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Civil Liability of a Company Director in the Vicinity of Insolvency: The Lithuanian Approach
Little has been achieved at the EU level and internationally to harmonise the various approaches taken by national laws regarding the nature and extent of directors’ obligations in the vicinity of insolvency. The first steps towards harmonisation can be seen in the Restructuring Directive, which aim...
Autores principales: | , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Springer International Publishing
2022
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8819203/ http://dx.doi.org/10.1007/s40804-022-00240-8 |
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author | Bitė, Virginijus Mogenytė, Vilija Mulevičienė, Salvija |
author_facet | Bitė, Virginijus Mogenytė, Vilija Mulevičienė, Salvija |
author_sort | Bitė, Virginijus |
collection | PubMed |
description | Little has been achieved at the EU level and internationally to harmonise the various approaches taken by national laws regarding the nature and extent of directors’ obligations in the vicinity of insolvency. The first steps towards harmonisation can be seen in the Restructuring Directive, which aims to provide initial guidance on the duties of directors where there is a likelihood of insolvency. Lithuania is one of the countries which has most recently implemented a comprehensive insolvency reform, trying to better conform to the modern realities of business and promote the corporate rescue paradigm through the national legal regime. The new Law on Insolvency of Legal Persons introduced a range of changes that directly and indirectly impact the director’s civil liability approach. The aim of this paper is to provide comprehensive insights from a comparative perspective on the Lithuanian approach to the regime of a director’s civil liability in the vicinity of insolvency through an analysis of the conditions and sources of such liability in the context of the new legal regime of insolvency. The paper discusses the general features and doctrine of the legal regime regarding a director’s civil liability in Lithuania. Secondly, it sets out the types of insolvency-related duties of directors, analyses the current state of harmonisation at the EU level in that regard, and then discusses the Lithuanian approach. Finally, it determines the main factors influencing the future of the legal regime of a director’s liability, including the reactions of the legislators to the COVID-19 outbreak. |
format | Online Article Text |
id | pubmed-8819203 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2022 |
publisher | Springer International Publishing |
record_format | MEDLINE/PubMed |
spelling | pubmed-88192032022-02-07 Civil Liability of a Company Director in the Vicinity of Insolvency: The Lithuanian Approach Bitė, Virginijus Mogenytė, Vilija Mulevičienė, Salvija Eur Bus Org Law Rev Article Little has been achieved at the EU level and internationally to harmonise the various approaches taken by national laws regarding the nature and extent of directors’ obligations in the vicinity of insolvency. The first steps towards harmonisation can be seen in the Restructuring Directive, which aims to provide initial guidance on the duties of directors where there is a likelihood of insolvency. Lithuania is one of the countries which has most recently implemented a comprehensive insolvency reform, trying to better conform to the modern realities of business and promote the corporate rescue paradigm through the national legal regime. The new Law on Insolvency of Legal Persons introduced a range of changes that directly and indirectly impact the director’s civil liability approach. The aim of this paper is to provide comprehensive insights from a comparative perspective on the Lithuanian approach to the regime of a director’s civil liability in the vicinity of insolvency through an analysis of the conditions and sources of such liability in the context of the new legal regime of insolvency. The paper discusses the general features and doctrine of the legal regime regarding a director’s civil liability in Lithuania. Secondly, it sets out the types of insolvency-related duties of directors, analyses the current state of harmonisation at the EU level in that regard, and then discusses the Lithuanian approach. Finally, it determines the main factors influencing the future of the legal regime of a director’s liability, including the reactions of the legislators to the COVID-19 outbreak. Springer International Publishing 2022-02-07 2022 /pmc/articles/PMC8819203/ http://dx.doi.org/10.1007/s40804-022-00240-8 Text en © T.M.C. Asser Press 2022 This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic. |
spellingShingle | Article Bitė, Virginijus Mogenytė, Vilija Mulevičienė, Salvija Civil Liability of a Company Director in the Vicinity of Insolvency: The Lithuanian Approach |
title | Civil Liability of a Company Director in the Vicinity of Insolvency: The Lithuanian Approach |
title_full | Civil Liability of a Company Director in the Vicinity of Insolvency: The Lithuanian Approach |
title_fullStr | Civil Liability of a Company Director in the Vicinity of Insolvency: The Lithuanian Approach |
title_full_unstemmed | Civil Liability of a Company Director in the Vicinity of Insolvency: The Lithuanian Approach |
title_short | Civil Liability of a Company Director in the Vicinity of Insolvency: The Lithuanian Approach |
title_sort | civil liability of a company director in the vicinity of insolvency: the lithuanian approach |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8819203/ http://dx.doi.org/10.1007/s40804-022-00240-8 |
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