THE PROBLEMS OF SALE OF AN ENTERPRISE AS A GOING CONCERN IN BANKRUPTCY PROCEEDINGS

Abstract

This article examines the goals and procedure of the sale of an enterprise as a going concern in corporate bankruptcy proceedings. It argues that the goals of the sale of an enterprise are not in accordance with the classic goals of bankruptcy proceedings, as they relate to the broader economic and social goals that can be achieved by selling an enterprise as an asset. This article also focuses on the comparative analysis of international legal regulation by examining how this procedure is regulated in the bankruptcy law of Estonia, Latvia, Poland, and France. The procedure for the sale of an enterprise established by the Law on Insolvency of Legal Entities and its problems are also examined. The authors consider how the sale of an enterprise should be ensured at the earliest possible stage of bankruptcy proceedings, and provide a proposal to change the procedure for the sale of the enterprise, including the court in this procedure. This paper also analyzes how bids to buy a company should be submitted, what actions should be performed by an insolvency administrator, how the interests of employees should be ensured, and what requirements should be established by law for the buyer of an enterprise.

Keywords

• bankroto procesas
• įmonės pardavimas
• kreditorių interesų apsauga