In Latvia both corporate insolvency and restructuring proceedings are mainly governed by the Insolvency Law adopted in 2010. The law was drafted taking into account recommendations of international creditors of Latvia at that time. In Lithuania insolvency proceedings are regulated by the Law on Insolvency of Companies of the Republic of Lithuania adopted in 2001. Restructurings are regulated by the Law on Restructuring of Companies of the Republic of Lithuania adopted in 2001. Corporate insolvency proceedings in Estonia are regulated by two separate acts of law: a) the Bankruptcy Act adopted in 2004, and b) the Reorganisation Act adopted in 2008.
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