Search results for: edvīns
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Salv Technologies improves information-sharing between financial institutions
Sorainen advised Salv Technologies, a financial crime fighting technology startup, in the process of mapping out the legal basis for cross-border information-sharing between financial institutions and presented the findings to Salv’s partners in a virtual workshop which included the representatives of the European Commission and the Council of Europe. Our financial regulatory and data protection […]
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KGAL leases 3 new Airbus A220 aircraft to airBaltic
We advised KGAL Investment Management GmbH & Co. KG (“KGAL”), a leading independent investment and asset manager with an investment volume of €16.5bn, on the leaseback transaction in relation to three new Airbus A220-300 aircraft with Air Baltic Corporation AS, the Latvian national airline and the leading carrier in the Baltic region. The lease agreements […]
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Process of transformation of PrivatBank
We provided legal support to PrivatBank in transferring its client portfolio and part of its assets and liabilities to Industra Bank. The total of the loans included in the transaction was approx. EUR 25 million, and the amount of deposits exceeded EUR 50 million. The transaction received the permission of the Financial and Capital Market […]
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Debt recovery during insolvency proceedings
During debt recovery proceedings, we successfully represented a global provider of market-based sustainability solutions established in the Netherlands, which was a creditor of Vidzeme Eko, a Latvian company engaged in trading in CO2 emission allowances. Our involvement Our services included negotiations with the debtor, representation during legal protection proceedings and, later, during the insolvency proceedings […]
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Andele Mandele PAY registered as an e-money institution
Andele Mandele PAY operates portal andelemandele.lv, one of the largest trade platforms in Latvia. The status of a registered e-money institution will allow customers of portal andelemandele.lv to pay with e-money. This process will both improve the safety of payments and facilitate payment settlement procedures between customers. Registered e-money institution A registered e-money institution is […]
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Veho acquires Silberauto
We acted as legal advisor in Estonia, Latvia and Lithuania for OP Corporate Bank in financing Veho Group. The mandated lead arrangers in the syndicate were OP Corporate Bank, Nordea Bank and Danske Bank. Syndicated financing was the method used to finance the acquisition of Silberauto enterprises. Silberauto, established in 1990, is one of the […]
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One of the region’s largest financial institutions finances transaction involving Food Union Group companies
Sorainen advised one of the largest financial institutions in the region on a financing transaction involving Food Union Group companies. The value of the financing is approx EUR 145 million. Food Union is one of the largest dairy and ice cream producing companies in Europe. It unites companies in 10 countries including Latvia, Estonia, Lithuania, […]
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Nordea and DNB combine Baltic businesses to create Luminor
On 1 October 2017 the largest transaction of combination of operations in the history of the Baltic financial markets was successfully completed – Luminor launched its operations. Nordea, the largest financial services group in northern Europe, and DNB, Norway’s largest financial services group, completed the combination of their banking, leasing and pensions businesses in Estonia, […]
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CPA®:17 – Global announces EUR 127 million investment for majority share in Baltic real estate portfolio
Sorainen advised CPA®:17 – Global on the acquisition of a majority position in a joint venture with real estate investment vehicle “Baltic Retail Properties”. The portfolio includes eighteen retail stores and one logistics facility in locations throughout Lithuania, Estonia and Latvia. The assets are leased on a long-term basis to Kesko Senukai, a leading Do-It-Yourself […]
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Representing creditors in the liquidation of Trasta Komercbanka
Sorainen Latvia is representing foreign creditors from different jurisdictions (EU and non-EU) in the liquidation of Trasta Komercbanka, a credit institution (bank) registered in Latvia. Our work is related to advising creditors on the liquidation proceedings, drafting and filing creditors’ claims, liaising with the liquidator, resolving issues related to payout within the deposit guarantee scheme […]
