11 Nov 2023
On 11 November 2023 Vilnius Regional Court has ruled on the insolvency of UAB “PAYRNET”.
While the aforementioned court ruling may still be appealed with the Court of Appeal of Lithuania, under the law all creditors of UAB “PAYRNET” must now submit their creditor claims to the appointed insolvency administrator no later than in 30 days. Failing to submit a claim on time may result in the termination of creditor’s right of claim.
This development serves as a stark reminder that financial stability of fintech companies remains of critical concern and market participants are urged to reassess their risk management strategies.
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Šulija Partners Law Firm Vilnius, registered office Jogailos street 11, Vilnius, LT-01116, Lithuania, fax +370 52051926, e-mail: info@SulijaPartners.com
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