Leedu maksejõuetusõigus: Ajalugu, areng ja õigusreformi põhilised probleemid

Translated title of the contribution: Lithuanian insolvency law: History, development and the key issues of the legal reform

Rimvydas Norkus, Salvija Kavalne

    Research output: Contribution to journalArticle

    Abstract

    Since the restoration of Lithuania’s independence in 1990, there have been three versions of acts on bankruptcy of enterprise and two versions of acts on restructuring of enterprise, and numerous amendments to all of them. Yet the legal framework is far from perfect, and the most evident flaw is a lack of insolvency proceedings for natural persons.
    This article will mostly concentrate on the basic issues of the Lithuanian insolvency law. As an introduction into the Lithuanian insolvency law, it concentrates on the legal policy issues rather than on an analysis of the technical-legal rules, covering in more detail only those which are vital. The article gives an overview of the fundamental principles of the corporate insolvency law in Lithuania and the practical application of these principles. This includes the discussion of the objectives of insolvency proceedings, the development of a legal framework for insolvency; the relationship between bankruptcy and restructuring proceedings; the concept of an insolvent company; the conditions determining the opening of insolvency proceedings; the rights of creditors to assert and enforce their rights after the commencement of insolvency proceedings; the ranking of creditors as well as the liability of directors, shareholders, lenders and other parties involved with the debtor. As the Lithuanian Enterprise Bankruptcy Act will be renewed in the near future, the problems are discussed in view of the law currently in force and the planned amendments.
    Original languageOther
    Pages (from-to)222-231
    JournalJuridica
    Issue number3
    Publication statusPublished - 2011

    Fingerprint

    insolvency
    reform
    Law
    history
    bankruptcy
    creditor
    amendment
    restructuring
    legal policy
    shareholder
    Lithuania
    liability
    restoration
    director
    ranking
    act
    human being
    lack

    Keywords

    • Insolvency law
    • Personal insolvency
    • Enterprise bankruptcy

    Cite this

    Leedu maksejõuetusõigus : Ajalugu, areng ja õigusreformi põhilised probleemid. / Norkus, Rimvydas; Kavalne, Salvija.

    In: Juridica, No. 3, 2011, p. 222-231.

    Research output: Contribution to journalArticle

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    abstract = "Since the restoration of Lithuania’s independence in 1990, there have been three versions of acts on bankruptcy of enterprise and two versions of acts on restructuring of enterprise, and numerous amendments to all of them. Yet the legal framework is far from perfect, and the most evident flaw is a lack of insolvency proceedings for natural persons. This article will mostly concentrate on the basic issues of the Lithuanian insolvency law. As an introduction into the Lithuanian insolvency law, it concentrates on the legal policy issues rather than on an analysis of the technical-legal rules, covering in more detail only those which are vital. The article gives an overview of the fundamental principles of the corporate insolvency law in Lithuania and the practical application of these principles. This includes the discussion of the objectives of insolvency proceedings, the development of a legal framework for insolvency; the relationship between bankruptcy and restructuring proceedings; the concept of an insolvent company; the conditions determining the opening of insolvency proceedings; the rights of creditors to assert and enforce their rights after the commencement of insolvency proceedings; the ranking of creditors as well as the liability of directors, shareholders, lenders and other parties involved with the debtor. As the Lithuanian Enterprise Bankruptcy Act will be renewed in the near future, the problems are discussed in view of the law currently in force and the planned amendments.",
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