News & publications

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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Right to be forgotten

Lumos-right-to-be-forgotten
Modern human life is inconceivable without modern technology. Modern technology enables us not only to get information in a fast and easy way, but also to share it. However, such an advantage comes with a major challenge, especially with regard to the protection of personal data.

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Liability for Animal Damage – Regulation in Latvia

Atbildība par dzīvnieku nodarītiem kaitējumiem
Liability for Animal Damage – Regulation in Latvia, Draft Common Frame of Reference, Lithuania, Estonia and Germany Pet keeping has been widespread for a very long time, and as it can be seen every day, the tendency to keep pets has certainly not diminished nowadays. However, once a person chooses to keep a pet, the person also takes responsibility for the behavior of the pet and the harm it can do to others. The scope...

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Insolvency proceedings of individuals in Latvia

maksatnespeja
Most of us have experienced periods in our life when unexpected circumstances lead to a fall in income or unexpected expenses. Typically, such situations are temporary and can be resolved by borrowing additional funds, distributing payments due or outlasting financially precarious times in other ways.

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Establishment of COMI and insolvency in Latvia

On 3rd December 2019 leading Latvian legal journal Jurista Vards has published an article “Determination of the centre of main interests (COMI) in cross-border insolvency proceedings”, authored by Aleksandrs Locans, an attorney-at-law and insolvency practitioner. The article addresses issues of application of the law in situations where a citizen of another European Union country permanently resides or has established...

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Company registration in Latvia

Latvia has consistently ranked among the top 20 of the 190 ranked world economies in the Doing Business Ranking maintained by the World Bank since 2015, reaching a high of 14 in 2016. LUMOS provides everyone considering starting a business in Latvia a brief overview of the Latvian regulations regarding the types of companies, the procedure of their formation and the applicable tax regime.

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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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