| Abstract [eng] |
The final Master's thesis - personal bankruptcy conditions and consequences: a comparative analysis. Subject choice due to the fact that defaults are faced every day and for a long period of time. Before personal bankruptcy law was accepted in Lithuania in March 1st 2013, borrowers that could not cover the debt had to go to to foreign countries to raise natural person bankruptcy proceedings. When this law took effect, it provided the ability for natural persons to go bankrupt. In this context, it is important to carry out the analysis of the bankruptcy institute. The subject is also relevant due to the fact that The bankruptcy of individuals Institute of Lithuania is a new area, so this topic is not widely explored in legal scientific literature. This thesis aims to analyze the Lithuanian Institute of personal bankruptcy and to make a comparison of other countries with respect to the bankruptcy institute. The targets for this work seek to define the purpose of personal bankruptcy, insolvency concept; determine bankruptcy cases in which a person is considered fraudulent; analyse and compare Lithuania insolvency of individuals with selected countries (Great Britain, Germany, Poland, Sweden). The different states regulations and case law analysis aims to make a comparative analysis of personal bankruptcy. The first part of the paper discusses the concept of insolvency and gives an overview of developments in the bankruptcy process - both at global and national level. It also gives an overview of the world's existing bankruptcy process models and identification of their similarities and differences. The second part uses regulatory legislation and case analysis to deal with conditions and consequences of Institute of personal bankruptcy in Lithuania. The analysis carried out in this part has been compared with personal bankruptcy institutes in force in other countries. The third part compares the insolvency of individuals model between Lithuania and other European Union countries (Great Britain, Germany, Poland, Sweden). It also uses a comparative analysis to reveal the differences of advantages or disadvantages between natural person bankruptcy institutes of Lithuania and other European Union countries. The end of the master thesis provides the problem conclusions, summary of achieved goals, authors recommendations on how to improve the regulation of Lithuania Institute of personal bankruptcy. |
