Company liquidation

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.

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.

MAIN STEPS IN THE LIQUIDATION PROCESS

1. Decision to Liquidate
   The participants (shareholders, members, or owners) make a resolution to:
   • Liquidate the company
   • Appoint a liquidator
2. Responsibilities of the Appointed Liquidator
   • Take over the company’s assets and documentation.
   • Register the liquidation process and the liquidator in the Registry Center.
   • Notify creditors and make a public announcement about the liquidation.
   • Terminate employee contracts.
   • Settle all obligations with creditors.
   • Sell, transfer, or write off the company’s remaining assets.
   • Recover debts owed to the company or write them off.
   • Prepare the company’s final financial report and liquidation act.
   • Close accounts with financial institutions.
   • Submit all documents for archiving to the city archive.
   • Apply to the Registry Center to deregister the liquidated company.

FAQ