REPUBLIC OF LITHUANIA

REPUBLIC OF LITHUANIA REPUBLIC OF LITHUANIA LAW ON PRIVATIZATION OF INSOLVENT STATE ENTERPRISES Article

1. Pursuant to the Directive of the Government of the Republic of Lithuania, insolvent state enterprises may be privatized according to the Republic of Lithuania Law on Initial Privatization of State Property for one time state allocations and other purposive allocations, as well as for money (LPM -- coupons), without applying money quotas. Article
2. Prior to the entry into force of the Republic of Lithuania Law on Bankruptcy of Enterprises, state enterprises, the net assets of which have become less than 1/3 of the authorised capital, or (and) enterprises which failed to pay the mandatory payments specified in Part 1, Article 36 of the Republic of Lithuania Law on State Enterprises within three months after the fixed date, may be declared insolvent. Article
3. Legal and natural persons who have presented their tax returns shall have the right to acquire property of insolvent state enterprises which is being sold in pursuance with this Law. Article
4. Enterprises registered in the Republic of Lithuania, with the exception of state enterprises and state stock enterprises, shall also have the right to acquire property of insolvent state enterprises subject to privatization. Vytautas Landsbergis President Supreme Council Republic of Lithuania Vilnius 23 July 1991 No. I-1583