Dispute Resolution practice News 2024 | Q3

^{The Dispute Resolution Practice of Law Firm Ellex Klavins has prepared an overview of the latest developments in the third quarter of this year, and it includes both amendments to the legal framework and information to be used in practice regarding the arbitration reform and application of the new law.}

^{On the 1st of September, the National Cybersecurity Act came into effect the purpose of which is to boost cybersecurity measures in Latvia and transpose requirements of the European Union directive on measures for a high common level of cybersecurity across the Union (NIS2). We would like to remind you that introduction and maintenance of the cybersecurity strategy is critical to each and every business company which wants to preserve its reputation and trust of customers.}

^{From the 1st of October of this year, amendments to the Civil Procedure Act are in effect concerning deductions from the work remuneration resulting in the amount of deductions being reduced and obligors having a higher motivation to gain legal income in order to gradually repay their debt obligations while keeping the most part of their income to cover their personal needs.}

^{The succession law reform will come into effect from the 1st of January 2025, and its crucial innovation is a limitation on liability of successors cupping it at the size of the inheritance merely. Successors will not have to risk their personal estate if the testator’s obligations were to exceed the value of the estate. It is especially important in cases when the aggregate of inheritance includes both movable and immovable property, including companies or their shares, of which successors do not have more detailed information.}

^{We do hope that the information contained in this overview of the latest developments in law will be of use in daily business operations of our clients and planning thereof. We kindly invite to contact us in order receive more in-depth comments or responses to queries which are so important for successful business.}

^{Dispute Resolution Practice of Law Firm Ellex in Latvia}