News & publications

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.

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.

LUMOS provides free legal assistance to the organic hemp producer Obelisk Farm, which has been growing hemp and its products for several years to produce various types of food and non-food products, and also encourages and develops the use of hemp production in new industries.

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. 

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.