Are you an individual or legal entity threatened by or already declared insolvency? Our Law Office TADEO can help you and find legal solutions, provide advice and ensure representation throughout the insolvency proceedings, from A to Z.

We offer the following legal services for the issues of insolvency of an individual:

  • legal advice, during which we will provide information about the course and costs of insolvency proceedings and advise on the best legal solutions after evaluation of your situation;
  • drafting the application for insolvency proceedings of an individual for filing with the court;
  • representation of legal interests within the insolvency proceedings in relations with the creditors, the administrator of insolvency proceedings;
  • preparation of the plan for performance of obligations.

Why is legal support required during insolvency proceedings?

During the insolvency proceedings of an individual, a lawyer is able not only to prepare documents of legal nature for filing with the court, but also provides detailed information to the individual about both commencement of the insolvency proceedings, its progress, and represents legal interests so that the insolvency proceedings take place as efficiently as possible.

Please note that the amount of debt obligations does not increase within the insolvency proceedings, i.e. the debt obligation is not subject to late interest, and the monthly income of the individual that serves as basis for performance of the obligations is not reduced; instead, the individual has to make payments during a certain period, making which is the responsibility of the individual himself/herself.

Insolvency proceedings of an individual can be applied if:

  • you have been a Latvian taxpayer for at least 6 months and are facing financial difficulties;
  • it is not possible for you to settle debt obligations that are due and outstanding and their total amount exceeds EUR 5,000;
  • your debt obligations that will become due and outstanding within one year exceed EUR 10,000 in total and you understand, under provable circumstances, that you won’t be able to meet them;
  • during the last 3 years you haven’t provided untrue information to your creditors;
  • you haven’t been found guilty in a criminal procedure in relation to using the granted loan for purposes not specified un the loan agreement or tax evasion;
  • you have not undergone the insolvency proceedings during the last 10 years.