Leedu maksejõuetusõigus: ajalugu, areng ja õigusreformi põhilised probleemid

Abstract

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.