Motieka & Audzevičius insolvency solutions team has successfully represented a former CEO of the bankrupt company in a financial damages dispute before the Court of Appeal of Lithuania. The court upheld the judgment of the first instance court by which the claim for damages against our client was dismissed.
In this case, our client was accused of mismanagement of the company’s insolvency proceedings and even intentional bankruptcy. An appellant claimed that our client failed to fulfill his duties to initiate the insolvency proceedings and inform company creditors. Furthermore, an appellant claimed that our client intentionally led the company to bankruptcy.
However, our insolvency solutions team has provided a wide range of arguments, which demonstrated that our client properly managed company’s insolvency proceedings therefore fulfil his duties as a CEO and a shareholder and is not liable for the financial losses suffered by an appellant. The Court of Appeal of Lithuania supported the Motieka & Audzevičius team’s position and dismissed the appeal brought by the appellant.