LAWIN Vilnius office successfully represented the bank SNORAS in Ranga IV case

AB bank SNORAS - one of the biggest banks in Lithuania representing the widest territorial client service network in the country, won the claim of the value of LTL 31.5 mln. (about EUR 9  mln.) under the credit and surety agreements against one of the biggest construction companies in Lithuania - UAB Ranga IV, the related debtors and surety providers. The total debt was awarded jointly and severally from UAB Ranga Group, UAB Ranga IV, UAB Upės centras and Laimutis Pinkevičius.

Several issues relevant to crediting relations were dealt with in the case. The court recognised that the bank had the right to initiate judicial recovery of the debt from joint and several debtors under the general procedure, without first undertaking recovery from the mortgaged property. The court also pointed out that the bank might claim repayment of the total debt from both any of the surety providers and all of them, irrespective of the fact that the bank had not exhausted the debt recovery possibilities through mortgage. Requests of Ranga IV and the surety providers, to reduce the amounts of the fines and interest to be awarded to the bank were rejected.

AB  bank SNORAS is recognised as the best bank in Lithuania in 2010 by global banking and finance magazine The Banker.

AB bank SNORAS was represented by Tadas Proscevicius, Vitoldas Kumpa and Miroslav Nosevic, lawyers of the law firm LAWIN Lideika, Petrauskas ir Valiūnas.