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- 2014 07 17 Lithuania has simplified the procedures of companies’ liquidation
2014 07 17 Lithuania has simplified the procedures of companies’ liquidation
So far the liquidation process of legal persons (including companies) was quite complicated in Lithuania. For the liquidation of the company there was required the court’s decisions and getting of it took a lot of time.
Following the adoption of the Civil Code of the Republic of Lithuania and the Lithuanian Civil Procedure Code amendments, the Register of Legal Entities will be able to initiate liquidation of the companies. In addition the court could to withdraw the decision of Register of Legal Entities to initiate the liquidation of the legal entity.
Register of Legal Entities can initiate liquidation of the legal entity in the following cases:
1. There are not submitted the financial statements for 12 months;
2. The bodies of the company is not formed and because of that they cannot make decisions for more than 6 months;
3. There cannot find the members of company’s bodies for more than 6 months cannot by companies office address and their addresses listed in the Register of Legal Entities;
4. Company has not updated a data within 5 years in Register of Legal Entities and there are reasons to believe that the company does not undertake any activities.
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