Closing a business can be a complex and challenging process, especially when it comes to the legal and financial aspects of liquidation. If you’re considering closing your business in Lithuania, it’s essential to understand the basic steps involved in the liquidation process. In this article, we’ll guide you through these steps and introduce our experienced team at Imoneslikvidavimas.lt, who can help you navigate this journey.
Step 1: Decision and Shareholders’ Meeting
The first step in the liquidation process is making the decision to close the business. This typically involves convening a shareholders’ meeting to pass a resolution for liquidation. Shareholders must vote in favor of the resolution for it to proceed.
Step 2: Appoint a Liquidator
Once the decision is made, a liquidator must be appointed. The liquidator is responsible for overseeing the entire process and his role is to ensure that the company’s assets are properly distributed and that all legal requirements are met.
Step 3: Notification and Public Announcement
The next step involves notifying all creditors, including tax authorities and other stakeholders, about the decision to liquidate the company. A public announcement should also be made in the Lithuanian Official Gazette and, if applicable, in a local newspaper.
Step 4: Inventory and Asset Assessment
The liquidator will conduct an inventory of the company’s assets and assess their value. This is essential for determining how the assets will be distributed among creditors and shareholders.
Step 5: Debt Settlement
Outstanding debts and obligations must be settled during the liquidation process. Creditors will be notified and given an opportunity to submit their claims. The liquidator will ensure that these debts are paid off using the company’s assets.
Step 6: Deregistration and Closure
Once all debts are settled, the liquidator will submit the necessary documents to deregister the company from the Register of Legal Entities. This is the final step in closing the business officially.
The liquidation process typically takes about 3-4 months, but the exact duration may vary depending on the complexity of the company’s financial situation and the cooperation of creditors.
At Imoneslikvidavimas.lt we have over 20 years of experience in accounting and business law, and we specialise in assisting businesses through the liquidation process. Our experienced team can guide you through each step, ensuring a smooth and legally compliant closure of your business. We offer company liquidation for a convenient price. Service is provided online in all Lithuania.
If you’re considering closing your business in Lithuania, don’t hesitate to reach out to us for expert assistance. We’re here to help you make the company liquidation process as straightforward as possible, allowing you to move forward with confidence. Your business deserves a professional and hassle-free closure, and we’re here to make that a reality.
