Lithuanian Hockey Federation goes bankrupt

19 Nov 2012 | Davide Tuniz

Federation inherited debts from old Board but hasn't money to pay it

Last Friday the Vilnius Regional Court applied Lithuanian Hockey Federation and registered a declaration of bankruptcy proceedings.
Federation cannot come to settle with creditors and has more than half a million litas debt. The exact amount has not set up as the previous federation leaders haven't been properly transmit all documents and refused to sign them, but it is estimated that debts exceed 500,000 litas (about 150,000 euros).
Bailiffs have already written down the Federation accounts.
Federation does not have funds and assets that can be sold to pay off creditors and continue operations.
In such a situation, the Federation board decided to apply for bankruptcy proceedings.
The future of Lithuanian Hockey Federation, that comprises 36 ice hockey clubs, is still unknown.

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