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THE REPUBLIC OF LITHUANIA LAW ON GAUARNTEE FUND

THE REPUBLIC OF LITHUANIA LAW ON GAUARNTEE FUND Official translation REPUBLIC OF LITHUANIA LAW ON GUARANTEE FUND 12 September 2000 No. VIII-1926 Vilnius CHAPTER ONE GENERAL PROVISIONS Article

  1. Objective of the Law
  2. This Law shall establish the purpose, legal basis of activities, management, and sources of assets of the Guarantee Fund.
  3. Provisions of this Law shall be applicable to all the undertakings, public agencies, banks and credit unions (hereinafter referred to as undertakings) that are registered in accordance with the procedure established by the law of the Republic of Lithuania. Article
  4. General Provisions of the Founding and Management of the Guarantee Fund
  5. The founder of the Guarantee Fund shall be the Government of the Republic of Lithuania.
  6. The Administrator of the Guarantee Fund shall be a body authorised by the Government of the Republic of Lithuania. Activities of the Administrator of the Guarantee Fund shall be regulated by the Regulations of the Guarantee Fund that shall be subject to the approval of the Government of the Republic of Lithuania.
  7. The Guarantee Fund shall be established as a monetary fund.
  8. The Guarantee Fund shall operate in compliance with the Constitution, the Law on Undertaking Bankruptcy, this and other laws, resolutions of the Government, Regulations of the Guarantee Fund and other legal acts of Republic of Lithuania. Article
  9. Purpose of the Guarantee Fund Assets from the Guarantee Fund shall be allocated for payments in the amount established by this Law to the employees of undertakings under bankruptcy or bankrupt undertakings, who have terminated employment relationships with such undertakings, as well as to the employees who continue employment relationships with an undertaking under bankruptcy when the undertaking is indebted to them. CHAPTER TWO ASSETS OF THE GUARANTEE FUND, USE AND COTROL THEREOF Article
  10. Assets of the Guarantee Fund
  11. Assets of the Guarantee Fund shall comprise: 1) contributions by undertakings specified in paragraph 2 of Article 1 – 0.2 per cent of the wages computed for employees (from which compulsory state social insurance contributions are calculated); 2) resources of the Privatisation Fund and State Budget resources allocated within the framework of a separate programme; 3) resources received from undertakings under bankruptcy and bankrupt undertakings in satisfaction of creditor claims of the Guarantee Fund; 4) voluntary contributions by legal and natural persons as well as undertakings which do not have the rights of a legal person.
  12. Assets of the Guarantee Fund shall be accumulated and kept in the account of the State Treasury opened with the Bank of Lithuania.
  13. Contributions to the Guarantee Fund shall be administrated in accordance with the Law on Tax Administration
  14. Assets of the Guarantee Fund shall be used only for the purpose stipulated in Article 3 of this Law. Article
  15. Use of the Assets of the Guarantee Fund
  16. Employees referred to in Article 3 of this Law shall be paid from the Guarantee Fund the following payments which have not been paid out by the date of the applying to the Guarantee Fund: 1) a wage in accordance with the claim of an employee, but not exceeding the amount established by the Government upon the recommendation of the Council of the Guarantee Fund. The amount established by the Government may not be less than two average monthly wages of an employee; 2) cash compensation for an unused annual holiday the duration whereof does not exceed the minimum duration of a holiday established in the Law on Holidays, and for a period of time not exceeding one working year; 3) a severance pay in the amount established in paragraph 1 of Article 40 of the Law on the Employment Contract, when the employment relationship with an employee is terminated; 4) a pay for the damage caused by occupational accidents or diseases in the amount established by the provisional Law on Payment for the Damage Caused by Occupational Accidents or Diseases; 5) lay-off payment. The sum of such payment may not exceed the amount fixed by the Government on the recommendation of the Council of the Guarantee Fund.
