The Restructuring procedure in the Republic of Lithuania and its legal implications

In order to achieve a high level of legal integration in the European Union certain fields of law have to be amended and regulated by the Member States. These amendments are undertaken by following general policies, recommendations, traditions, and the quality of legal system of the EU. One of the fields that the European Commission promotes, that have wide reaching social and economic consequences, is the restructuring of legal entities. This paper considers legal issues which may arise in applying the Law on Restructuring of Enterprises of the Republic of Lithuania. Basic principles under the law are discussed. Legal problems that have been encountered by the courts in applying the old wording of the law are also addressed. Furthermore, certain provisions of the new wording that might cause legal uncertainty and hinder the successful restructuring procedure are identified. Finally, the paper draws some conclusions about what can be learned from the mistakes of the Lithuanian legislator