| Abstract [eng] |
The Master's thesis examines the restructuring process of a company, which in the Lithuanian legal system is prioritised over the bankruptcy process. In order to properly examine this institution, the thesis discusses the concept and essence of the restructuring process and the main conditions under which the process may be initiated in court. The second part of the thesis analyses the peculiarities of the stages of the restructuring process, which provides an understanding of the usefulness of the process and reveals the fundamentals of a successful restructuring process. The regulation of this institute has been supplemented by the adoption Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 and which obliged EU member states to transpose its provisions into their legal systems. Although the process of restructuring a company falls within the scope of national regulation, it is nevertheless necessary to harmonise this area of law in order to ensure the free movement of capital and the establishment of companies in the Member States of the European Union. For this reason, the third topic of the thesis is devoted to the assessment of the impact of the European Union on the regulation of corporate restructuring in Lithuania. Taking into account the analyses carried out by the Office of Audit, Accounting, Asset Valuation and Insolvency Management, as well as the data published by the Insolvency Department, the paper identifies a significantly lower number of restructuring proceedings compared to bankruptcy proceedings. The initiated restructuring proceedings do not often achieve the objectives of the restructuring process. However, the undeniable benefits of business to society and the economy make it important to preserve financially distressed but viable companies. For this reason, the final part of the paper makes recommendations for improving the efficiency of the restructuring process. |
