| Abstract [eng] |
A claim concerning the initiation of bankruptcy proceedings is not only an application to recognize the right but also to apply the entirety of measures that are intended to the salvation of the company in order to proportionally satisfy the requirements of the creditors related exclusively to the assets of the company debtor. Notwithstanding to the aim of the legislative body to protect the interests of creditors, the rights of the shareholders of the company debtor is of no less importance. However such rights are lesser discussed topic. The study revealed that the shareholders have property and non-property rights that may be exercised in compliance with legislation. In case of initiation of the bankruptcy proceedings with a court, the shareholders retain their rights, however their property rights as well as no-property rights are limited to the benefit of the creditors. The study revealed that during bankruptcy procedure the shareholders retain just one right provided for by the Law on Companies of the Republic of Lithuania, namely: to receive a part of assets of the company under liquidation, in case of the liquidation of the company. The Law on Enterprise Bankruptcy of the Republic of Lithuania provides for the following rights acquired by the shareholders of the company from the beginning of the bankruptcy procedures:1) to file explanations; 2) to make a proposal to the company to start non-judicial bankruptcy proceedings 3) to enter into agreements related to the liquidation, restructurisation of the company; 4) to reach out-of-court agreement. The Civil Code provides for the right protection with a court and self-defence. It may be noted that the right to reach out-of-court agreement and the right to enter into agreements regarding the liquidation, restructurisation of the company as well as to file a claim concerning initiation of bankruptcy proceedings in respect of the company and reparation of damage made to the company with a court, are considered to be the shareholders’ rights protection methods. The above-mentioned right protection methods are the issue of the thesis. It may be noted that the protection of the shareholders’ rights in the bankruptcy proceedings is rather weak, frequently not properly implemented, or is even not implemented at all. Therefore, it may be concluded that more attention must be given to the protection of the shareholders’ rights and to the alteration of the established court practice. |
