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Currently, the State Enterprise Centre of Registers (the administrator of the Register of Legal Entities) is actively finalising the liquidation of various legal entities – including private limited liability companies, small partnerships, partnerships, hunting clubs, associations, public institutions and others – which it initiated on its own initiative.
As a result of such actions, the owners or other participants of these legal entities lose the ability to manage the entities and the assets registered in their name (such as garage complexes, land plots, shares in other companies, funds, etc.). In practice, such assets effectively become ownerless.
Although the actions of the Centre of Registers have a legal basis, they affect not only dishonest business operators but also ordinary individuals. The good news is that the law provides several mechanisms to protect the interests of affected persons – both by restoring the registration of legal entities and by seeking recovery of assets previously held by those entities.
If you have encountered a similar situation, please contact TRINITI JUREX expert Jaroslav Simarev (jaroslav.simarev@trinitijurex.lt or +370 698 49 365) to arrange a more detailed consultation.
