Country Report_Latvia - by Niklavs ZIEDS

Following amendments to the Insolvency Law which entered into force on 6 January 2017, restructuring proceedings no longer call for the involvement of insolvency administrators, as the prior concept has been replaced by restructuring supervisors. Whereas restructuring procedures were so far overseen by certified insolvency administrators who had to satisfy strict requirements in terms of their education and compliance with statutory norms, this oversight shall now be carried out by restructuring supervisors, whereby the requirements are merely that they be natural persons with full legal capacity.