LIST OF PERSONS NOT ALLOWED TO BE ELECTED AS THE MANAGEMENT BODY

Law on the legal entity insolvency came into force on 1 January 2020 in the Republic of Lithuania (hereinafter – the Law). The Law establishes that Companies Register shall publish information about the persons which are not allowed to manage the companies or organizations under the court ruling.

In relation to abovementioned, with the purpose of ensuring interest of concerned parties, the Companies Register concludes the list of natural persons which are not allowed to be elected as the General Manager or Member of the Board of public or private company under the Law (hereinafter – the List). Natural persons are included in the List not later than next day of receiving court’s ruling to limit the natural person’s right to be elected as the General Manager or Board Member at the public or private companies.

The List is published at the official website of the Companies Register. Please find the List following the link: https://www.registrucentras.lt/jar/apriboti_asmenys/.

In addition, we would like to notice that companies’ have an obligation to recall the person included in the List from the management position immediately. Non compliance of this obligation might cause administrative liability.

The hereby list is intended to enforce proper execution of court rulings as well to prevent fraudulent activities.

Leinonen Legal Advisors recommend to double check whether appointed General Managers or Board Members are not included into the List.

Should you have any questions, please do not hesitate to contact us.

Information above was prepared by Leinonen Lithuania Legal Team.