Imagine you are working in a Lithuanian law firm.

The client is confused about his situation and has approached the law firm for a professional guidance on the subject-matter.

It has been four calendar days since the Financial and Capital Market Commission announced the unavailability of deposits with the credit institution titled "Solvent Bank" incorporated in Lithuania with headquarters in Vilnius (the "Bank").

The client had concluded a trilateral escrow account agreement whereby the client and his counterparty opened an escrow account with the Bank.

Oh, by the way, on 1 April 2021, the client bought a residential property located in the old part of Vilnius. He concluded with his counterparty a 25 pages long purchase agreement in two counterparts (one for each party). Pursuant to the agreement, the purchase price amounted to EUR 145 000!

In order to diminish risks related to the purchase transaction, on the same day the escrow account agreement was also concluded.

Both agreements are governed by Lithuanian laws and subject to the jurisdiction of Lithuanian courts.

Pursuant to the escrow account agreement, the client had to pay in the escrow account a purchase price while the Bank was intended to make it available to his counterparty only subject to the condition that the seller had submitted to the Bank a certification by the Land Register that the title over the property had been registered in the name of the buyer.

The client has complied with the due date for the payment of the purchase price which was set to be 2 April 2021 while the property has not been registered with the Land Register in the name of the client so far.

Your client is the buyer who is desperate that he may lose the money transferred to the escrow account.

Please advise.