Процесс реструктуризации или процесс правовой защиты предприятий в Латвии
Restructuring of businesses or legal protection procedure in Latvia

Summary/Abstract: Ten years have passed since the implementation of legal protection procedure (hereinafter – the LPP) for commercial companies established with the view to enable commercial companies to recover from temporary financial difficulties. In general, insolvency proceedings are currently governed by three different laws: The Law on Insolvency of Businesses or Business Companies, the Insolvency Law of 01.11.2007 effective from 01.01.2008, and the new Insolvency Law of 26.07.2010 effective from 01.11.2010; the latter has experienced significant changes upon enactment on 22 December 2016 of the Amendments to Insolvency Law effective from 6 January 2017. The purpose of this article is clarification of the objective and principles of legal protection procedure and identification of the range of subjects in legal protection procedure and the key preconditions to the institution and enforcement of the LLP.

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