Bankruptcy in the Republic of Latvia for EU citizens
European Union law guarantees the right of EU citizens to freedom of movement within the EU, including the right to choose a place of residence, to work or conduct business in any of the EU member states. This includes the right of a person to file a bankruptcy claim in the country where his or her center of basic interests is located, that is, in the country where the person resides or conducts business activities.
In some cases, filing for bankruptcy may be more beneficial for a person in a country other than his or her country of origin, where insolvency proceedings can be costly, lengthy and burdensome for the debtor.
Filing an insolvency application in a country that is not a country of citizenship or a country of origin is justified only in certain circumstances, namely, a person must prove that his or her center of primary interests is actually located in the EU Member State where the person is submitting an insolvency application which requires a high degree of legal qualification. LUMOS has significant experience and knowledge and successfully provides clients with a full range of legal and technical support to successfully initiate and complete insolvency proceedings in Latvia, as well as to support the execution of decisions of Latvian courts on bankruptcy in the country of origin of a person in accordance with EU law.