Lithuania : Insolvency and Creditor Rights Systems
The legal environment in Lithuania to support creditor rights and debt enforcement is reasonably effective, and collateral regimes have been largely centralized and modernized. Consistent with a modern system, security interests may be granted in i...
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| Format: | Insolvency Assessment (ROSC) |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2002/02/6568323/lithuania-report-observance-standards-codes-rosc-insolvency-creditor-rights-systems http://hdl.handle.net/10986/15091 |
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okr-10986-150912021-04-23T14:03:15Z Lithuania : Insolvency and Creditor Rights Systems World Bank ACCOUNTABILITY ACCOUNTING ACCRUED INTEREST ASSET MANAGEMENT ASSET RECOVERY ASSET SALES AUCTION AUCTIONS BANK LOANS BANKING CRISIS BANKING SERVICES BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY PROCEDURES BANKS BID BOOK VALUE COMMERCIAL BANKS COURT CREDIT INSTITUTIONS CREDIT MANAGEMENT CREDIT RISK CREDIT RISK MANAGEMENT CREDIT UNIONS CREDITOR CREDITORS DEBT DEBT RECOVERY DEBT RESTRUCTURING DEBTORS DEBTS DEPOSITS ECONOMIC REFORMS FACTORING FAILED BANKS FINANCIAL CRISIS FINANCIAL LEASING FINANCIAL TRANSACTIONS FIXED ASSETS FORECLOSURE GUIDELINES INFLATION INSOLVENCY INSOLVENCY LAW INSURANCE INTEREST RATES INVENTORY INVESTMENT COMPANIES INVESTMENT LENDING LAW LAWS LEGAL FRAMEWORK LEGAL INFRASTRUCTURE LEGISLATION LIENS LIQUID ASSETS LIQUIDATION LIQUIDATION VALUE MARKET VALUE MORTGAGE LENDING MORTGAGES MOVABLE PROPERTY NOMINAL VALUE PORTFOLIO PORTFOLIOS PRESENT VALUE PROBLEM LOANS PUBLIC AGENCIES PUBLIC FUNDS REGULATORY FRAMEWORK REORGANIZATION REPAYMENT SECURED CREDITORS SHARE CAPITAL SHAREHOLDERS SUBSCRIPTION SWAPS TAX ADMINISTRATION UNSECURED DEBT WORKING CAPITAL The legal environment in Lithuania to support creditor rights and debt enforcement is reasonably effective, and collateral regimes have been largely centralized and modernized. Consistent with a modern system, security interests may be granted in immoveable and moveable assets, including equipment, inventory, goods, receivables, and future property. In practice, security tends to be restricted to more reliable and liquid assets, such as immovables or fixed assets. Markets for moveable assets remain poorly developed or illiquid. Appeals remain a source of delay, and other procedures could be improved. The insolvency process in Lithuania has been almost exclusively one of liquidation, plagued by delay and procedural obstacles. A new insolvency law was adopted in July 2001, bringing to three the number of insolvency laws currently in effect. At the same time, a new Enterprise Restructuring Law became effective. As of November 2001, only a few cases had been filed under the new law, which a growing consensus of stakeholders consider to be unworkable and unfavorable to creditors. The process may be aided by the developing training guides and programs. Regulation of insolvency remains fragmented and weak, but shows evidence of an evolving structure. Court efficiency is stifled by a lack of specialization among judges, who are overloaded and poorly equipped to deal with bankruptcy cases, especially rehabilitations. The administrators' profession is marked by low standards, over-licensing, inadequate training and skills, and inconsistent performance. While much remains to be done, the national association of bankruptcy administrators is working to improve licensing standards and to strengthen continuing education and training for its members. 2013-08-14T21:43:30Z 2013-08-14T21:43:30Z 2002-02 http://documents.worldbank.org/curated/en/2002/02/6568323/lithuania-report-observance-standards-codes-rosc-insolvency-creditor-rights-systems http://hdl.handle.net/10986/15091 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Insolvency Assessment (ROSC) Economic & Sector Work Europe and Central Asia Lithuania |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTABILITY ACCOUNTING ACCRUED INTEREST ASSET MANAGEMENT ASSET RECOVERY ASSET SALES AUCTION AUCTIONS BANK LOANS BANKING CRISIS BANKING SERVICES BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY PROCEDURES BANKS BID BOOK VALUE COMMERCIAL BANKS COURT CREDIT INSTITUTIONS CREDIT MANAGEMENT CREDIT RISK CREDIT RISK MANAGEMENT CREDIT UNIONS CREDITOR CREDITORS DEBT DEBT RECOVERY DEBT RESTRUCTURING DEBTORS DEBTS