Property Administration of the Insolvent Debtor in Lithuania in 1918-1940
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Abstract
The article contains three main parts: appointments, functions and fees of administrators of insolvent persons in 1918-1940 in Lithuania.
The objective of this article is to analyze activities of administrators in the insolvency process. In this article any person who had at a responsibility of proper administration of property and assets of debtors is named as administrator or under ancient Rome civil law – curator bonorum; it involves receivers, sworn guardians, trustees, syndics and other positions used at that time in Lithuania. The article does not analyze in detail differences of these positions. It mainly focuses on their common aspects of their activities, functions and responsibilities.
There were no special requirements for administrator’s candidature. Usually they were attorneys at law, treated by the court as honest and reliable persons.
Lithuania inherited laws of insolvency regulation partially from Russia, Germany and France. This caused noticeable differences in legal regulation of insolvency process and activities in different regions of Lithuanian Republic during 1918-1940’s.
Regardless the differences in regulations the main purpose of administrators was the same. They had to balance out interests of creditors and debtors using quite limited rights, e.g. administrators could not contest transactions of debtors without approval of creators. The main functions of administrators were the retention of assets of insolvent debtors, the recovery of assets from the other debtors, the assurance of protection for the assets of insolvent debtors and the accountancy of liabilities and debts. Worth to notice, that usually administrators could not proceed working up to the end of the insolvency procedure. Distribution of assets of the insolvent person and liquidation process was the competition board’s deal.
Other interesting aspects of the former regulations involve: appointment of the interim administrator until the insolvency case commences, direct relation between assets of insolvent person and administrators’ fees, etc.
In that time Lithuania had a good chance to use the best aspects of insolvency legal regulation to make her own, but the process was stopped by occupation.
The objective of this article is to analyze activities of administrators in the insolvency process. In this article any person who had at a responsibility of proper administration of property and assets of debtors is named as administrator or under ancient Rome civil law – curator bonorum; it involves receivers, sworn guardians, trustees, syndics and other positions used at that time in Lithuania. The article does not analyze in detail differences of these positions. It mainly focuses on their common aspects of their activities, functions and responsibilities.
There were no special requirements for administrator’s candidature. Usually they were attorneys at law, treated by the court as honest and reliable persons.
Lithuania inherited laws of insolvency regulation partially from Russia, Germany and France. This caused noticeable differences in legal regulation of insolvency process and activities in different regions of Lithuanian Republic during 1918-1940’s.
Regardless the differences in regulations the main purpose of administrators was the same. They had to balance out interests of creditors and debtors using quite limited rights, e.g. administrators could not contest transactions of debtors without approval of creators. The main functions of administrators were the retention of assets of insolvent debtors, the recovery of assets from the other debtors, the assurance of protection for the assets of insolvent debtors and the accountancy of liabilities and debts. Worth to notice, that usually administrators could not proceed working up to the end of the insolvency procedure. Distribution of assets of the insolvent person and liquidation process was the competition board’s deal.
Other interesting aspects of the former regulations involve: appointment of the interim administrator until the insolvency case commences, direct relation between assets of insolvent person and administrators’ fees, etc.
In that time Lithuania had a good chance to use the best aspects of insolvency legal regulation to make her own, but the process was stopped by occupation.
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Please see Copyright and Licence Agreement for further details.
