| Abstract [eng] |
The master's thesis analyses the similarities, differences and peculiarities of mutual interaction of bankruptcy and restructuring, examining the reformed legal insolvency regulation of Lithuania. In order to reveal the advantages and disadvantages of the system of corporate rescue procedures applied in Lithuania, the relevant rules of interpretation and application of the Law on Insolvency of Legal Entities, formulated in court case-law, the positions of scholars set out in the legal literature, recommendations presented in international and national studies are assessed. Analysing the relationship between bankruptcy and restructuring in the context of bringing bankruptcy and restructuring proceedings before the court, the content of the viability category and interpretation issues of it are assessed, revealing that it is the main criterion that distinguishes which insolvency proceedings should be initiated against a legal entity. In the context of the topic under research, an important change of legal regulation, according to which the pre-trial dispute resolution procedure for initiation of bankruptcy and restructuring proceedings is unified. The aim of said change is to enable more frequent out-of-court resolution of solvency problems, however, after assessing the real applicability of the measures chosen to achieve this goal, there are reasonable doubts that the established regulation will actually have the desired consequences. Inter alia, the work analyses the changes in the implementation of creditors' rights and satisfaction of claims, reveals gaps in the law that do not ensure the implementation of the objectives set by the legislator. The thesis also examines the positive changes in legal regulation related to the possibility to change the form of insolvency proceedings. The development of measures to ensure the coexistence of bankruptcy and restructuring processes should ensure a more effective company rescue, thus enabling creditors to meet their claims to a greater extent. Changes in the activities of insolvency administrators, which should enable the insolvency process to be managed by persons with the necessary competencies, are also analysed and are important for an effective mentioned process. |
