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Sajadova, Veronika; Norkus, Rimvydas --- "LITHUANIA" [2019] ELECD 1211; in Kadner Graziano, Thomas; Bojars, Juris; Sajadova, Veronika (eds), "A Guide to Consumer Insolvency Proceedings in Europe" (Edward Elgar Publishing, 2019) 658

Book Title: A Guide to Consumer Insolvency Proceedings in Europe

Editor(s): Kadner Graziano, Thomas; Bojārs, Juris; Sajadova, Veronika

Publisher: Edward Elgar Publishing

Section: Chapter 20

Section Title: LITHUANIA

Author(s): Sajadova, Veronika; Norkus, Rimvydas

Number of pages: 29

Abstract/Description:

Lithuania was the last Baltic state to enshrine consumer insolvency proceedings in law. The Law on Bankruptcy of Natural Persons (LBNP) has only been in force since 1 March 2013. Bankruptcy proceedings are the most common procedure offered by the LBNP. Under the LBNP, the debtor also has the possibility to apply for a simplified procedure for the opening of bankruptcy proceedings.