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ENTERPRISE BANKRUPTCY bankrotodep.lt

ENTERPRISE BANKRUPTCY www.bankrotodep.lt. Vilnius, 2010. “ Bankruptcy” means the state of an insolvent enterprise where bankruptcy proceedings have been instituted in court or the creditors are performing extrajudicial ( out-of court ) bankruptcy procedures in the enterprise .

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ENTERPRISE BANKRUPTCY bankrotodep.lt

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  1. ENTERPRISE BANKRUPTCY www.bankrotodep.lt Vilnius, 2010

  2. “Bankruptcy” means the state of an insolvent enterprise where bankruptcy proceedings have been instituted in court or the creditors are performing extrajudicial(out-of court) bankruptcy procedures in the enterprise. (EnterpriseBankruptcy Law, 20 March 2001, No. IX-216)

  3. NUMBER OF BANKRUPTCIES 1993-2009(data from 2010-01-26) • TOTAL NUMBER: 6249 • PENDING: 2650 • COMPLETED: 3599

  4. INITIATED AND COMPLETED BANKRUPTCIES

  5. BANKRUPTCIES BY TYPE OF ECONOMIC ACTIVITY

  6. BANKRUPTCIES BY LEGAL FORM 2009 • Private companies: 91,1 % • Individual enterprises: 6,9 % • Public companies: 0,5 %

  7. BANKRUPT ENTERPRISES BY NUMBER OF EMPLOYEES 2008 • 0-9 employees: 79 % • 10-49 employees: 14,7 % • 50-249 employees: 2,6 %

  8. MAIN BANKRUPTCY REASONS 2008-2009 • LACK OF CIRCULATING ASSET • COMPETITION RISE, MARKET LOSS, DECREASE IN SALES • OVERINDEBTEDNESS • LACK OF COMPETENCE, BAD COMPANY ADMINISTRATION • EXPENDITURE RISE (of fuel, raw material, lease…)

  9. 2009-04-30

  10. A SECOND CHANCEIN BUSINESS “Many well-established companies only exist because their foundersdidnot give up after failing at their first hurdle. Business failure has to be taken seriously, but to tap the full potential of business to create wealth and jobs in Europe, we should ensure that genuinely talented entrepreneurs have every opportunity to give it another try.” Read more: http://ec.europa.eu/enterprise/policies/sme/business-environment/failure-new-beginning/index_en.htm

  11. TOOL TO ASSESS THE FINANACIAL HEALTH OF THE BUSINESS for the owner of a SME or self-employed a 15 min long preventivescreening-test of the business helps to react to warning signals and to think about how to prevent problems in the first place Test it: http://ec.europa.eu/enterprise/entrepreneurship/sme2chance/ewt/self_assessment.cfm

  12. THANK YOU FOR YOUR ATTENTION!

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