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Creditor’s claim in insolvency proceedings

Why file a creditor’s claim? A creditor’s claim is a document that every creditor must prepare and submit to the relevant insolvency administrator if a person wants to receive at least partial satisfaction of his claim and exercise other creditor rights within the insolvency proceedings. It is important to remember that although in everyday life the term creditor means any person who has a claim against the...

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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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Insolvency proceedings of a legal person

Unlike the commencement of insolvency proceedings of natural persons, an application for insolvency proceedings of a legal person may be submitted to the court not only by the company itself, which is unable to settle its debts, but also by the company’s creditor and employee in cases specified by law.

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Contractual fraud against client successfully prevented

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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