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There are significant changes in the procedures of the bankrupt enterprises

In the context of Bankrupt Law in 2013 is particularly meaningful: since 1st of March the Law of Bankrupt individuals in Lithuanian Republic came into force. The same spring packages amendments to the Law were approved regarding the Law on Enterprise Bankruptcy; there are two packages, and they both provide substantial restructuring of the bankruptcy process.


Economic, financial and labor worker’s attitudes who work at company to be dissolved or bankrupt are getting more and more complex

Document from March 20, 2010 should be a guide, with workers permission.


Rights of workers who work at the company to fill for bankruptcy

Today, when the word ‘crisis’ has become common, when we all hear about insolvent enterprises, it is very important for any employee of the enterprise to know how to behave, suddenly finding themselves in the ranks of employees of the insolvent company.


Desire to negotiate is appreciated only when debts are almost unbearable

The company is called bankrupt if institute proceedings are taken against him or if bankruptcy process is carried out by extrajudicial procedure. The process of bankruptcy is governed by the Law on Enterprise Bankruptcy. The act anticipates rights and responsibilities not only of the enterprise, but also its authority, especially the head of the enterprise. Responsibility of the head of the enterprise to be dissolved is particularly important.


Confusing, abounded with exceptions law

Following the Law of Bankrupt Individuals which was adopted in spring 2012 and came into force on 1st of March, 2013, Lithuania was among the states that permit bankruptcy proceedings. In the past people who wanted to get rid of debt liabilities went abroad. Now they can go bankrupt ‘at home’ in Lithuania.


Bankrupt individual: the advantages and disadvantages

Most Western European countries legalized opportunities for individuals to fill for bankruptcy earlier than it was done in Lithuania. It is not a secret that in the past Lithuanian citizens who were unable to pay debts emigrated, because only in this way they could save their assets from debt collectors.