Another package of amendments to Latvian Insolvency Law was adopted in the end of last year. It has partially come into force in January this year; however, the largest part of them will come into force on 1 July 2017, and thereafter. Amendments to the Civil Procedure Law affecting insolvency and restructuring proceedings came into force in January, as well.
Legal protection proceedings
An “open market” principle has been introduced with regard to persons who are entitled to supervise restructuring proceedings. Hence, creditors will now be able to decide to appoint any individual to supervise the restructuring proceedings, who should not necessarily be a certified administrator.
Location