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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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