Seminar date and guidelines
- February 26, 2024
- 11.00-14.00 Vilnius time (EET) | 10.00-13.00 Warsaw time (CET)
- online, Ms Teams
Dear Sir/Madam,
We are pleased to announce that Lazarski University in Warsaw and Mykolas Romeris University - School of Law (Vilnius) invite all interested scholars, practitioners and representatives of the judiciary, the legislature and the executive to a Polish-Lithuanian seminar:
Supervision of the bankruptcy trustee, costs of bankruptcy proceedings and remuneration of the bankruptcy trustee – comparative legal analysis on the basis of Lithuanian and Polish law.
Introduction
During the seminar, an illustrative bankruptcy case will be presented, on the basis of which the speakers will present a simulation of the course of the proceedings, the manner and scope of supervision over the trustee and the amount of the bankruptcy trustee's remuneration and other costs of the proceedings on the basis of the provisions of Polish and Lithuanian law.
The following case will be analysed:
The bankruptcy of ABC (the limited liability company) was declared on May 5, 2022. On the day of the bankruptcy, the company employed 12 employees. There were no delays in the payment of wages to employees. The bankruptcy estate included two properties with a total value (according to the valuation) of € 1,200,000 and funds in a bank account in the amount of €125,000. 13 creditors filed their claims. The total value of the claims is € 2,856,000. The trustee in bankruptcy accepted all the claims lodged. In the course of the bankruptcy proceedings, the trustee continued the bankrupt's business activities (production of cardboard food packaging) for 6 months. The production was carried out on the bankrupt’s property using a production line. The production line was not owned by the bankrupt, but was used by the bankrupt under a lease agreement. The income from the production activities was €80,000 and the costs were €58,000. The bankruptcy trustee sold both properties for a total of €900,000, including property no. 1 for €500,000 and property no. 2 for €400,000. Property no. 1 was encumbered with a mortgage to secure the claims of creditor A in the amount of €750,000. The bankruptcy proceedings ended on 31 January 2024.
Seminar program
On the basis of this case, the speakers will present:
- A brief description of the course of the insolvency proceedings, indicating at the beginning who appoints (how) and who supervises the trustee;
- A simulation of the costs of bankruptcy proceedings and the method of supervision over the incurring of costs by the trustee;
- Projected remuneration of the trustee;
- The expected level of creditors’ satisfaction.
Speakers
- Prof. dr Salvija Muleviciene, Mykolas Romeris University · School of Law, Vilnius, Lithuania
- assoc. Prof. Dr. Remigijus Jokubauskas, Mykolas Romeris University · School of Law, Vilnius, Lithuania
- Dr hab. Anna Hrycaj, judge of the Court of Appeal in Warsaw, professor at Lazarski University in Warsaw, Poland
- Dr Bartosz Sierakowski, qualified insolvency practitioner, lecturer at Lazarski University in Warsaw, Zimmerman Sierakowski & Partners law firm, Poland
Post Seminar Report
A Polish-Lithuanian scientific seminar with the title ‘Supervision of the bankruptcy trustee, costs of bankruptcy proceedings and remuneration of the bankruptcy trustee – comparative legal analysis on the basis of Lithuanian and Polish law’, was held on February 26, 2024.
The seminar was opened and all guests were welcomed by Prof. Dr. Salvija Muleviciene (Mykolas Romeris University, School of Law, Vilnius, Lithuania). Then Prof. Dr. Anna Hrycaj (Lazarski University, Warsaw, Poland) presented a case study, which was the basis for further legal deliberations. Anna Hrycaj discussed the rules for the appointment of a bankruptcy trustee, the supervision of trustees in bankruptcy proceedings. Then Dr. Bartosz Sierakowski (Lazarski University, Warsaw, Poland) presented the issue of costs of bankruptcy proceedings in the light of the provisions of the Polish Bankruptcy Act. Next, Anna Hrycaj presented the principles of determining a trustee's remuneration in Poland.
Next, Prof. Dr. Salvija Muleviciene presented the principles of insolvency practitioners in Lithuania, including the principles of obtaining a license for a insolvency practitioner, the functioning of the self-government of insolvency practitioners and the supervision of insolvency practitioners. Next, Prof. Dr. Remigijus Jokubauskas (MRU, School of Law, Vilnius, Lithuania) presented the issue of costs of bankruptcy proceedings in the light of Lithuanian bankruptcy law. Remigijus Jokubauskas also discussed the rules for determining a trustee's remuneration in Lithuania.
The seminar was concluded with a discussion. During the discussion the speakers answered numerous questions of the seminar participants. It was concluded that in Lithuania the control over the costs of bankruptcy proceedings is primarily in the hands of the creditors. It is the creditors' meeting that approves the list of planned expenses at the preliminary stage of bankruptcy proceedings. In Poland, on the other hand, the control over the trustee's expenses is primarily vested in the judge-commissioner.
As a result of the scientific seminar, an article on the main features of insolvency pracitioners in Lithuania and Poland will be published. Co-author of the article will be Prof. dr Salvija Muleviciene, assoc. Prof. Dr. Remigijus Jokubauskas, assoc. Prof. Dr. Anna Hrycaj and Dr Bartosz Sierakowski.
Below you will find link to the presentations prepared by speakers.
