Dr Paulius Markovas, Managing Associate and Head of Restructuring & Insolvency practice group at COBALT, was appointed by the Lithuanian Confederation of Industrialists (LCI) and the Lithuanian Bar Association to the commission of the Ministry of Economy of the Republic of Lithuania dealing with the regulation of the procedure for reimbursement of bankruptcy administration costs and remuneration of bankruptcy administrators.
On 4 February 2014, a discussion on the procedure for remuneration of bankruptcy administrators and establishment and payment of other bankruptcy administration costs took place at a meeting held at the Ministry of Economy among the representatives of interested institutions, specialists and practitioners. The aim of the discussion was to find solutions to current issues in order to enhance efficiency of bankruptcy processes in Lithuania.
The experience shared, proposals given and issues discussed will be used in improving regulation of bankruptcy processes in Lithuania. Amendments proposed by the Ministry of Economy will be presented during the following meeting with specialists and practitioners. Among the participants of the discussion were representatives of the Lithuanian Bar Association, the Bank of Lithuania, the Association of Lithuanian Banks, the Lithuanian Bank Customers association, the National Association of Bankruptcy Administrators, the National Association of Business Administrators, the Association "Progressive Administrators Network", the Lithuanian Business Confederation, the Association of Lithuanian Chambers of Commerce, Industry and Crafts, the Lithuanian Builders Association, the Lithuanian Insolvency Law Network, the Ministry of Social Security and Labour, the State Tax Inspectorate, and the Department of Enterprise Bankruptcy Management under the Ministry of Economy of the Republic of Lithuania.