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Court Rules Latvian Bank ABLV May Keep Luxembourg Branch

Latvia’s ABLV Bank, accused by U.S. authorities of large-scale money laundering, will be allowed to look for new investors for its Luxembourg branch after a court there ruled against forced liquidation by EU authorities, the bank said, Reuters reported. ...

Daily Headline - global.abi.org - 03/11/2018 - 22:23 - 0 comments

Latvia's ABLV Bank Says Can Pay Liabilities in Full

Latvia’s ABLV Bank, which the European Central Bank (ECB) has ordered wound up, said on Tuesday it had enough assets to cover its liabilities in full under a voluntary liquidation plan, Reuters reported. The ECB said at the weekend that privately held AB ...

Daily Headline - global.abi.org - 02/28/2018 - 00:26 - 0 comments

Latvian Bank Facing U.S. Sanctions Threat Wants Government Bailout

A Latvian bank threatened with U.S. sanctions for allegedly conducting a global money-laundering scheme, including for companies connected to North Korea’s missile program, is seeking more than a half billion dollars in government bailout money in an eff ...

Daily Headline - global.abi.org - 02/23/2018 - 01:10 - 0 comments

Latvia: Amendments to insolvency law

Another package of amendments to Latvian Insolvency Law was adopted in the end of last year. It has partially come into force in January this year; however, the largest part of them will come into force on 1 July 2017, and thereafter. Amendments to the C ...

Resource Article - twallace@abiwor... - 08/30/2017 - 13:37 - 0 comments - 1 attachment

Country Reports Spring 2017

The decision from the Court of Appeal was handed down on 1 March 2017 and has confirmed that if a trust is created by an IVA that trust will continue in the absence of specific terms to bring it to an end. This is despite a debtor having received his cer ...

Resource Article - twallace@abiwor... - 08/14/2017 - 14:37 - 0 comments - 1 attachment

Insolvency Abuse Has Cost Latvia €665 Million, Say Foreign Investors

Even though new insolvency administration legislature has been introduced, there's "a lot to be done" in order to avert its shortcomings, Zlata Elksniņa-Zaščirinska, head of the Foreign Investors Council in Latvia (FICIL), told Latvian Tel ...

Daily Headline - global.abi.org - 04/06/2016 - 21:11 - 0 comments

Isn’t €1 Billion A Year Too High A Cost For Malfunctioning Insolvency Process In Latvia?

On October 15, 2015, at the Outlook seminar experts, decision makers and business representatives in Riga met to discuss the insolvency process and its impact on Latvia’s business and investment climate, The Baltic Course reported. A broad coalition ...

Daily Headline - global.abi.org - 10/19/2015 - 23:21 - 0 comments

Country Reports Winter 2014/15. Updates from Latvia, Spain, France and Romania

After two years of fierce debate a major package of amendments is going to enter into force on 1 March 2015 in Latvia. The most controversial are those relating to personal bankruptcy. Firstly, after the sale of the debtor’s dwelling that served as c ...

Resource Article - abi_admin - 06/02/2015 - 13:22 - 0 comments - 1 attachment

Another Insolvency Claim Filed Against Riga Shipyard

Another insolvency claim has been filed against Rigas kugu buvetava (Riga Shipyard), according to information provided by Firmas.lv. The insolvency case was initiated by the Riga Northern District Court on February 20, according to information published ...

Daily Headline - global.abi.org - 02/24/2015 - 21:52 - 0 comments

New Latvia Law Takes on Legacy of Bad Mortgages

Six years after suffering Europe’s biggest recession, Latvia is trying a controversial recipe used in some U.S. states to free people of household debt, The Wall Street Journal reported. Parliament on Thursday passed a set of laws allowing people to ...

Daily Headline - global.abi.org - 02/19/2015 - 22:38 - 0 comments

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