Bankruptcy procedure in Latvia and subjects for applyinginsolvency proceeding

Bankruptcy law in Latvia

Bankruptcy proceedings and reorganizations of insolvent entities and natural persons in Latvia are primarily governed by Insolvency law. Insolvency law applies to the bankruptcy proceedings of legal persons and individuals.

The judicial procedure in bankruptcy proceedings is mainly regulated by Civil Procedure law and the sale of debtor's assets must be organised in accordance with the Civil Procedure law and Insolvency law.

Bankruptcy cases are considered as civil cases and are therefore heard exclusively by the general (civil) courts. Bankruptcy petitions are filed with and heard at the courts of first instance (county courts). All disputes related to the bankruptcy proceedings, including claims aimed at recovering the debtor's assets and disputes over the acceptance of claims, are also heard by the same (civil) court.

Subjects for applying insolvency procedure

Both, individuals and legal entities may be subject to bankruptcy proceedings, with the only exceptions being the state and local government units. Also, a special regulation applies to bankruptcy proceeding for banks and other credit institutions and those proceedings are regulated by the Credit Institution law.

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