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Tag: maksātnespēja

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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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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