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Nemo Telecom registers European Community trade mark NEMO
SORAINEN advised Nemo Telecom in registering the European Community trade mark “NEMO”. Nemo Telecom is a TV services provider known for its advanced Nemo TV service, which works on an OTT platform (Over the Top – over the network of any Internet provider) and is supported by different devices – from Smart TV sets to […]
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Protecting the security and competitiveness of the Baltic high-tech sector at the Innovators Next Door Project
With an increased risk of malicious use of innovative dual-use technologies from the Baltics, the Innovators Next Door tech security initiative brings together industry, civil society and government stakeholders to strengthen the policy, practice, and cross-sector networks that protect the Baltic high-tech sector. The Project is coordinated by Motive International, a US social enterprise, with […]
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Edvīns Draba contributes to evaluation by the International Monetary Fund
A report has been published by the International Monetary Fund (IMF) evaluating Latvia’s insolvency and restructuring regulation. The IMF evaluation was carried out within the “Justice for Development” project co-funded by the European Social Fund which provides for a range of measures aimed at strengthening the Latvian judicial system. In the course of the evaluation, […]
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International Monetary Fund expert Adolfo Rouillon pays another visit to Latvia
Sorainen senior associate Edvîns Draba met with International Monetary Fund (IMF) expert Adolfo Rouillon during his visit to Latvia in order to discuss issues related to the field of insolvency and restructuring. The visit to Latvia from 1 to 5 October was the third and final visit in the course of an assessment of the […]
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International Monetary Fund (IMF) expert Adolfo Rouillon visits Latvia
Sorainen associate Edvîns Draba met with International Monetary Fund (IMF) expert Adolfo Rouillon during his visit to Latvia in order to discuss issues related to the field of insolvency and restructuring. The IMF visit to Latvia from 14 to 18 May is in the course of an assessment of the Latvian judicial system. Edvîns Draba […]
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Senior associate Andris Tauriòð becomes professional patent attorney
In December 2017, Sorainen senior associate Andris Tauriòš, head of our Communications, Media & Technology (CMT) Sector Group in Latvia, became a licensed professional patent attorney specialising in trade marks. On registration in the list of professional patent attorneys, Andris is entitled to represent foreign clients at the Latvian Patent Office on trademark-related issues, including […]
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Discussion on upcoming regulation for peer-to-peer lending platforms in Latvia
Following a request from the Latvian Alternative Financial Service Association (LAFPA), on 3 November 2016, Sorainen associate Edvîns Draba attended a discussion on “Peer-to-peer lending regulation: Latvia’s opportunity to be competitive in Europe” organised by the LAFPA at the premises of development finance institution ALTUM in cooperation with peer-to-peer lending platforms – Mintos, Twino, and […]
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Edvîns Draba joins the Latvian Association of Patent Attorneys
At the end of March this year, SORAINEN Latvia associate Edvîns Draba became a member of the Latvian Association of Patent Attorneys. Edvîns handles issues related to trade mark survey, registration, portfolio management, divestment and disputes. Thus SORAINEN is currently represented at the Latvian Association of Patent Attorneys by two professional patent attorneys, trademark specialists […]
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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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INSOL Europe Newsletter Spring 2023: Insolvency & Restructuring Statistics: Update from Latvia
Our senior associate Edvīns Draba has contributed to INSOL Europe Newsletter Spring 2023, telling more about insolvency and restructuring statistics in Latvia. Read the full newsletter HERE.
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Fintech Latvia Association: The pulse of FinTech industry in Latvia
FinTech report – a look at the state of the country’s FinTech ecosystem, sharing key growth metrics and emerging trends. Our colleagues Agneta Rumpa and Edvīns Draba have shared some insights regarding the FinTech industry from the legal perspective. You can find full report HERE.
