| Abstract [eng] |
Prohibition on financial assistance was adopted in English Company law seeking to ensure the stability of financial markets, capital maintenance and non-intervention of directors to the structure of company’s shareholders. In accordance with English law, analogous legal regulation was approved on the Second Company Law Directive, which had to be implemented by every Member State. However, partly due to the ambiguity of the Directive, partly due to the lack of awareness of the nature of the prohibition on financial assistance, results of the Directive’s implementation are quite different among Member States. There are uncertainties and ambiguities in the prohibition on financial assistance, implemented in Lithuanian law, which are being analysed on the second part of the master thesis. In accordance with the results of the aforementioned analysis, proposals of appropriate interpretation are being presented. Taking into account the purposes of the prohibition on financial assistance, application of this prohibition to the private companies are being criticized; however, having in mind that other measures of capital protection may be circumvented quite easily, author is sceptical about the proposals to repeal the prohibition on financial assistance, applicable to public companies. Considering that there are not enough measures, deterring from violation of the prohibition on financial assistance in Lithuanian law, enforcement of the prohibition on financial assistance according to the existing laws is being analysed in the third part of the master thesis and also proposal to impose criminal (or administrative) liability for the violation of prohibition is being presented. |
