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JSC from 200 €|Sole proprietorship from 150 €|Public institution from 150 €|Department from 200 €|Registration address from 40 €|Temporary residence permit in Lithuania from 1000 €|Accounting Services from 40 €/month|Temporary residence permit in Lithuania from 1000 €|Liquidation from 200 €|
JSC from 200 €|Sole proprietorship from 150 €|Public institution from 150 €|Department from 200 €|Registration address from 40 €|Temporary residence permit in Lithuania from 1000 €|Accounting Services from 40 €/month|Temporary residence permit in Lithuania from 1000 €|Liquidation from 200 €|

Personal Bankruptcy

Fundamental provisions of law:

  • This law would allow going bankrupt for the natural persons, in case a total sum of debts exceeds € 8000 (25 minimum work wages);
  • It is anticipated to allow a natural person to go bankrupt once per 10 years;
  • Bankruptcy process would be initiated only upon initiative of a person to be bankrupt himself, creditors may not initiate bankruptcy proceedings;
  • Law would be also applicable to those persons who have gone bankrupt prior to the law coming into effect;
  • Bankruptcy process would continue up to five years, it could be shorter if so agreed with creditors and approved by court;
  • All personal assets and income would be managed by bankruptcy administrator.

 

A RIGHT OF NATURAL PERSONS TO BANKRUPTCY IS ESTABLISHED IN THE EUROPEAN UNION COUNCIL REGULATION (EC) NO. 1346/2000 OF 29 MAY 2000 ON INSOLVENCY PROCEEDINGS.

THIS REGULATION PROVIDES POSSIBILITIES TO MEMBER STATES NATIONALS TO PERFORM PROCEDURES OF BANKRUPTCY OF NATURAL PESONS IN OTHER EU MEMBER-STATE. UP TO DATE THE LAW ON BANCRUPTCY OF NATURAL PERSONS HAS NOT BEEN ENACTED IN LITHUANIA. HOWEVER, THE COURT OF APPEALS OF THE REPUBLIC OF LITHUANIA BY ITS 3 OCTOBER 2011 RESOLUTION EXPLAINED THAT FOLLOWING THE EUROPEAN UNION COUNCIL REGULATION (EC) NO. 1346/2000 OF 29 MAY 2000 ON INSOLVENCY PROCEEDINGS ANY DECISION TO INITIATIE THE BANKRUPTCY PROCEEDINGS THAT HAS BEEN TAKEN BY A COURT OF MEMBER STATE UNDER ITS JURISDICTION SHALL BE RECOGNIZED IN ALL OTHER MEMBER STATES FROM A MOMENT WHEN SUCH DECISION COMES INTO EFFECT IN A STATE WHICH HAS INITIATED THE BANCRUPTCY PROCEEDINGS.

You may receive the information on means of resolution of personal financial problems and procedures of personal bankruptcy from our consultants. Ph.  868618228