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The Vilnius Regional Court made such a decision on Monday after finding that Fitsout has not paid taxes since the restructuring case started in November last year, court representative Lina Nemeikaitė informed BNS.
“The company, which has the burden of proving that it pays current taxes, has not proven these circumstances, so the court had no reason to conclude that further restructuring could be effective,” the court said.
According to the court, the company’s restructuring case is terminated and the court will later decide on the initiation of bankruptcy proceedings. Fitsout can still appeal the ruling to the Lithuanian Court of Appeal.
Company chief Jonas Straigis promised BNS to comment on the court decision on Wednesday.
In November last year, the Vilnius Regional Court gave Fitsout the opportunity to resolve financial problems by satisfying J. Straigis’ request to start a restructuring case.
The court then determined that the company would not be able to pay its past due debts within three months, but found that the business had not been suspended and that the company continued to receive income.
J.Straigis, who is also a small shareholder in Fitsout, previously told the media that the company plans to create about 800 jobs by 2022. According to Sodra, Fitsout currently employs 209 people.
According to the Records Center, 70 percent. Fitsout shares are owned by G. Žiemelis, a Cyprus registered company, LFS Holding, another 15 percent each. – President of the Lithuanian Basketball League (LKL) Remigijus Milašius and J.Straigis.
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