The sole shareholder and director of the company, Vitalijus Chvatovas, admitted to BNS that mistakes were made but denies fraud and promises to return part of the money to investors. He appealed the court’s decision.
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The Vilnius District Court on September 3 recognized the bankruptcy of “Baltų tinklo prekyba” as intentional, and V. Chvatovas as responsible for it.
“The company’s insolvency arose due to V. Chvatovas’s consciously poor management of the company and transactions concluded on behalf of the company (…), with V. Chvatovas understanding and knowing that concluding such transactions would violate the rights and legitimate interests of the company and its creditors,” the court ruling states.
According to the court, when the company was insolvent, its director did not take steps to restore solvency but, on the contrary, further worsened its situation.
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The company’s creditor “Taurus fondas” requested the court to recognize the bankruptcy as intentional.
According to him, the assets and other indicators listed in the accounting of “Baltų tinklo prekyba” are essentially worthless – the company had no assets from which creditors’ claims could be satisfied, and it was deliberately left to go bankrupt with debts exceeding 5 million euros.
At the same time, V. Chvatovas stated that in September 2023 the company had positive equity, and its assets exceeded liabilities. Later, the deterioration of the asset-to-liability ratio recorded in the balance sheet, according to V. Chvatovas, does not by itself prove that he consciously and intentionally caused insolvency.
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