  17. The amount of payments from the Guarantee Fund, specified in paragraph 1 of this Article, shall be computed in accordance with the claims, related to employment relationships prior to the commencement of undertaking bankruptcy process, of employees of undertakings under bankruptcy or bankrupt undertakings, and for a period not exceeding 2 months from the commencement of undertaking bankruptcy procedure.
  18. An approved sum of employee’s creditor claims shall be reduced by the sum paid from the Guarantee Fund. Guarantee Fund shall obtain the right of regress to the said sum. Its creditor claims shall be satisfied in accordance with the procedure established by the Law on Undertaking Bankruptcy.
  19. An employee shall be paid payments specified in paragraph 1 of this Article, provided that he was employed at an undertaking at least 6 months prior to the commencement of undertaking bankruptcy procedure.
  20. Payments specified in paragraph 1 of this Article shall be paid only once to an employee of an undertaking under bankruptcy or a bankrupt undertaking. Article
  21. Procedure for the Allocation of Assets from the Guarantee Fund
  22. Procedure for the allocation of assets from the Guarantee Fund shall be established by the Regulations of the Guarantee Fund.
  23. Documents regarding the allocation of assets to satisfy employees’ claims related to employment relationships must, within 2 weeks after the day of approval of creditor claims, be submitted in accordance with the procedure established by the Guarantee Fund to the Administrator of the Guarantee Fund by the administrator of an undertaking under bankruptcy or the chairman of the liquidation commission of a bankrupt undertaking.
  24. Allocation of assets from the Guarantee Fund shall be initiated by the Administrator of the Guarantee Fund, when, following 2 months from the day of approval of creditor claims, employees (employee) of an undertaking under bankruptcy or a bankrupt undertaking, or an organisation representing them notifies in writing the Council of the Guarantee Fund that the administrator of the undertaking under bankruptcy or the chairman of the liquidation commission of the bankrupt undertaking has not applied for allocation of assets.
  25. Employees (employee) of an undertaking under bankruptcy or a bankrupt undertaking, or an organisation representing them must, 15 days in advance, notify in writing the administrator of the undertaking under bankruptcy or the chairman of the liquidation commission of the bankrupt undertaking about their intention to apply to the Council of the Guarantee Fund. A copy of such notice shall be appended to the notification to the Administrator of the Guarantee Fund.
  26. The decision regarding the allocation of assets of the Guarantee Fund on the recommendation of the Administrator of the Guarantee Fund shall be adopted by the Council of the Guarantee Fund not later than within one month from the date of receipt of the documents from the Administrator of the Guarantee Fund.
  27. Upon the adoption by the Council of the Guarantee Fund of the decision regarding the allocation of assets, the Administrator of the Guarantee Fund and the administrator of an undertaking under bankruptcy or the chairman of the liquidation commission of a bankrupt undertaking shall conclude an agreement on the transfer of assets from the Guarantee Fund to said undertaking.
  28. Decisions of the Council of the Guarantee Fund may be appealed against in a manner prescribed by law. Article
  29. Financial Control of the Guarantee Fund
  30. Financial activities of the Guarantee Fund shall be subject to the control by the State Control.
  31. Financial accountability of the Guarantee Fund must be annually checked by an auditor or audit undertaking. The Council of the Guarantee Fund shall, not later than within 3 months of the end of financial year, announce annual financial accountability together with the auditor’s opinion in the Informaciniai pranešimai, annex to the Valstybės žinios. CHAPTER THREE MANAGEMENT OF THE GUARANTEE FUND Article
  32. Council of the Guarantee Fund
  33. The Council of the Guarantee Fund shall manage the Guarantee Fund. The Composition of the Council of the Guarantee Fund shall be subject to approval by the Government.
  34. The Council of the Guarantee Fund shall be composed of 12 members: 4 of whom shall represent organisations defending interests of employees (trade unions or their associations), 4 shall represent employers’ organisations (unions, associations, etc.) and 4 shall represent central government institutions. Representatives of the organisations defending interests of employees and representatives of employers shall be delegated by organisations that are representing them, and the representatives of central government institutions shall be appointed by the Government.
