On March 26, at the event “Creditors’ Conference 2026: Fraudulent Bankruptcy – Real Opportunities for Creditors to Recover Damages”, COBALT lawyers together with experts from other fields will discuss topical issues that will be of interest to all participants.
Typically, a company’s bankruptcy is declared fraudulent when it is established that the company’s insolvency resulted from deliberately poor management. A court may declare bankruptcy fraudulent not only on its own initiative or at the request of the insolvency administrator, but also upon the application of a creditor. The recognition of a company’s bankruptcy as fraudulent subsequently opens broader opportunities for creditors to defend their infringed rights and legitimate interests.
During the conference, you will learn when a company’s bankruptcy may be declared fraudulent, what significance such recognition has for creditors, how a creditor can initiate proceedings to have bankruptcy declared fraudulent, and you will also receive practical insights from real cases in which our clients successfully recovered damages from individuals responsible for fraudulent bankruptcy.
What to expect during the event?
- Global and Lithuanian economic trends: Greta Ilekytė, Senior Economist at Swedbank, will review the signals indicating increasing insolvency risks and highlight the sectors where these risks are likely to grow.
- Case law and benefits for creditors: We will discuss recent cases, evidentiary standards and judicial trends – when a company’s bankruptcy may be declared fraudulent and what practical benefits this may bring to creditors of bankrupt companies.
- Liability of managers and shareholders: We will explore the personal liability of managers and shareholders – whether it is merely a myth or a real opportunity for creditors to recover damages from those responsible for fraudulent bankruptcy.
- Panel discussion: Together with insolvency administrator Vygandas Urbanas and Agnė Varnelienė from COBALT, we will hold a panel discussion titled “Does fraudulent bankruptcy actually work in practice?”
This event will provide practical knowledge, real-life examples and expert insights that will help creditors act effectively in complex financial situations.
Programme
08:30 – 09:00 Registration and welcome coffee
09:00 – 09:10 Opening remarks
Dr Paulius Markovas, Partner, COBALT
09:10 – 09:40 Global and Lithuanian Economy in 2026: Diagnosis and Outlook
Greta Ilekytė, Economist, Swedbank Lithuania
09:40 – 10:10 Fraudulent Bankruptcy in Practice: Relevant Case Law and Real Cases
Dr Paulius Markovas, Partner, COBALT
10:10 – 10:30 Coffee break
10:30 – 11:00 When Liability Becomes Personal: Risks for Managers and Shareholders, Damage Recovery and Creditor Strategies
Dr Ieva Strunkienė, Senior Associate, COBALT
Valdemaras Kovalevskis, Associate Partner, COBALT
11:00 – 11:30 Panel Discussion: Does Fraudulent Bankruptcy Actually Work in Practice?
Moderator: Agnė Varnelienė, Counsel, COBALT
Panellists: Vygandas Urbanas, Insolvency Administrator; Vaiva Borisienė, Head of Legal at RNDV Solutions
The conference is free of charge, but registration is required.
Please register via the following link: https://luma.com/2qbl7rgh
Speakers:
Dr Paulius Markovas is a Partner with more than 25 years of experience in the fields of Bankruptcy and Restructuring, distressed assets realisation, restructuring and management of impaired assets, litigation of civil and commercial cases and conflict management. Since 2006, consults and advises clients developing renewable energy projects. Represents clients’ interests in disputes related to the development of renewable energy, in state and local government institutions, supervises regulatory and problematic aspects of project development. Dr Markovas has a Doctor’s degree in Social Sciences (Law) from Vilnius University, Lithuania and a Master’s degree in Finance Law and Finance (LL.M. Finance) from Goethe University Frankfurt am Main, Germany. He has participated and advised on numerous cases in leading bankruptcy and restructuring matters in the market and regularly represents clients in all instances of courts. Paulius is a co-author of series of articles Cashless payments.
Valdemaras Kovalevskis is an Associate Partner, Attorney at-law. He is a member of Commercial Disputes Practice Group at COBAL Lithuania. He has more than 10 year experience in litigation and commercial law. In his legal practice he has advised numerous local and international clients on a wide range of legal issues. Valdemaras holds a Master’s degree in Law from Vilnius University (Commercial law). Prior to joining COBALT team he worked at a few international law firms, also as an in-house lawyer.
Agnė Varnelienė is a Counsel in the Insolvency and Restructuring practice group at COBALT’s Lithuanian office. She brings over 18 years of professional experience in commercial law and dispute resolution. Agnė specializes in handling complex commercial disputes, represents clients in liability and damages cases, and advises on conflicts involving corporate governance bodies. She plays an active role in insolvency and restructuring proceedings, representing the interests of both creditors and corporate clients. A significant part of Agnė’s practice is dedicated to the energy sector. She advises clients on the development of renewable energy projects, negotiates and structures key transactions, navigates regulatory challenges, and represents clients in disputes with national and municipal authorities.
Dr Ieva Strunkienė is a Senior Associate in the Restructuring & Insolvency Practice Group at COBALT Lithuania. She has over 15 years of experience in the legal field. Recently, Ieva has been specialising in all aspects of insolvency, bankruptcy, and restructuring. She also has valuable experience in M&A, corporate governance, and legal due diligence issues. Prior to joining the law firm COBALT, Ieva worked with other law firms and gained experience at Swedbank, AB Group companies, the Resources Agency under the Ministry of the Interior of the Republic of Lithuania, and a notary’s office. She lived and studied in the UK, where she was awarded a BA Honours degree in Law and Business. Ieva also has legislative experience gained while working as an assistant to a member of Parliament (Seimas) of the Republic of Lithuania.
Greta Ilekytė is a Senior Economist at Swedbank and a lecturer at ISM University of Management and Economics. Ms. Ilekytė analyses not only Lithuania’s macroeconomic indicators, but is also interested in central bank policy, the impact of climate change on the economy, and population migration trends. She is also active in the public sphere, writing articles on economic topics.
Vygandas Urbanas is an insolvency administrator. He has more than 15 years of work experience in the field of bankruptcy and restructuring. He has successfully completed 127 bankruptcy proceedings (including Klaipėdos hidrotechnika, Utenos melioracija, Impex house, etc.). Currently conducting restructuring procedures for Utenos trikotažas and Lukšių pieninė. Actively participates in the activities of the Insolvency Administrators Community. Vygandas is also actively involved in the activities of operating businesses, so he has practical knowledge not only of the activities of companies experiencing financial difficulties. He successfully understands the intricacies of business and appropriately addresses new challenges in bankruptcy and restructuring processes.
Vaiva Borisienė, Head of Legal at RNDV Solutions.
Speakers
