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Legislation

1 Mar 2013

The new Law on Bankruptcy of Natural Persons, adopted by the Parliament of the Republic of Lithuania as of 10 May 2012, entered into force on 1 March 2013. 

The new Law enables individuals, whose main proprietary interests are in the Republic of Lithuania, to initiate personal bankruptcy proceedings. A person shall be deemed insolvent when the amount of personal debts for which the payment is due exceeds 25 minimum monthly wages as approved by the Government (currently 25,000 LTL). The personal bankruptcy proceedings can be initiated by the relevant individual exclusively and such proceeding shall be judicial. The Law also provides that an individual will be entitled to commence bankruptcy proceedings for the second time only in 10 years after the previous bankruptcy proceedings were fully finished. The full text of the Law can be found here.
 

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