Problems of Ensuring the Effective Commencement of Insolvency Proceedings

Abstract

This article examines the problems of the application of the Law on Insolvency of Enterprises of the Republic of Lithuania as related to the commencement of insolvency proceedings. The new insolvency law introduces a new procedure for the commencement of insolvency proceedings that applies to restructuring and bankruptcy proceedings. In the authors’ opinion, the application of this procedure can raise both theoretical and practical problems that have not been analysed yet.

Keywords

• insolvency
• commencement of insolvency proceedings
• effectiveness of insolvency proceedings