DEPOSITS ECONOMIC REFORMS FACTORING FAILED BANKS FINANCIAL CRISIS FINANCIAL LEASING FINANCIAL TRANSACTIONS FIXED ASSETS FORECLOSURE GUIDELINES INFLATION INSOLVENCY INSOLVENCY LAW INSURANCE INTEREST RATES INVENTORY INVESTMENT COMPANIES INVESTMENT LENDING LAW LAWS LEGAL FRAMEWORK LEGAL INFRASTRUCTURE LEGISLATION LIENS LIQUID ASSETS LIQUIDATION LIQUIDATION VALUE MARKET VALUE MORTGAGE LENDING MORTGAGES MOVABLE PROPERTY NOMINAL VALUE PORTFOLIO PORTFOLIOS PRESENT VALUE PROBLEM LOANS PUBLIC AGENCIES PUBLIC FUNDS REGULATORY FRAMEWORK REORGANIZATION REPAYMENT SECURED CREDITORS SHARE CAPITAL SHAREHOLDERS SUBSCRIPTION SWAPS TAX ADMINISTRATION UNSECURED DEBT WORKING CAPITAL |
| spellingShingle |
ACCOUNTABILITY ACCOUNTING ACCRUED INTEREST ASSET MANAGEMENT ASSET RECOVERY ASSET SALES AUCTION AUCTIONS BANK LOANS BANKING CRISIS BANKING SERVICES BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY PROCEDURES BANKS BID BOOK VALUE COMMERCIAL BANKS COURT CREDIT INSTITUTIONS CREDIT MANAGEMENT CREDIT RISK CREDIT RISK MANAGEMENT CREDIT UNIONS CREDITOR CREDITORS DEBT DEBT RECOVERY DEBT RESTRUCTURING DEBTORS DEBTS DEPOSITS ECONOMIC REFORMS FACTORING FAILED BANKS FINANCIAL CRISIS FINANCIAL LEASING FINANCIAL TRANSACTIONS FIXED ASSETS FORECLOSURE GUIDELINES INFLATION INSOLVENCY INSOLVENCY LAW INSURANCE INTEREST RATES INVENTORY INVESTMENT COMPANIES INVESTMENT LENDING LAW LAWS LEGAL FRAMEWORK LEGAL INFRASTRUCTURE LEGISLATION LIENS LIQUID ASSETS LIQUIDATION LIQUIDATION VALUE MARKET VALUE MORTGAGE LENDING MORTGAGES MOVABLE PROPERTY NOMINAL VALUE PORTFOLIO PORTFOLIOS PRESENT VALUE PROBLEM LOANS PUBLIC AGENCIES PUBLIC FUNDS REGULATORY FRAMEWORK REORGANIZATION REPAYMENT SECURED CREDITORS SHARE CAPITAL SHAREHOLDERS SUBSCRIPTION SWAPS TAX ADMINISTRATION UNSECURED DEBT WORKING CAPITAL World Bank Lithuania : Insolvency and Creditor Rights Systems |
| geographic_facet |
Europe and Central Asia Lithuania |
| description |
The legal environment in Lithuania to
support creditor rights and debt enforcement is reasonably
effective, and collateral regimes have been largely
centralized and modernized. Consistent with a modern system,
security interests may be granted in immoveable and moveable
assets, including equipment, inventory, goods, receivables,
and future property. In practice, security tends to be
restricted to more reliable and liquid assets, such as
immovables or fixed assets. Markets for moveable assets
remain poorly developed or illiquid. Appeals remain a source
of delay, and other procedures could be improved. The
insolvency process in Lithuania has been almost exclusively
one of liquidation, plagued by delay and procedural
obstacles. A new insolvency law was adopted in July 2001,
bringing to three the number of insolvency laws currently in
effect. At the same time, a new Enterprise Restructuring Law
became effective. As of November 2001, only a few cases had
been filed under the new law, which a growing consensus of
stakeholders consider to be unworkable and unfavorable to
creditors. The process may be aided by the developing
training guides and programs. Regulation of insolvency
remains fragmented and weak, but shows evidence of an
evolving structure. Court efficiency is stifled by a lack of
specialization among judges, who are overloaded and poorly
equipped to deal with bankruptcy cases, especially
rehabilitations. The administrators' profession is
marked by low standards, over-licensing, inadequate training
and skills, and inconsistent performance. While much remains
to be done, the national association of bankruptcy
administrators is working to improve licensing standards and
to strengthen continuing education and training for its members. |
| format |
Economic & Sector Work :: Insolvency Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Lithuania : Insolvency and Creditor Rights Systems |
| title_short |
Lithuania : Insolvency and Creditor Rights Systems |
| title_full |
Lithuania : Insolvency and Creditor Rights Systems |
| title_fullStr |
Lithuania : Insolvency and Creditor Rights Systems |
| title_full_unstemmed |
Lithuania : Insolvency and Creditor Rights Systems |
| title_sort |
lithuania : insolvency and creditor rights systems |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2002/02/6568323/lithuania-report-observance-standards-codes-rosc-insolvency-creditor-rights-systems http://hdl.handle.net/10986/15091 |
| _version_ |
1764427584753369088 |