of the Law on Insolvency

On 25 April 2020 a new law came into force that establish some interim rules on certain aspects of implementation of the Law on Insolvency of Legal Persons with regards to entities suffering financial difficulties during the quarantine.

The law sets a moratorium on the obligation of the management of the entity to apply to court with a claim asking for bankruptcy or restructuring of the entity for a period of a quarantine and additional 3 succeeding months.

Similar rules are also set for the creditors – they cannot apply to court to start bankruptcy or restructuring proceedings during the quarantine, thus in general encouraging a dialog among the entities with financial difficulties and their creditors.

An article by Marius Devyžis in Lithuanian was published in:

Also, the Business News (“Verslo žinios”), leading Lithuanian business daily newspaper, recently has published the comparison study, quoting Marius Devyžis, based on the article mentioned above:


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