@incollection{4233575,
  abstract     = {{From a legal perspective integrating into the European Union means that a Member State has a duty not only to enact laws according to the legislation of EU but also to contribute in following general policy, recommendations, traditions and quality of legal system of the EU. This means that in order to achieve high level of integration certain fields of law have to be amended and regulated by the Member State itself following general principles and policies set by the EU. One such field that European Commission promotes and that has wide reaching social and economic consequences is the restructuring of legal entities. Although there are no obligatory EU legal acts regarding the restructuring procedure European Commission recognizes the crucial role of statutory rescue, thus encouraging legal systems to provide an option to restructure. European Commission has also been very active regarding employment and social affairs issues caused by the restructuring procedure. Recent economic destabilisation gave a huge rise in the restructuring procedures in the Republic of Lithuania. During the last two years there have been three times more restructuring procedures then in all previous years combined. The legislator of Lithuania has reacted accordingly and has recently enacted a new wording of the Law on Restructuring of Enterprises. Though the Law deals with various legal problems identified by the courts it is far from perfect. The paper considers legal issues which may arise in applying the new Law. Basic principles under the new Lithuanian Law on Restructuring of Enterprises are discussed. The paper also addresses legal problems that have been encountered by the courts in applying the old law. Furthermore, certain provisions of the new law 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 mistakes of Lithuanian legislator.}},
  author       = {{Miliauskas, Paulius}},
  booktitle    = {{European integration and Baltic Sea region : diversity and perspectives}},
  isbn         = {{9789984453989}},
  keywords     = {{Restructuring,Company Law,Bankruptcy}},
  language     = {{eng}},
  pages        = {{155--168}},
  publisher    = {{The University of Latvia Press}},
  title        = {{Restructuring procedure in the Republic of Lithuania and legal implications}},
  year         = {{2011}},
}