The problem of the existence of local one-parameter families of periodic mo
tions (Lyapunov families) adjoining the position of equilibrium of reversib
le systems is investigated. In the most general situation, an analogue of t
he well-known Lyapunov theory is obtained. The bifurcation of the Lyapunov
families when a pair of roots of the characteristic equation passes through
zero is analysed. In particular, it is shown that, with this scenario, in
the non-degenerate case the zero values of the roots are fatal for Lyapunov
families. The effect of a "non-holonomic constraint" is investigated. Peri
odic motions, close to permanent rotations about a vertical, for heavy homo
geneous ellipsoid on an absolutely rough plane, are analysed in an appendix
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