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

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

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.

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

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!

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

Suspension of creditors’ right to file for insolvency

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

Suspension of managers’ duty to file for insolvency proceedings

1) Debtor prepares OCLPP plan & obtains approval from creditors:

- more than 50% non-secured creditors (total of principal claims);

- at least 2/3 secured creditors (total of principal claims).

Who may not vote (on approval the plan): persons in the same group of companies, shareholders (natural persons) with decisive influence and persons who acquired claims against the debtor from the aforementioned persons within the previous 2 years.

2) Debtor and creditors agree on supervisor's candidate during OCLPP.