In Latvia, state funds are channelled to support businesses through the state development finance institution ALTUM. State loans by the state development finance institution ALTUM Small, medium-sized and large enterprises facing financial difficulty due to COVID-19 spread may apply for loans to finance their working capital with subsidized/lower interest rates and decreased security requirements of […]
Suspension of creditors’ right to file for insolvency Under the Latvian Covid-19 Law, any creditor (including an employee or the tax administration) is precluded from filing an insolvency application against a debtor (legal person) until 1 September 2020. The moratorium applies to any creditor-debtor relationship and hence is not limited to any industry or to […]
The Lithuanian Parliament has enacted the Law on the Impact of the Effects of the New Coronavirus (COVID-19) on the Application of the Lithuanian Law on the Insolvency of Legal Entities (the “Lithuanian COVID-19 Law”), effective as of 25 April 2020. The Lithuanian COVID-19 Law applies only to companies that have experienced financial difficulties and […]
Suspension of the management board’s obligation to file a bankruptcy application Under the Estonian COVID law the obligation of the management board to file a bankruptcy application is halted. This amendment applies to all legal and natural persons. However, an undertaking that lacks prospects of restoring and continuing its economic activities after the current emergency […]
On 22 March 2020, the Latvian Law on the threat to the state related to the spread of COVID-19 and measures for prevention and remedying its consequences (the “Latvian Covid-19 Law”), as later amended on 3 April and 23 April 2020, came into force. Suspension of creditors’ right to file for insolvency Under the Latvian […]
