Insolvency proceedings

Insolvency proceedings

Often the financial problems of business partners escalate to a point where the only option is to initiate insolvency proceedings. In such cases, it helps if the creditor is aware of his rights in the proceedings so that the proceedings are quicker and the recovery - more efficient.

The BDO Law team has gained more than ten years of experience in working with clients on various insolvency cases, based on Latvian and foreign legal regulations. 

What are the benefits of insolvency proceedings?

  • In the case of a secured claim, it is possible to sell a mortgaged property in a relatively short period of time, guaranteeing that the plaintiff recovers the debt quickly and safely.
  • In addition to the above, insolvency proceedings enable the creditor to effectively address the debtor's dishonest officials, assess board members' liability, and recover claimed damages.
  • After the insolvency proceedings are completed, the plaintiff will be able to recover the VAT paid to the State and will have a positive impact on CIT.

BDO Law team can help you:

  • Assess the financial position of your debtors to find the right solution for faster and more complete debt recovery, which will benefit the development of your business.
  • Prepare the documents, including applications for the commencement of insolvency proceedings of natural or legal persons.
  • Represent the interests of creditors and debtors in insolvency proceedings.
  • Recover debts from insolvent debtors.
  • Represent clients in litigation for damages from board members or business owners.