Liquidating a company in Lithuania involves the process of closing down operations, settling debts, and distributing remaining assets among stakeholders. This step may be taken for various reasons, such as financial challenges, insolvency, changes in ownership, mergers, or acquisitions.
The process of liquidation can be complex and time-consuming. At Finhill, we specialize in managing the entire procedure efficiently and accurately, ensuring a seamless experience for our clients.
Step by Step Process
- Decision to liquidate
We assist with preparing and drafting the resolution to liquidate your company in accordance with Lithuanian law and your company’s articles of association. - Appointment of a liquidator
Our team can act as your liquidator or help appoint one, ensuring all legal obligations are fulfilled. The liquidator will manage the entire process with a focus on efficiency and transparency. - Notification and communication
- Filing all necessary notifications with the Register of Legal Entities.
- Publishing public announcements to inform creditors and other stakeholders.
- Managing communication with creditors and regulatory authorities.
- Asset and liability management
- Conducting a detailed inventory of the company’s assets and liabilities.
- Selling company assets to settle creditor claims.
- Distributing remaining funds or assets to shareholders.
- Final reporting and deregistration
- Preparing final financial statements and legal documentation.
- Submitting all required forms to officially deregister the company from the state register.
- Ensuring proper closure with tax authorities and other regulatory bodies.
Our Services
- Document preparation and submission: We handle all necessary documentation and filings with the relevant authorities to liquidate your company.
- Representation: We act on your behalf at the Registry Center, Sodra, banks and local municipalities throughout the process.
- Tax assessment: We conduct a thorough tax assessment to identify any tax obligations that may arise during liquidation.
- Full process coordination: We oversee every step of the liquidation process, ensuring compliance and timely completion.
The liquidation process typically takes between 3 to 8 months.
The Registry Center will deregister the company after receiving:
- The liquidation act.
- A certificate from the city archive.
- A certificate from the State Tax Inspectorate (VMI) confirming settlement of all obligations with the budget and funds.
F.A.Q
No, a company cannot be liquidated if it is insolvent (has overdue debts).
Yes, financial statements for 2025 and previous years must be filed, covering the relevant period up to or during the liquidation process, as required by regulations.