  35. Chairman shall direct the activities of the Council of the Guarantee Fund. He shall be appointed by the Government from the representatives of central government institutions. Article
  36. Competence of the Council of the Guarantee Fund
  37. Activities of the Council of the Guarantee Fund and Administrator of the Guarantee Fund shall be established by the Regulations of the Guarantee Fund. The Regulations shall be subject to approval by the Government.
  38. The Council of the Guarantee Fund shall: 1) manage assets of the Fund; 2) adopt decisions regarding the allocation of assets of the Guarantee Fund; 3) submit proposals to the Government concerning maximum amounts of payments specified in subparagraphs 1 and 5 of paragraph 1 of Article 5; 4) submit to the Government half-yearly and annual reports on the activities of the Guarantee Fund; 5) submit proposals to the Government on the issues concerning activities of the Guarantee Fund; 6) approve a standard form of an agreement on the transfer of assets of the Guarantee Fund to an undertaking; 7) carry out other tasks and functions laid down in the Regulations of the Guarantee Fund. Article
  39. Functions of the Administrator of the Guarantee Fund The main functions of the Administrator of the Guarantee Fund shall be as follows: 1) to carry out instructions of the Council of the Guarantee Fund and its Chairman; 2) to accept applications from undertakings under bankruptcy and bankrupt undertakings regarding the allocation of assets for payments to the employees referred to in Article 3, to analyse and prepare such applications for meetings of the Council of the Fund; 3) upon the adoption by the Council of the Guarantee Fund of a decision to allocate assets, to conclude an agreement on the transfer of assets from the Guarantee Fund to an undertaking; 4) to represent creditor claims of the Guarantee Fund at undertakings under bankruptcy and bankrupt undertakings; 5) to prepare half-yearly and annual reports on the activities of the Guarantee Fund; 6) to control and accumulate information on the utilisation of assets of the Guarantee Fund; 7) to solve other issues provided for in the Regulations of the Guarantee Fund. CHAPTER FOUR FINAL PROVISIONS Article
  40. Reorganisation and Liquidation of the Guarantee Fund
  41. The Guarantee Fund shall be reorganised and liquidated by the Government.
  42. Upon the liquidation of the Guarantee Fund, the founder of this Fund shall establish the procedure for the use of the unused assets. Article
  43. Coming into Force and Application of the Law
  44. This Law shall come into force on 1 October
  46. Subparagraphs 2, 3 and 5 of paragraph 1 of Article 5 of this Law shall not apply to the undertakings in which bankruptcy procedure has been commenced before the coming into force of this Law. In the cases where, during the bankruptcy procedure, employees of undertakings under bankruptcy or bankrupt undertakings, have been paid a certain amount of wages, payments specified in subparagraph 1 of paragraph 1 of Article 5 of this Law must be reduced by the paid sum.
  47. Consideration of the applications by undertakings under bankruptcy and bankrupt undertakings, regarding the allocation of assets from the Guarantee Fund for the employees referred to in Article 3 of this Law shall start at the Council of the Guarantee Fund not earlier than 3 months from the date of coming into force of this Law. Article
  48. Commissions to the Government of the Republic of Lithuania The Government shall: 1) approve the Regulations of the Guarantee Fund; 2) approve the composition of the Council of the Guarantee Fund; 3) approve the procedure of the application of subparagraphs 1 and 4 of paragraph 1 of Article 5 of this Law to the undertakings in which bankruptcy procedure has started prior to the date of coming into force of this Law; 4) in the draft State Budget for the year 2001 provide for allocations for the initial contribution to the Guarantee Fund; 5) prepare amendments of the Law on Privatisation of State-Owned and Municipal Property, which establish the use of a portion of privatisation funds for the Guarantee Fund. I promulgate this Law passed by the Seimas of the Republic of Lithuania. PRESIDENT OF THE REPUBLIC VALDAS ADAMKUS

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