| Abstract [eng] |
This work analysis bankruptcy of legal persons with unlimited civil liability. The main aspects of bankruptcy proceedings is being disclosed by protection of creditors rights. Bankruptcy of legal persons with unlimited civil liability consists of two different procedures: bankruptcy proceedings in court and its alternative extrajudicial bankruptcy procedures which main aspect is agreement between legal person and its creditors to carry out proceedings without court. In this master thesis author discloses exclusivity of bankruptcy of legal persons with unlimited civil liability. Author declares that in Lithuanian bankruptcy field of law accumulated two different groups of creditors: legal persons and its owners creditors. Equality of these different groups depends on certain stage of bankruptcy proceedings. For example, only legal persons creditors have a right to initiate bankruptcy proceedings f legal person with unlimited civil liability. On the other hand, when bankruptcy proceedings begin, those groups of creditors become equal and when the process is finished, only creditors of the owner of legal person have a right to satisfaction of their claims. Bankruptcy of legal person with unlimited civil liability is exclusive for individuals who can possibly be liable against creditors of legal person. Those individuals, according to the Civil Code of the Republic of Lithuania article 2.50 is owner of legal person and in some cases his spouse. Such a material liability guarantees that creditors who take part in bankruptcy proceedings ensures higher satisfaction of their claims. Lithuanian field of civil law provides variety of remedies which help creditors implement control of court, insolvency administrator, creditors meeting (committee) and also to apply to court and dispute transactions which were made before the beginning of bankruptcy proceedings. Author declares that such a right of creditors makes bankruptcy proceedings more effective and protects creditors. |
