Winding up of a Lithuanian Company

If any unforeseen circumstances prevent making business as usual, and it becomes clear that a company is no longer profitable, it is advisable to dissolve the company. Company in Lithuania UAB team will assist at all stages of company dissolution.

Company liquidation is a legal process resulting in a complete termination of financial and economic activities of the company and removal of the company from the Lithuanian Commercial Register. Specialists of Company in Lithuania UAB will help you to complete the company dissolution procedure in the shortest time in full compliance with the law and completely remotely.

It is impossible to carry out the procedure of dissolution of the company without qualified legal support. Therefore, we will be happy to advise you on any questions you may have and to prepare and submit all necessary documents to get rid of the company you do not need as soon as possible.

When it comes to dissolving a Lithuanian company, several options are available, including bankruptcy. Here, we provide an overview of the winding-up process and the option of bankruptcy, and how our services can assist you in these challenging situations.

Winding Up a Lithuanian Company
Winding up a company in Lithuania involves several steps, and the process may vary depending on the company’s financial status, its assets, and liabilities. Some common reasons for winding up a company in Lithuania include business cessation, financial insolvency, or voluntary dissolution.

Voluntary Dissolution
Voluntary dissolution is an option chosen by companies that are solvent, meaning they can meet their financial obligations, including repayment of debts. In this case, the company’s shareholders or owners can decide to terminate the business, liquidate its assets, and distribute the proceeds to stakeholders according to their ownership rights.

Bankruptcy
Bankruptcy is an option for companies that are insolvent, meaning they cannot meet their financial obligations and have outstanding debts that exceed their assets. In this situation, the company may initiate bankruptcy proceedings to address the financial difficulties, protect the rights of creditors, and liquidate its assets in an organized manner. The bankruptcy process is closely regulated by Lithuanian law.

Stages of company dissolution

• Preparation of the resolution on dissolution of the company
• Appointment of a liquidator/Bankruptcy Administrator to the company
•  Asset Inventory and Valuation/Asset liquidation
• Tax and Regulatory Compliance
•  Communication with government authorities
• Filling out the necessary forms to the registration centre
•  Posting a notice of dissolution in the public domain, followed by notification to all known creditors
•  Preparation and making the final balance sheet
• Submission of all documents to the state archive
• Payment of the state fee
• Deregistration of the entity

Assistance in company dissolution

To start dissolution of a company, you need to fill in a feedback form and specify details of the company to be dissolved. A final accounting report is needed for dissolution of your company. You can provide it to specialists of Company in Lithuania UAB if it is already prepared in advance. If not, we can help you prepare the necessary reports.

Basic conditions for dissolution of a Lithuanian company:

Assistance in company dissolution includes the following:

•  Preparing a resolution on dissolution
•  Appointment of a liquidator Bankruptcy/Administrator to the company
•  Asset Inventory and Valuation
• Communication with government authorities
• Tax and Regulatory Compliance
• Filling out forms and submitting all the necessary documents to the registration centre
• Posting of public announcement of dissolution
• Submission of documents to the Archive and Tax Department
• Ongoing Advisory Support
• State fee

Winding up a Lithuanian company is a complex and legally regulated process, and selecting the right approach is crucial. Whether you opt for voluntary dissolution or bankruptcy, our services are designed to help you navigate these challenging situations, protect your interests, and ensure a smooth and legal winding-up process. If your Lithuanian company is facing financial difficulties or considering dissolution, our expertise is here to assist you in making informed decisions and executing a successful wind-up strategy.