The lawyers of our team has represented a creditor’s rights in a bankruptcy litigation battle against other creditors and large financial institutions in the Supreme Court of Lithuania.
This case is of high importance because the Supreme Court of Lithuania has decided to change the prevailing case law regarding the right of appeal against a court ruling by which the creditor’s claim against the insolvent company is approved.
The mentioned decision of the Supreme Court of Lithuania has a substantial impact on creditors’ rights. After such decision, the court of first instance which approved the creditor’s claim to the insolvent company is able to review its own decision; whereas the general rule is that the court of first instance does not have the power to review its own decisions. Before it was only possible to make such appeal in the Court of Appeals.