Choose a reliable Law Office that will be able to not only wisely and quickly prepare the required insolvency documentation for filing with the court but also successfully attain a beneficial result in insolvency proceedings.

Our lawyers can assist you in insolvency matters with the following services:

  • legal advice regarding commencement and consequences of legal protection proceedings;
  • legal advice, during which we will provide information about the course and costs of insolvency proceedings as well as provide the best legal solutions after evaluating the financial situation of the company;
  • drafting the application for legal protection proceedings for filing with the court;
  • drafting the application for insolvency proceedings of a legal entity for filing with the court;
  • representing legal interests both during the legal protection proceedings and within the insolvency proceedings in relations with the creditors, the administrator of insolvency proceedings;
  • preparation of the plan for performance of obligations.

Insolvency proceedings of a legal entity can be applied if:

  • The amount of debt obligations of the LLC or JSC, which have become due and outstanding, exceeds EUR 4,268 and a creditor or creditors have sent a warning regarding the application for insolvency proceedings, following which the debtor has not paid the debt within a period of three weeks or has not brough justified objections against the claim.
  • The amount of debt obligations of a different legal entity (such as individual merchant, farm, partnership, cooperative company), which have become due and outstanding, exceeds EUR 2,134 EUR and a creditor or creditors have sent a warning regarding the application for insolvency proceedings, following which the debtor has not paid the debt within a period of three weeks or has not brough justified objections against the claim.
  • A legal entity has failed to fully pay salaries, indemnification for damage to the employees or has not paid mandatory social insurance contributions within two months from the date set for payment.
  • A legal entity has failed to settle debt obligations, which have become due and outstanding, for more than two months.
  • It has been established during liquidation proceedings that the assets of the debtor are not sufficient to satisfy the claims of creditors.

Legal protection proceedings (TAP)

  • The objective of the proceedings is to restore solvency of the company.
  • Commencing legal protection proceedings may be requested by legal entities, partnerships, individual merchant, a person registered in a foreign country that is performing permanent economic activity in Latvia and a producer of agricultural products.

Why is legal support required during insolvency proceedings?

During the insolvency proceedings of the company, a lawyer is able not only to prepare documents of legal nature for filing with the court, but also provides detailed information to the representatives of the company about the commencement of legal protection proceedings and insolvency proceedings, its progress, and represents legal interests so that the insolvency proceedings take place as efficiently as possible. By entrusting insolvency proceedings to the lawyers of TADEO, you protect yourself and your company against unforeseen financial losses.