Insolvency in Latvia

Competent - Legal Certainty - EU Insolvency of Lawyers

The Latvian insolvency proceedings are the most debtor-friendly insolvency proceedings in the European Union. Their aim is to clear the debtor’s debt as quickly as possible so that they can once again fully participate in economic life. They allow for a quick and successful new start.

The costs of creating the structure in Latvia are many times lower than in England, Ireland, and Spain.

Insolvency proceedings are possible in Latvia under the following conditions:

They can be undertaken by any EU citizen who is a citizen of a member state (Austria, Germany, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom).

Thus, all European citizens can enjoy the advantages of the insolvency proceedings in Latvia, provided that:

  • the center of interest (COMI) is in Latvia and you are registered as a taxpayer in Latvia (for at least 6 months) and
  • at the time of filing the application (insolvency), your debts exceed a total amount of 5000,- EURO, become due within one year and cannot be repaid within the set period. This means for you that all claims which have already been titled against you (judgment, reminder and execution notice, notarial acknowledgment of debt) are due immediately and therefore count as debt without further regulation. Loans or leasing contracts, if they are covered by the insolvency, must be due within one year. However, there is also the possibility of including such claims, which lie further in the future (over one year), in the insolvency. Of course, this examination is part of the consultation.

What is an EU insolvency? | What are the advantages of EU insolvency?

An EU insolvency is an insolvency proceeding in a member state of the European Union where there is a more advantageous insolvency law than in your home country. Your creditor loses the right to the claim and can no longer assert it against you within the framework of a levy of execution, seizure of an account, registration of a bank or an economic information file. Once the proceedings have been concluded, you will be rid of your debts. Debt recovery agencies like Schufa and Creditreform must completely delete the negative entries and raise your credit score value to that of a person without debts.

Six months to success.
Expiry of an EU insolvency

1

Insolvenzberater Kanzlei Rieger

Free conversation with a lawyer

Reise nach Riga

Preparing your trip

2

tasse klein

First appointment in our office in Latvia

3

Insolvenzberater Kanzlei Rieger

Preparation of insolvency proceedings

4

Debt-free

Endlich Schuldenfrei

Our Services

  • Preliminary discussion and analysis of your economic situation as well as advice and relocation services for the deregistration of your German residence
  • Advice on tactically correct deregistration
  • Advice on the selection of ideal logistics such as airlines, airports, car ferries, etc.
  • First aid in case of imminent foreclosure, seizure of an account or imminent application by a creditor
  • Help with booking flights and hotel rooms
    Registration with the Office of Migration in Latvia. As with all official appointments, you will be accompanied by a lawyer who speaks German, Latvian, and English.
    Introduction to the living conditions in Riga (transport networks, family doctors, dentists, libraries, shopping facilities, post office, cinemas, theatres, swimming pools, etc.)
  • Discussion of the residential area and rent, followed by a visit to the apartments. As always with us, you will be driven to this appointment and accompanied by a German and Latvian speaking lawyer who will check the rental agreement and clarify all the important formalities in your presence. These include, among other things:
    • Preliminary contracts
    • Deposit
    • Rental agreements
    • Deposits
    • Examination of rental agreements
    • Furnishing the apartment / taking over the apartment
    • carrying out the registration for gas, water, electricity, TV fees, Internet
    • Getting a mobile phone contract. You will also be accompanied to this appointment by a German and Latvian speaking lawyer.
    • Registration of a vehicle (if necessary).
    • Registration of a pet (dog, cat, etc.)if necessary.
    • Ongoing post-digitization and verification by a lawyer.
    • Presentation and discussion with the tax consultant from our team. He will clarify the tax matters for you.
  • Procurement and opening of a private Latvian bank account
  • Registration of health insurance
  • Registration at the German Embassy (Riga) in order to receive consular assistance quicker in case of an emergency
  • Registration, if necessary, with a family doctor
  • You will receive detailed advice from a German and Latvian-speaking lawyer from our team, who will advise you on the insolvency procedures and represent you in further proceedings before the court.
  • He will also handle the insolvency proceedings as well as translations of your titles, judgments, and contracts. We will not leave your side until the proceedings have been concluded. We support you during the entire course of the proceedings. All our employees and partners are available to you by telephone or message via WhatsApp, Telegram, Signal, or e-mail.
  • Filing a claim for bankruptcy in Latvia
  • Accompaniment / advice for appointments
  • Preparation and follow-up of all appointments
  • Support in correspondence / communication with the insolvency administrator
  • Advice / intervention at court or insolvency administrator
Assistance with job search, placement with an agency and, if necessary, placement of business contacts as much as possible in our network.
  • Company formation including all documents (individual statutes, legal advice regarding the possibilities of the new EU regulations | keywords: tax optimization – limitation of the risks of a criminal conviction due to delay in insolvency, tax evasion, bankruptcy, etc.)
  • Procurement of a Latvian company account
  • Preparation of Latvian employment contracts
  • Procurement of trustee services (if required)

Advantages for you

junges paar
Legal und sicher Icon

EU Insolvency: Legal and Secure

Surely,during the search, you will ask yourself whether it is legal to file an EU insolvency abroad. The answer is quick. YES, it is legal and legally certain.

This is made possible by the European Union. Within the European Community, we live in a constitutional state in which laws on interpersonal relations have been created. Every citizen of the European Union has the right to develop freely within these laws and to realize theirinterests and affairs.

Anyone who complies with the laws andobserves the regulations, cannot and will not act illegally or in a way that is forbidden. The European Union guarantees its citizens the freedom of movement and establishment. This means that you can choose the country in Europe where you want to live or manage your economic and legal interests. This also implies that you can choose the country in which you wish to wind up your bankruptcy.

Each EU Member State must unconditionally recognize insolvencies carried out in another EU Member State in accordance to Article 20 of the European Insolvency Regulation.

The best example is the EU driving license. Every EU Member State must recognize unconditionally the driving license obtained in another EU Member State. The same applies to EU insolvency.
Surely, you are wondering where the catch or the trick is. Both consist solely in complying with the regulations in force. We make sure that the laws and regulations are observed and complied with in the implementation of your EU insolvency. This enables us to guarantee quick and easy debt relief.