| Abstract [eng] |
2020 January 1 The new Law on Insolvency of Legal Entities entered into force in Lithuania and the legal regulation of insolvency in Lithuania was changed. In this master's thesis, in response to the ongoing reform of the insolvency legal regulation, the main changes in the legal regulation related to the recovery of legal entities are discussed. The paper evaluates the preconditions for the establishment of legal entities resuscitation measures, investigates the perspectives, and evaluates possible regulatory risks. After examining the amendments to the legal regulation of corporate resuscitation enshrined in the Law on Insolvency of Legal Entities, it was concluded that the legislator's intention to change the negative trend in Lithuanian insolvency law practice is when not secured at all or their application is too limited and complex. Also, it was concluded that the changed regulation is relatively new, which makes it difficult to predict the real effectiveness and applicability of corporate recovery measures in practice. It is also concluded that the current regulations still need to be improved. Its main shortcomings are that: firstly, the minimum time limit for concluding an aid agreement is too short; secondly, the regulation of additional responsibilities for the manager before the company is insolvent is not specific enough and defined in view of the strict liability that may arise; third, there are no clear criteria enabling the creditor to challenge the performance of the substantive contract as unreasonably prejudicial to his interests. |
