The insolvency of the company was formally brought before the court by its head, Vladas Gaidys. In a statement presented to the tribunal, Gaidys detailed the financial trajectory of the enterprise. He explained that while the defendant utilized all available material, financial, and other resources, the company faced a sustained decline in operating income.
This decrease, coupled with rising operational costs, resulted in revenue that proved insufficient to cover routine expenses and generate adequate profit. Based on these documented financial trends, the court determined that the company currently lacks the means to settle its outstanding debts, leading to a declaration of insolvency. Supporting this ruling, financial data indicated that the company’s assets at the close of March totaled 4,091 euros, while its financial obligations amounted to nearly 107 units (the unit of measure was not specified).
These figures underscore the disparity between the assets and the liabilities, forming the basis for the court’s ruling on the company’s inability to meet its financial commitments.
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