Restructuring of Legal Persons in Lithuania

BY / IN Areas of activity, Legal Services For Business

2016-07-29

Restructuring in Lithuania shall be an alteration of the juridical form of a legal person whereby a legal person of a new juridical form becomes the successor to all rights and liabilities duties of the restructured legal person. Members of a restructured legal person, irrespective of a new  legal form of a legal person, shall accept subsidiary liability, for three years, for the obligations of the restructured legal person which emerge prior to the registration of a legal person of a new  legal form with the Register of legal persons. About decission to restructuriate a company / enterprise must be publicly announced in newspaper that is described in statute of a company for three time with not less than 30 day intervals.

Restructuring of the Private limited liabilty company / Public limited liability company

 

Private limited liabilty company or Public limited liability company can be restructured into a public limited liability company, state enterprise, municipal enterprise, agricultural enterprise, cooperative enterprise. Insolvent company can‘t be reorganized.

Restructuring of the Individual enterprise

 

Individual enterprise can be restructured into the public limited liability company, private limited liability company, public establishment.

Restructuring of the Public Establishment

 

Public establishment can be restructured into budget establishment (when the owner is state or municipality), charity and sponsorship fund. Public establishment can‘t be restructured into a private limited liability company.

Restructuring of the Partnership

 

The general partnership can be restructured into Limited partnership and vice versa, public limited liability company, private limited liability company, agricultural company, individual enterprise, public establishment, charity and sponsorship fund.

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Restructuring of Legal Persons in Lithuania
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