Our firm represented one of the largest alcoholic beverages importers in Lithuania in bank’s bankruptcy case. The client decided to file a petition for the initiation of bank’s bankruptcy proceedings with regard to official public statement that it is insolvent.
At the first stage Kaunas Regional Court decided that our client had no right to initiate bankruptcy proceeding because the company did not have an indisputable and valid claim right to the bank. However, our team’s expertise led to the favourable decision in the Court of Appeal. The court explained that it is not necessary to have an indisputable and valid claim right to initiate bankruptcy proceeding and it is enough to have a preliminary based claim right which may not be confirmed by the Court. The Court of Appeal obliged Kaunas Regional Court to re-examine the Client’s initiation of bank’s bankruptcy proceeding.