“Tools to Ensure Effective Bankruptcy Proceedings of Entrepreneurs”, Nr.S-PD-22-59

Project No. S-PD-22-59             
Project title: „Tools to Ensure Effective Bankruptcy Proceedings of Entrepreneurs”
Project duration: from 2022-11-03 to 2024-10-31
Postdoctoral supervisor: prof. dr. Virginijus Bitė

Postdoctoral trainee: Remigijus Jokubauskas

Summary: The project deals with the legal problems related to the bankruptcy proceedings of entrepreneurs and seeks to provide scientific suggestions how to improve these proceedings and entrepreneurship legal environment in Lithuania. Currently, there is no specific legal regulation of entrepreneurs’ bankruptcy proceedings in Lithuania. The project includes substantial analysis starting from the goals and needs for the separate legal regulation dealing with entrepreneur’s bankruptcy, administration and realization of the assets, satisfaction of creditors’ claims, sanctions to bad faith entrepreneurs and other aspects of personal bankruptcy proceedings. Also, the project will assess important social purposes of entrepreneurs’ bankruptcy proceedings, such as the need to ensure a fresh start (a second chance) for honest entrepreneurs after the bankruptcy proceedings.

The project will focus on the research what types of bankruptcy proceedings of entrepreneurs are applicable in the selected EU Member States and the US bankruptcy law. The comparative method will be the main one and provide necessary scientific conclusions how different states regulate entrepreneurs’ bankruptcy proceedings, how they implement the EU law in this area and which national models are the most efficient.

The project will contribute to improvement of the legal regulation of entrepreneurs’ bankruptcy proceedings and entrepreneurship legal environment in Lithuania. The project will provide a thorough economic and legal analysis of bankruptcy proceedings of entrepreneurs and how these proceedings differ from the bankruptcy of other natural persons. Also, it will provide specific proposals how to improve effectiveness of the regulation of bankruptcy proceedings of natural persons in Lithuania and how to accommodate them to the problems of bankruptcy of entrepreneurs. Moreover, the results of the project will may contribute to a more favorable business environment and provide needed systematic changes to improve the effectiveness of entrepreneurs’ bankruptcy proceedings.