Vilnius engineering systems installation company Fazė, which has experienced financial difficulties, is going bankrupt. It has notified the Employment Service that it is laying off all 23 employees.
On March 14, at the request of Vladislavas Šapelis, an employee of Fazė, the Vilnius Regional Court filed an insolvency case against the company, seized its assets, and appointed the company Emodus as the bankruptcy administrator.
"The defendant ("Fazė" - BNS) is insolvent, it cannot fulfill its financial obligations on time, and there is no basis for concluding that it is viable. In addition, the company's manager (sole shareholder Tomas Bareika - BNS) does not object to the opening of insolvency proceedings; on the contrary, he requested that this matter be considered as soon as possible," the court ruling reads.
"Fazė" told the court that due to financial difficulties, it is delaying payments to creditors and employees.
V. Šapelis, who applied to the court for the initiation of bankruptcy proceedings, stated to the court that "Fazė" had not paid him his salary for two months, as well as fuel costs. The company's debt to him amounts to 4,5 thousand euros.
The ruling states that "Fazė" is also involved in a legal dispute over a debt of 2,3 thousand euros. In addition, the company's unpaid wages to employees amount to 83,5 thousand euros, and the debt to suppliers is 261,7 thousand euros.
According to Rekvizitai.lt, "Fazė"'s debt to the State Tax Inspectorate (VMI) amounts to 6,7 thousand euros, and its debt to "Sodra" amounts to 45,2 thousand euros. At the end of September last year alone, "Fazė" owed almost 54 thousand euros to the VMI.
According to the company's balance sheet submitted to the court, "Fazė" had assets worth 243 thousand euros at the end of last year.
The Employment Service informed BNS that 10 plumbers, three work managers and other employees will lose their jobs due to the bankruptcy of "Fazė".
The report submitted to the Center of Registers indicates that the company suffered a net loss of 950,2 thousand euros last year, while in 2023 it earned 12,5 thousand euros in net profit, the company's revenue decreased 2,5 times to 1,5 million euros (in 2023 – 3,7 million euros).
100 percent of the shares of "Fazė" belong to the company's manager T. Bareika, according to data from the Center of Registers.
Author Aurimas Ragelis
