Republic of Lithuania: Financial Sector Assessment Program Update-Technical Note-Insolvency and Creditor Rights Assessment

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 245

Publication date: July 2008

ISBN: 9781451824193

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Public Finance , ISCR , CR , insolvency , judge , insolvency administrator , creditor , enterprise , EU regulation , insolvency proceeding , insolvency profession standard , bailiff profession , insolvency law , EU country , a number of judge , Solvency , Legal support in revenue administration , Mortgages , Global

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Summary

This Technical Note discusses key findings of the insolvency and creditor rights assessment for Lithuania. Lithuania has made significant progress in the field of creditor rights legislation and related institutions. Under the current legal framework, the creation and registration of secured transactions is rather easy and affordable. The privatization of the bailiffs system has contributed to accelerating the recovery process and increasing the enforcement efficiency. In the area of corporate insolvency, the Enterprise Bankruptcy Law and the Law on Restructuring of Enterprises are generally consistent with international standards.