Bankroto ir restruktūrizavimo administratorių teisinis statusas Lietuvoje ir užsienyje ; Legal status of bankruptcy and restructuring administrators in lithuania and other countries

Abstract

The special operative entity might be generally identified as an insolvency administrator in bankruptcy and restructuring processes of enterprise. Insolvency administrator is a profit-seeking business entity that has the right to provide bankruptcy and restructuring administration services, and in the performance of an insolvent company administration, represents both the company's and its creditors' legitimate interests. Administrator has got the law granted comprehensive authority and by excercising it effectively the insolvency practitioner contributes to the success of the whole bankruptcy and restructuring procedure. Thus, the subject of this work - insolvency administrator institute - is an interesting and debatable topic both in Lithuania and abroad. The structure of the work is determined by the purpose formulated in the introduction - to analyze the characteristics of the legal status of administrator, to assess the role of the entity in bankruptcy and restructuring processes and to discuss the experience of foreign countries on the subject. After running through the evolution of discussed institute, the main part of this work consists of Lithuanian legislation and case law analysis – the author identifies the administrators' legal status problem areas and provides the trends for development of regulation. The aspects of insolvency administrators' legal status are analyzed in the context of Lithuanian legal system as well as in other selected foreign countries - Germany, Russia, Great Britain, Finland and Slovenia. The analysis of administrative activities ends with the general conclusions concerning the legal status of insolvency administrator, as well as implications for Lithuania's position in relation to foreign practices.