Defended the interest of the creditor

Lawyers of our firm defended the interest of the creditor in the case against the insolvent sole proprietorship owner in the Supreme Court of Lithuania.

The case concerned the real estate property, which belonged to the insolvent company owner and was gifted to the third party before the properties pertaining to sole proprietorship owner were arrested. Normally, if the sole proprietorship assets are not enough to cover the debts the excess debt is covered by the assets of the owner at the given moment. However, the Supreme Court of Lithuania has ruled out that the inaction regarding the effort to repay the debt and downsizing the assets of the company guaranteed the right for the creditors to overtake the gifted property.