The amendments of the Law on Companies about reorganization

Aivaras Aleksiejevas's picture

In 2008-11-11 new amendments of the Law on Companies of Republic of Lithuania have been approved. The main changes are discussed here.

 

Firstly, the general provision that the terms of reorganization of the limited liability companies being reorganized must be evaluated by firms of auditors has now new exception – if all shareholders who are entitled to vote agree that the terms of reorganization should not be evaluated by firms of auditors.

 

Secondly, there is the general provision that if the terms of reorganization are drawn up after 6 months after the end of the financial year, the interim accounts must be drawn up. Now the exception states that in case of division of the company the interim accounts are not necessary if all shareholders who are entitled to vote agree.

 

In case of reorganization of public limited liability companies, the general provision that the Board (the manager) must draw up a detailed written report on reorganization has exception that in case of division of the public limited liability company this report is not drawn up if all shareholders who are entitled to vote agree.

 

In principle, discussed changes should simplify the procedures of the reorganization, because it allows shareholders to decide whether they need more information. This will particularly affect the reorganization of companies with one or a small number of shareholders, as well as the reorganization of small companies.

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