Historical development of bankruptcy legal institute: from ancient rome to the present day, future trend forecasts

Historical Development of Bankruptcy Legal Institute: from Ancient Rome to the Present Day, Future Trend Forecasts The theoretical basics of the bankruptcy law developed through a long period of time, when especially developed in ancient times. The bankruptcy legal institute was born and began its development in Ancient Rome, where were formed the main bankruptcy institute legal principles, which are established in modern states bancruptcy law. The first laws especially dedicated to govern bankruptcy appeared in Italy in the middle of the XIII century. This was due to Italy’s economical development and political independence of its cities. This master’s thesis analyzes the historical development of bankruptcy legal institute from Ancient Rome to the present day and provides forecasts for the future trends. Also this thesis defines the concept of bankruptcy, competition, and insolvency, and discloses their interrelation, the particularities of using them in certain period of time, as well as the motives of changing them. With reference to the primary sources of bankruptcy law and the summary of works of scientists, who analyzed the debtor insolvency, bankruptcy, and competition law problems, the author analyses and compares the bankruptcy law and separate institutes (competition, bankruptcy, and administration of insolvent subject) in Užnemunė, Klaipėda Region, and the remaining part of the Republic of Lithuania in 1918-1940. Analyzing the development of bankruptcy law in the Republic of Lithuania from 1992 to the present day, the author evaluates factors (the influence of legal acts of the European Union; the rules set in a practice of courts; and the influence of economic, political, and social phenomena) that influenced the development of this law, the occurrence of certain bankruptcy norms, and their changes. Finally, the author overviews real and possible (forecasted) influence of bankruptcy law, historically formed in the Republic of Lithuania in 1918-1940 and implemented in other states, on the development of contemporary bankruptcy law in Lithuania. The paper highlights the significance of the analysis of the development of bankruptcy law institute on forming the doctrine of bankruptcy law in Lithuania. The previously applicable norms of bankruptcy law are evaluated as the basement for the preparation of the bankruptcy law reform and new legal acts aiming to solve the contemporary problems in the area of applying bankruptcy law in practice. Finally research provides conclusions and future trend forecasts of bankruptcy law in Lithuania