Insolvency policy covers the areas of enterprise restructuring and bankruptcy, bankruptcy of natural persons, protection of employees in the event of the insolvency of their employer. Insolvency policy is formed, coordinated and its implementation is controlled by the Ministry of Economy of the Republic of Lithuania. Also, the Ministry of Economy is envolved in the process of shaping and implementing the EU insolvency policy. The Department of Enterprise Bankruptcy Management under the Ministry of Economy, which was established in 1999, implements public policy in the enterprise restructuring and bankruptcy areas.
In the period of economic instability, the relevance of insolvency issues was considerably increased, which resulted in setting up of the Insolvency Policy Division under the Public Procurement Policy Department of the Ministry of Economy in 2010.
The main tasks of the Insolvency Policy Division:
• to file proposals on insolvency law to improve the legislation aimed at better insolvency proceedings in the Republic of Lithuania taking due regards of the insolvency law of the EU;
• to participate in the law drafting process to ensure fluent bankruptcy and restructuring proceedings and proper protection of employees in the event of the insolvency of their employer;
• in accordance with the functions assigned to the Division to file proposals concerning harmonization of the legislation of the Republic of Lithuania with the legislation of the EU;
• to participate in shaping and implementing of the EU insolvency policy.
Head of Insolvency Policy Division – Žydrūnas Paškauskas, Telephone +37070664662, E-mail firstname.lastname@example.org.
Last date edited: 2012-04-25