Notice of a property affected by an insolvency proceeding
1. Does your national system admit such restriction?
This land register system envisages this kind of notice or includes the possibility of registering a notice as such.
But only if the owner is natural person.
2. In your system, once registered this restriction, does it block or freeze subsequent registrations (mostly the ones promoted by the owner of the property) until being removed?
Once registered this restriction, it does not block or freeze subsequent registrations.
3. In your system, in principle, will the registration of this restriction be temporary (under a deadline) or indefinitely (it will be in force until being removed)?
In this system the duration of the registration of this restriction will be indefinite (until removed or deleted).
4. Indicate the national legal sources about this judicial restriction
- Article 6 part 4 paragraph 6 of the Law on the Bankruptcy of Natural Persons of the Republic of Lithuania: „ Once a court decision to open bankruptcy proceedings against a natural person has become effective, the court must notify the registrar of the Real Property Register in writing, no later than the next working day, together with a certified copy of the following order.
5. Please, give us an idea about the characteristics of the registration of this restriction in your system
- Type of record: juridical fact (notice)
- Basis for registration: court decision (court only can impose such restriction)
