On 18 March 2021, the Latvian Parliament adopted amendments to the Latvian Law on the Suppression of Consequences of the Spread of COVID-19 Infection (“the Latvian Covid-19 Law”) that provide for a further extension of the insolvency moratorium.

Suspension of creditors’ right to file for insolvency

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On 23 December 2020, amendments to the Latvian Law on the Suppression of Consequences of the Spread of COVID-19 Infection (the “Latvian Covid-19 Law”) that provide for changes to the regulation of insolvency proceedings came into force.

Reimposed suspension of creditors’ right to file for insolvency

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On 24th April, 2020 the Belarusian Government finally adopted the long-awaited first set of anti-crisis measures to support the economy. Whereas in light of the Covid-19 coronavirus pandemic the vast majority of European countries are implementing measures concerning insolvency proceedings, restructurings and rights of creditors generally, the economic response in Belarus does not yet include amendments to bankruptcy law. It is reported that a bankruptcy proceedings standstill is being considered by the Belarusian Government and Supreme Court.

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Many companies will likely be forced to deal with debts and liquidity issues – one must act smart and promptly to keep the problems from snowballing.

Advice to creditors: Stop the snowballing effect!

Set the credit limit and ask for advance payments

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Many companies will likely be forced to deal with debts and liquidity issues – one must act smart and promptly to keep the problems from snowballing,

Advice to creditors

Stop the snowballing effect!

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Suspension of creditors’ right to file for insolvency

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Suspension of the management board’s obligation to file a bankruptcy application

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Suspension of managers’ duty to file for insolvency proceedings

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Many companies will likely be forced to deal with debts and liquidity issues – one must act smart and early to keep the problems from snowballing.

Advice to creditors: stop the snowballing effect

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In view of the forthcoming Christmas and New Year, we hope that you have been successful in your endeavours and now are happily proceeding to completion of your ongoing projects. As usual, the year-end bustle is speeding up, and Belarus is no exception. In this regard, we are glad to share with you the overview below of the most recent legal and business news.

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