The team of Motieka & Audzevičius has represented one of the leading alcoholic beverages importers in Lithuania in a dispute with the debtor of the company, who is the owner of an insolvent bank.
The client, together with another creditor, filed a claim in Kaunas Regional Court asking that the contracts of the transfer of assets made by the debtor be recognized as null and void. Currently, however, the transferred assets belong to a third party, which had them placed as collateral for its financial obligations. This was the basis for the need to apply interim measures as to the transferred assets. Our team proved the assets were transferred in an attempt to avoid financial responsibility amounting to EUR 16 million.
The Court of first instance applied the interim measures and forbade the laying of damages at the assets, as well as forbidding the disposal of the real estate which had been transferred to the third party. The decision was subsequently also upheld in the Court of Appeal of Lithuania.