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Neither the situation in COVID-19 nor the belief that there is money in the courts helps avoid bankruptcy.
One case after another
Klaipeda-based shipping and port company BG Shipping is in a strange situation.
He is forced to declare bankruptcy for several thousand euros owed to the State Social Security Fund (Sodra), although due to the COVID-19 pandemic, several debts with state institutions are tolerated in Lithuania this year.
BG Shipping itself asks why a public authority is so opposed to it. Initially, Sodra had a debt of 3,203 euros. Because of her in the Klaipėda Regional Court on June 8. a meeting took place.
Immediately after that, on June 10. BG Shipping paid the debt with Sodra. June 11 the company asked to take into account the difficult economic situation in Lithuania and put an end to the process. Sodra also agreed with that. However, an individual appeared to whom BG Shipping owed EUR 9,322. On August 12 of this year. Bankruptcy proceedings have been started.
It was as if it had been resolved, because there were no claims from an individual. However, Sodra began to voice complaints again.
Recently, the Lithuanian Court of Appeal ruled that the Klaipėda Regional Court’s decision to initiate bankruptcy proceedings against BG Shipping was justified. A private individual stopped claiming € 9,322 because the debt was assumed by another company, which did not make a claim either.
A million foreigners
However, the case was not resolved before the Lithuanian Court of Appeal and continues. The court held that on August 12 after the bankruptcy proceedings, the quarantine in Lithuania had already been lifted and the company was able to pay off its debts.
It was as if it had been solved, because there were no claims from an individual. However, Sodra began to voice complaints again. While the proceedings were pending before the appeals court hearing, BG Shipping, although it had paid one debt to Sodra in June, had another.
During the hearing of the Lithuanian Court of Appeal, a new debt of EUR 1,959 with Sodra has already been discussed, which arose due to late payments from 2020. January to April.
BG Shipping stated that it considered that a debt related to low wages was not grounds for insolvency proceedings. He said it requires 980 thousand. EUR from OOCL Europe Ltd, which will not receive money from 2018.
BG Shipping also stated that it had a general contract for the construction, operation and maintenance of ships. Under it, you will receive income and pay off small debts.
Critical appraisal of the courts
When analyzing the bankruptcy case in the Klaipėda courts, BG Shipping had indicated more than 1.7 million. profit for 2020 balance. However, the courts criticized that balance because it was not signed by an accountant. It was also determined that the company’s activities had been suspended. The ability of BG Shipping to receive money from the foreign company OOCL Europe Ltd. was also criticized. It was indicated that BG Shipping does not have long-term assets, only short-term assets of 89 thousand. euros. The court concluded that BG Shipping’s debt to creditors amounted to more than 351 thousand. euros. Therefore, it is insolvent because the debts exceed the value of the real assets. BG Shipping itself had indicated that its debts amounted to 101 thousand. euros.
The Lithuanian Court of Appeal tended to defend the position of the Klaipėda Regional Court. It didn’t help that Baltic Logistics Group, which had taken over a private individual’s debt of EUR 9,322, gave up its claim to court in September this year and asked for the bankruptcy case to be terminated. The court accepted his position, but did not close the bankruptcy process because the debts stayed with Sodra.
The court clarified that the waiver of a debt by any legal entity does not constitute grounds for the destruction of the case itself. It is not uncommon for a serious business and of course a business to go bankrupt for a relatively small amount.
Therefore, the legal process may not be complete. The procedural decision can be appealed.
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