Defence of interests of creditors in company bankruptcy procedure under the lithuanian court jurisprudence

Defence of Interests of Creditors in Company Bankruptcy Procedure under the Lithuanian Court Jurisprudence A growing number of bankruptcy proceedings shows not only economic condition of enterprises, but also creates the actual need to ensure as effective protection of the rights and interests of creditors as possible. According to the case law of the Lithuanian courts, one of the main goals of bankruptcy proceedings is to make sure that claims of all creditors are satisfied. The creditors have the same goal, i.e. to achieve maximum satisfaction of their claims. Bankruptcy proceedings are rather lengthy, thus during this period, it is particularly important to safeguard rights and interests of all creditors and to take measures to protect these interests. The aim of the thesis is to analyze ways of protecting creditor interests in accordance with the case law of the Lithuanian courts, to reveal the specific characteristics of such ways of protection and problems in the field. The thesis analyzes the development of bankruptcy and creditor interests over different periods of time, and their effects on the existing legal regulation. It also covers the concept of special methods of protection of creditor interests: actio Pauliana and oblique action in accordance with the case law of the Lithuanian courts, discusses terms and specifics of applying these remedies. The thesis, furthermore, analyzes the role of a court and receiver in bankruptcy in the protection of interests of the creditors, the importance of establishing procedural status of creditors, briefly discusses other ways of protecting rights and interests of the creditors such as provisional safeguard measures and insolvency plans, covers fraudulent bankruptcy and simplified proceedings as well as protection of rights and interests of the creditors in such proceedings. The analysis of the above ways of protecting creditor interests is completed with conclusions and recommendations of the author