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- aggregation classification "A2".
- aggregation creator person.
- aggregation date "2010".
- aggregation format "application/pdf".
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- aggregation isPartOf urn:issn:1392-5709.
- aggregation language "mis".
- aggregation rights "I have transferred the copyright for this publication to the publisher".
- aggregation subject "Law and Political Science".
- aggregation title "Related creditors in the process of restructuring".
- aggregation abstract "Corporate restructuring is becoming a common phenomenon in Lithuania. There are more and more companies who are experiencing financial difficulties, however Lithuanian law doctrine is silent in most of the cases regarding restructuring problems. Author analyses corporate restructuring procedure with special emphasis on legal relationships between the distressed company that is being restructured and its creditors also among creditors themselves. According to the laws of Lithuania and Lithuanian case law the procedure of restructuring is aimed not only at the preservation of particular company but also at satisfying interests of the company’s creditors. Due to these reasons there are many real life situations where an entity undergoing restructuring process is directly or indirectly related to its creditors. If related creditors hold majority of the claims against the company that is being restructured they also have majority votes during the meetings of the creditors. Therefore, related creditors have a dominant influence over the restructuring procedure and such restructuring procedure is being controlled by them. A problem, whether a controlled restructuring procedure negatively affects the rights of other creditors who are not related to the distressed company and whether it allows abusive behavior of related creditors arises. To solve this problem author analyses various conflicting situations between the company that is being restructured and its creditors, discusses the cases where related creditors are abusing their rights, describes different types of corporate creditors. The article also analyses and discusses provisions of the Restructuring Law of the Republic of Lithuania and decisions of the Lithuanian courts regarding the rights and duties of the creditors in the restructuring process. Taking into account all the arising legal issues and possible legal inefficiencies the article concludes that during the restructuring the rights of related creditors should be subject to special treatment if the interests of all the creditors of the company undergoing restructuring procedure are to be protected equally.".
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