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EBRD: Business Reorganisation Assessment
The European Bank for Reconstruction & Development (EBRD) has completed its Business Reorganisation Assessment, which was launched in 2020 in response to the economic crisis generated by the Covid-19 pandemic. As a result, the main EBRD Assessment Report was published in January 2022. The report provides a comprehensive cross-jurisdictional analysis of business reorganisation tools and stakeholders’ […]
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Eurofenix: Amendments to insolvency law and new relief
Several amendments to the Latvian Insolvency Law have been adopted over the course of the Summer. In addition, a separate law providing for the discharge of obligations of natural persons has been passed and will come into force on 1 January 2022. Here is an outline of these changes. Our colleague Edvīns Draba sharing the […]
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International Comparative Jurisprudence: Conditions for the bankruptcy of natural persons which Baltic state is the most attractive for bankruptcy?
There are many natural persons who can no longer meet their debt obligations in the Baltic states. For them, overindebtedness is not just a temporary problem – various factors have led to an increase in the number of insolvent natural persons. As shown by economic examples, the insolvency of natural persons is caused by excessive […]
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Overview of the regulation of restructuring and insolvency in Europe
Senior associate Edvīns Draba contributed an article on Latvia to an overview of the regulation of restructuring and insolvency in Europe (Münchener Kommentar zur Insolvenzordnung). https://www.beck-shop.de/art-102_102a-eginso-euinsvo-laenderberichte/product/25386951
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INSOL Europe/LexisPSL: How EU Member States recognise insolvency/restructuring proceedings commenced in third country states
Senior associate Edvīns Draba has contributed to the joint project by INSOL Europe and LexisPSL on ‘How EU Member States recognise insolvency and restructuring proceedings of a third country’, providing an outline on the recognition of insolvency and restructuring proceedings commenced outside the European Union, and, in particular, English restructuring proceedings, in Latvia. Full report […]
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INSOL Europe Coffee Breaks: Connecting Minds 2021
INSOL Europe continues their Coffee Breaks: Connecting Minds series established in 2020. This year, the INSOL Europe Country Coordinators will share their experiences with representatives from their local associations, highlighting the reforms and challenges of the national insolvency framework to address the current crisis and other key issues in their jurisdiction. Watch our senior associate Edvīns Draba’s participation in a […]
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INSOL Europe COVID Coffee Break webinar
Keep up to date and stay informed about the latest developments! Watch our senior associate Edvīns Draba’s participation in a COVID Coffee Break webinar here. Other INSOL Europe webinars related to the COVID-19 situation are available here.
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Wrongful trading and directors’ liability – Latvia
Generally speaking, wrongful trading is the special form of liability where a director of a company is liable for damages towards the creditors for the mismanagement of an insolvent company. A special feature of the wrongful trading concept is that it may give rise not only to the liability of the director of the company […]
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Latvian Banks Told To Prepare For ‘No Mercy’ Enforcement
Latvian authorities have handed a €1m fine to Rigensis Bank for violating an array of financial crime laws, the latest direct action taken by the country as it seeks to implement a suite of legislative reforms. The Financial and Capital Market Commission (FCMC) announced on Monday it was issuing a penalty to the Riga-based institution […]
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Doing Business 2019. Training for Reform
Sorainen team has contributed to the sixteenth edition of a Wolrd Bank Group flagship publication Doing Business 2019: Training for Reform. It is the 16th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. Doing Business measures regulations affecting 11 areas of the life of a […]
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Doing Business 2019. Training for Reform
Sorainen team has contributed to the sixteenth edition of a Wolrd Bank Group flagship publication Doing Business 2019: Training for Reform. It is the 16th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. Doing Business measures regulations affecting 11 areas of the life of a business. […]
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The World Bank Group – Doing Business 2016: Measuring Regulatory Quality and Efficiency
“Doing Business 2016: Measuring Regulatory Quality and Efficiency” is the 13th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulation and the protection of property rights that can be compared across 189 economies—from Afghanistan to Zimbabwe—and over time. This […]
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The World Bank Group – Doing Business 2015: Going beyond efficiency
“Doing Business 2015: Going beyond efficiency” is the 12th in a series of annual reports providing objective measures of business regulations for local firms in 189 economies. It ranks the economies in 11 areas of business regulation, such as starting a business, paying taxes and resolving insolvency. Sorainen contributes every year to the World Bank’s Group […]