| Abstract [eng] |
The proper legal regulation of company rescue is of crucial importance since wealth of a country as well as wealth of society and its every member depends on it. Nevertheless, certain aspects of the aforesaid legal regulation still remain inappropriate in many countries and they not only do not facilitate the rescue of viable companies but also sometimes even create unjustified barriers to it. Consequently, viable companies experiencing temporary difficulties may be wound-up unfoundedly due to imperfectness of legal regulation without an attempt to rescue such companies and to overcome temporary difficulties faced by these companies or with an unsuccessful attempt to do that merely because there are no proper conditions ensured in particular countries. As a result, unjustified costs may be incurred that could be avoided if legal regulation of company rescue was reformed. In order to facilitate the implementation of such a legislative reform the best practice of legal regulation on judicial procedures for company rescue established in jurisdictions that are being studied is presented in this study as well as certain framework for regulation of these procedures that could serve as a point of reference when the issue of how to improve legal regulation is being addressed is developed. Legal regulation valid in the United States of America, Great Britain, Germany, France, Estonia, Latvia and Lithuania has been chosen as the object of comparative analysis. This research is based not only on certain national laws but also on case law and certain studies of scholars of jurisprudence concerning issues that are being analysed. |
