| Abstract [eng] |
Public and private limited companies under Lithuanian law may be dissolved in several different ways. Only one of these cases is liquidation. This covers both – voluntary liquidation when company members decide to dissolve the company, pay out its creditors and divide its net capital among themselves and compulsary liquidation decided by court or creditors meating including liquidation as conclusion of bancruptcy proceedings or liquidation iniciated by the Registrar. Proper regulatory framework and application is the main condition on purpose to wind-up the company duly and at the same time to reach the balance between interests of company members, creditors and society which in many ways differs markedly. It is a matter of primary importance to analyze and identify the regulatory framework and application issues of corporate liquidations. In this study author analyzes such issues as legal grounds of liquidation, status of liquidator, liquidation proceedings, documents which are necessary to wind-up the company etc. Author identifies problems and in many cases offers a possible solution. |
