As a transition economy, Latvia has experience in applying four different insolvency laws since the restoration of its independence in 1991. The most rapid modernization of the Latvian insolvency legal framework took place during the last five years, promulgating one completely new Insolvency Law just to abandon it after less than three years and adopt an even more modern law instead.
These laws are as follows:the law “On the Insolvency of Undertakings and Companies”,enacted in 1996 (hereafter – Insolvency Law 1996), the Insolvency Law, enacted in 2008(hereafter – Insolvency Law 2008)and the Insolvency Law, enacted in 2010 (hereafter – Insolvency Law 2010).
