COVID-19 circumstances and quarantine regime imposed in Lithuania by the government, similarly to many other countries of the world, caused considerable damage in the business sector. Due to declared quarantine, supply of goods has been interrupted, settlements between companies have been delayed, workload has been reduced and profit has decreased, which also led to the dismissal of big numbers of employees. In consideration of these circumstances, the restructuring process regulated by the Law on Insolvency of Legal Entities of the Republic of Lithuania (hereinafter – LILE) may be considered as one of the solutions for the businesses in financial difficulties.
The emergency situation has raised the issue of the effectiveness of processes in a number of areas, including company law. Namely, with the advent of the emergency situation, it became impossible for some companies to hold meetings. In addition, it was difficult to make notarial transactions, and for some companies raising capital, this could be even fatal.
On 27 April the Danish Financial Supervisory Authority (in Danish “Finanstilsynet”) initiated a public consultation about a draft to a new executive order on licencing Alternative Fund Managers (AIFM) to market Alternative Investment Funds (AIF) from a third country in Denmark (the “Executive Order”).
The District court of Copenhagen has just upheld the air carrier's claim that litigation was not necessary. The air carrier was awarded legal costs.