Does the Legal Regulation of the Republic of Lithuania Ensure the Protection of Creditors’ Rights when Companies are Reorganized?

Lietuvos teisinėje sistemoje yra įtvirtintas bendrovių reorganizavimo institutas. Reorganizavimo metu vyksta turto, teisių ir pareigų judėjimas, o tai sąlygoja ir kreditorių interesų apsaugos problematikos atsiradimą. Dažnai toks judėjimas sukelia neigiamas pasekmes kreditorių atžvilgiu. Atsižvelgiant į tai, šio darbo tikslas - įvertinti ar Lietuvos Respublikos teisinis reguliavimas užtikrina tinkamą reorganizuojamų bendrovių kreditorių teisių apsaugą. Šiame baigiamajame darbe lyginamuoju metodu, analizuojami Europos Sąjungos teisės aktai, Lietuvoje ir užsienio šalyse galiojantys teisės aktai reorganizavimo ir kreditorių apsaugos klausimais, bei šiam baigiamajam darbui aktuali teismų praktika. Atlikus tyrimą nustatyta, jog Lietuvoje, kaip ir kitose civilinės teisės sistemos šalyse, tinkamai įgyvendinami Europos Sąjungos teisės aktai, apibrėžiantys sujungimą ir skaidymą. Reorganizuojamos bendrovės kreditoriams Lietuvoje užtikrinamos tokios teisės kaip: teisė sužinoti apie bendrovės reorganizavimą, teisė susipažinti su reorganizavimo dokumentais, teisė reikalauti įvykdyti prievolę prieš terminą bei teisė pripažinti reorganizavimą arba visuotinio akcininkų susirinkimo sprendimą reorganizuoti negaliojančiu. Išanalizavus teismų praktiką nustatyta, jog reorganizavimo institutu dažnai naudojamasi siekiant išvengti atsiskaitymų su kreditoriais. Yra sukurti tokie nusikalstamos veikos modeliai kaip „Fenikso sindromas“, kurių metu reorganizavus bendroves siekiama išsaugoti dalį verslo, kitą dalį privedant prie tyčinio bankroto. Taip pat atlikus tyrimą nustatyta, jog vienose šalyse kreditoriams suteikiamos platesnės teisės vykstant reorganizavimo procesams nei kitose. Pažymėtina, jog atliekant lyginamąją analizę pastebėta, kad bendrosios teisės tradicijos šalyse reorganizavimas suprantamas kiek kitaip nei civilinės teisės tradicijos šalyse.Lithuania has reorganization institute in her legal system. By the Lithuanian law reorganization is understanding as different types of merger, acquisition or division of the company. During the reorganization process the assets of company are moved. Often this movement negative affects the creditor’s rights. Usually, by Lithuanian law, creditors have many ways how to protect their right, but in reorganization process creditors have ended list of rights. Unfair debtors tied to use reorganization institute to avoid paying for creditors. This entire situation shows that there is the problem that in Lithuania unfair debtors use such mechanisms as “Phoenix syndrome” and the creditors have few instruments to fight with this situation. This work consists of three big parts. First one talks about reorganization, how it is regulate by the European unions acts, how it is understand in Lithuanian Law. The second part talks about the creditors right in reorganization process ant the consequences after it. The third part includes the comparative analysis of foreign country law and the right of creditors and actual case law. The result of this master degree work shows that Lithuania properly implemented European Union law. There are two European Union Directives, the Third and the Sixth, in which talks about reorganization. One is formulated as mandatory and the second one is optional. Comparative analysis of Lithuanian law and European Union law showed that Lithuania properly implement European Union law which is connected with reorganization and creditors rights. Usually creditors by Lithuania law have many methods how to protect they rights. In the reorganization process creditors have ended list how to protect they right. They have such right as right to be informed about reorganization, right to look throw some financial sheets, right to ask to do obligations and duties before the term, right to null the reorganization or the decision to reorganize in court. As it is seen in this list of rights, there are not right to ban or to protest against the reorganization process. So it is presumed, that creditors have some right in reorganization process, but it is not enough to save creditors interests. There is the connection between reorganization and intention bankrupt. Case law shows that debtors are using division to avoid paying for creditors. Division is one type of reorganization so there are connection between reorganization and “Phoenix syndrome”. In this work was made the comparative analysis of Lithuania, Russian, Italian and United States law and the results shows that creditors have almost the same rights in foreign countries as they have by Lithuanian law. There are jus few differences: in some countries creditors have wider protection than in Lithuania. For example by Italy law creditors can not make acceptance to reorganize company. Also they can join into alliance in case to save their rights. Also in such countries as Russian federation the government controls more the reorganization process, and it is not bad, because the creditors’ rights are more protected. All in all it is said that the legal regulation of the Republic of Lithuania ensure the protection of creditors’ rights when companies are reorganized, but these instruments which creditors can use do not save theirs rightsVytauto Didžiojo universiteta