News & publications

Insolvency proceedings of a German citizen declared in Latvia

By a judgment of the Riga District Court on July 21, 2020, the insolvency proceedings of a German citizen in Latvia were declared. The Court, evaluating the provisions of Regulation No. 2015/848 of the European Parliament and of the Council (Insolvency Regulation), concluded that the center of the debtor’s main interests is located in the Republic of Latvia.

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Contractual fraud against client successfully prevented

Atguti-naudas-lidzekli
As a result of the work of attorneys and lawyers of the LUMOS office, the client has managed to receive the payment due from the customer within the framework of the construction contract. Turning to the law firm LUMOS, the client had found himself in an unenviable situation ­– on the basis of a construction contract, construction works had been performed on the real estate owned by the customer, but no payment had been rec...

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Successfully concluded factory purchase deal

RVR nekustamā īpašūma iegāde
A client of LUMOS office has successfully concluded a contract of purchase of real estate for the needs of the plant in the territory of the former Riga Train Wagon Building Plant in the amount of more than 500 thousand euros. Preparation and verification of transaction documentation, as well as identification of risks associated with the transaction, in the interests of the client were performed by the experts of LUMOS off...

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Covid-19: changes in creditor rights

Lumos Covid 19 Kreditoru Paradnieku
The state of emergency due to the spread of the Covid-19 epidemic also affects the relationship between creditors and debtors and the regulation of insolvency proceedings. The Saeima of the Republic of Latvia has adopted the Law “On Measures for Prevention and Management of the Threat to the State and Its Consequences Due to the Proliferation of Covid-19”, which significantly restricts the rights of creditors.

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Filing of creditors claims against PNB bank has begun

On September 12, 2019, a court of Vidzeme suburb of Riga decided to declare the PNB bank insolvent and appoint an administrator. On September 19, 2019, the bank insolvency administrator published in an official state publication an invitation to creditors to submit their claims to the bank.

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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. 

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Operations of PNB Banka have been suspended

On August 15, 2019, the Finance and Capital Market Commission decided on the unavailability of deposits in the bank, which means the actual suspension of the bank operations. Customers of the bank will be able to receive their deposits of up to EUR 100,000 from the Deposit Guarantee Fund by submitting the relevant documents to Citadele banka, which organizes the payment of guaranteed deposits. 

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