Our lawyers successfully represented creditors in the Court of Appeal as regards resolving the dispute on the termination of bankruptcy proceedings against a private individual.
Although the Vilnius City District Court initiated the bankruptcy proceedings against the private individual as early as in January 2018, the same court, in May of the same year, having heard the arguments of our clients, resolved to terminate the bankruptcy proceedings due to the bad faith of the debtor.
The court of appeal dismissed the procedural appeal of the debtor and upheld the ruling of the court of the first instance which is favourable to our clients. In such a situation, debtor‘s assets will be further realised under the normal procedure with the involvement of bailiffs but not a bankruptcy administrator which he himself appointed. The citizen will be able to bring a court action for initiating bankruptcy proceedings only ten year from now.