Cross border insolvency: Latvia

A comprehensive overview of corporate insolvency proceedings in Latvia, covering both main proceedings and secondary proceedings as per the country’s legal framework.

It outlines the types of insolvency processes available, including corporate insolvency proceedings (leading to liquidation) and legal protection proceedings (allowing debt restructuring for financially troubled companies). The document details procedural aspects such as creditor rights, initiation conditions, management of insolvent estates, and priority ranking of claims. It also discusses the responsibilities of administrators, court involvement, and cross-border insolvency considerations. Additionally, it covers the liability of company directors, the costs of proceedings, and the effects of closure.

The Latvia chapter was prepared by Ellex experts Māris Brizgo and Raimonds Slaidiņš in cooperation with law firm Sweet & Maxwell.

More information is available here.