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Transposition of the Directive in Latvia
Amendments to the Insolvency Law, Civil Procedure Law and the Law On Protection of employees in case of Insolvency of Employer aimed at transposing the Directive on Restructuring and Insolvency were adopted in March this year and are applicable to proceedings initiated starting from 15 September. Read more about types of proceedings, statutory moratorium, classes of creditors […]
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EU Dictionary of Insolvency Terms
We contributed to the EU Dictionary of Insolvency Terms, prepared by the international law firm DLA Piper, as regards the insolvency and restructuring legal frameworks in Latvia, Lithuania and Estonia. This invaluable resource provides a concise overview of all the corporate, personal and partnership insolvency proceedings for each EU member state. Each proceeding is briefly […]
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EBRD: Baltics ahead in national insolvency policy
The European Bank for Reconstruction and Development (EBRD) has released the 2023 Survey Report of Insolvency and Secured Transaction Regimes. The survey highlights national-level policy issues that prevent companies from being able to restructure funds or declare insolvency. The Baltic countries overall have exceptionally good insolvency policies compared to other countries surveyed. The issues According […]
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Supreme Court declared unfounded claims against Saaremaa Laevakompanii worth more than EUR 60 million
We successfully represented Saaremaa Laevakompanii (an Estonian-based shipping company) before three instance courts in a dispute over the recovery of a compromise agreement of over EUR 60 million. Interest of creditors The dispute started in 2018, when the plaintiffs filed claims against Saaremaa Laevakompanii (SLK) to revoke specific clauses of the compromise agreement in recovery, […]
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Upon transfer of an enterprise, the obligations of a bankrupt enterprise must be fulfilled
We successfully represented the bankruptcy trustee of a bankrupt company in a dispute over the transfer of a company. As a result, the bankruptcy estate will increase by almost 125,000 euros. An important opportunity to increase bankruptcy assets On behalf of the trustee in bankruptcy, we filed an action against a company to which business […]