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Legal assistance in insolvency, extrajudicial legal protection and legal protection proceedings

There is no reliable way of safeguarding oneself or the company against a global or local financial crisis and also other unpredictable or predictable however unavoidable circumstances, that may lead to a state of insolvency, bankruptcy.

Insolvency proceedings in Latvia are a set of measures allowing a bad run in life or business to be put to bed and started over again. It is important for both the creditors and the debtors that the insolvency proceedings are conducted quickly, efficiently and without error.

To attain this, the best solution is to utilize a knowledgeable expert having vast experience in the administration of the insolvency processes.

At the moment that the performance indicators of the company or other circumstances signal forthcoming financial difficulties and possible insolvency, it is high time to consider using the advantages offered by the legal protection process. It gives the possibility to protect the company from interference by creditors that may lead to negative consequences for future business activities, or even completely paralyze such.

The legal protection process and the extrajudicial legal protection process in Latvia will help in the case of short-term financial difficulties, if the businessman is fully aware of their reasons and has a plan to overcome them. In turn, it is important for the creditors to be sure that the debtor will not use the legal protection process maliciously and that the debtor’s intention is to ensure the fullfilment of obligations to the maximum possible extent in good faith, and to continue economic activity.

Latvian business lawyers Rasa & Ešenvalds have accumulated considerable experience in developing the plans for legal protection processes and extrajudicial legal protection processes as well as in their administration, performance monitoring and analysis as requested by the creditors. The partners of the office have also administered a significant number of insolvency proceedings as certified administrators by implementing all types of insolvency procedure methods: rehabilitation, amicable settlement and bankruptcy proceedings.

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