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“I regret to inform you that I, Vidmantas Kučinskas, cannot meet my debt obligations to creditors because I am insolvent.
In accordance with article 4 of the Law on Competitions for Natural Persons. I declare under paragraph 2 that I will file with the court the opening of insolvency proceedings no earlier than 1 month after the date of dispatch of this notice ‘, reads a letter to creditors received and 15 minutes.
15 minutes After contacting V. Kučinskas, the entrepreneur did not initially want to confirm or deny the information about the personal bankruptcy filing, but after informing that such letters had already been received by creditors, V. Kučinskas confirmed this intention.
“It just came to our knowledge then. The deeds came out, it seems, I confirm it. I won’t answer any more questions, maybe later. I’m a little sick now and I don’t know everything, lawyers work here.” 15 minutes said V. Kuchinsk.
When a personal bankruptcy case is filed, a solvency recovery plan is drawn up, according to which the property is sold, part of the person’s income is used to pay debts, part – for subsistence. After three years, the debts are canceled and the creditors can no longer claim personal income. There are only a few exceptions, for example, non-cancellation of administrative fines recovered by the tax administrator, damages awarded for violations of the Penal Code and others.
Creditors evaluate negatively
Meanwhile, the Russian bank Alfa Bank, to which V. Kuchinsk owes more than 20 million. Laurynas Lukošiūnas, lawyer representing Lithuania 15 minutes negatively assessed V. Kučinskas’ intentions to file for personal bankruptcy.
“This strategy consists of bankrupting all companies, going bankrupt and possibly living under a foreign name,” lamented L. Lukošiūnas.
Photo by Sorainen / lawyer Laurynas Lukošiūnas
However, in his opinion, creditors will not feel much difference, because the shares of companies and other assets owned by V. Kučinskas will continue to be sold.
“In the case of personal bankruptcy, it does not mean that the property that belongs to the person is not sold, it is sold. There shouldn’t be a big difference to creditors. “There are more questions about police actions, intentional bankruptcies in companies, creditors appreciate it, because the story smells like a possible scam, because there were large companies, many assets, now everything is bankrupt,” said the lawyer.
Debt 40 million. euros
At the end of December, the Kaunas Regional Court filed a bankruptcy case against the main company of businessman V. Kučinskas group Arvi ir ko. The creditors tried to declare the company bankrupt for two years, but it was eventually requested by the company itself, which the court estimates owes some $ 40 million. euros.
Most of Arvi ir ko’s subsidiaries are also facing financial difficulties: Arvi fertis and Lietuvos cukrus are in bankruptcy, ARVI turkeys, Rietavas veterinary sanitation and Marijampolės pašarai are being restructured, etc.
For several years now, various Lithuanian and foreign companies have been trying to recover the businessman’s debts, accusing V. Kučinskas of avoiding paying the debts and trying to hide his assets by rewriting them to closed or offshore companies.
By the way, during his summer vacation, V. Kučinskas was arrested in Slovenia at the request of Russia.
In Russia, the local bank Alfa Bank, to which the Lithuanian businessman owes 20 million. At the initiative of V. Kučinskas, a pre-trial investigation was launched into possible signs of fraud and suspicions of financial machinations.
Later, it became clear that four years ago a pre-trial investigation had also been launched against V. Kučinskas in Lithuania; At the request of a creditor, Belor, the investigation into possible fraud, misuse of foreign assets, property damage fraud and criminal bankruptcy was carried out.
By the way, on the basis of this criminal case, a European arrest warrant was issued, which determined that V. Kučinskas, who was arrested in Slovenia in the summer at the request of Russia, was transferred to Lithuania instead of Russia after four months. in detention.
It is true that V. Kučinskas received the first good news before Christmas: the Kaunas Regional Public Prosecutor’s Office ended this pre-trial investigation, although the creditors still promise to appeal this decision.
L. Pinkevičius was also declared bankrupt
This will not be the first time that a prominent businessman in the country has filed for personal bankruptcy. At the end of 2019, a personal bankruptcy was filed against another well-known Lithuanian businessman, former construction magnate Laimučius Pinkevičius, who declared that he owed 41 million. euros.
15min and photo by Vigantas Ovadnevas / Žmonės.lt / Laimutis Pinkevičius
In the spring, the Alytus District Court approved a three-year plan to restore the solvency of a bankrupt businessman: the businessman, who has indicated that he receives a salary of 414 euros a month, officially lives on only 300 euros and 114 euros. will be delivered to creditors.
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