Failure to disclose financial difficulties may trigger a civil claim against management of the company and, in the worst case scenario when financial difficulties turn into bankruptcy proceedings, this omission to act properly can be qualified as a criminal bankruptcy. Thus, the management and shareholders of companies should be careful and diligent about their reporting duties and make a proper disclosure when a company faces financial difficulties. Criminal bankruptcy can also be initiated if the company has been wilfully poorly, which ended up in the bankruptcy proceedings or certain assets that could have been used to repay debts have been deliberately dissipated.
Thus, we act on behalf of creditors and managers of companies that have financial difficulties and advise on the following matters:
Šulija Partners Law Firm Vilnius, registered office Jogailos street 4, 3rd floor, Vilnius, LT-01116, Lithuania, fax +370 52051926, e-mail: info@SulijaPartners.com
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