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
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.
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