We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published bySydnee Lugg
Modified about 1 year ago
Specifics of Latvian Insolvency system Case study Helmuts Jauja Managing Associate, Deloitte Latvia Riga, 28 November 2013
Case no 1
© 2013 ZAB Deloitte Legal Case no 1 3Specifics of Latvian Insolvency system | Case study Vs SIA “Ceturta planeta” claim approx. EUR 5 000 000
© 2013 ZAB Deloitte Legal Case no 1 2009: SIA Ceturta planeta filed for Legal protection proceedings (LPP) and obtained the protection 2010: SIA Ceturta planeta went to insolvency proceedings less than 1 month after commencment of LPP The insolvency administrator rejected the Bank’s claim 2012: while the Bank was litigating the administrator terminated the insolvency proceedings 2013: The Constitutional court: the problem was in wrong application of the law rather than in rules of the law 4Specifics of Latvian Insolvency system | Case study
© 2013 ZAB Deloitte Legal Specific details The LPP was approved by a “last minute” secured creditor The LPP of SIA Ceturta Planeta was convetred to insolvency proceedings in less then 1 moth after commencment of LPP The auctions for sale of assets took place in Ventspils on early morning The assets again under control of debtor’s owners now 5Specifics of Latvian Insolvency system | Case study
Case no 2 6
© 2013 ZAB Deloitte Legal Case no 2 7Specifics of Latvian Insolvency system | Case study VS SIA Winergy Claim approx EUR 17 000 000
© 2013 ZAB Deloitte Legal Case no 2 June 2013: SIA Winergy filed for Legal Protection Proceeding September 2013: The court rejected the LPP plan November 2013: SIA Winergy went to insolvency proceeding 8Specifics of Latvian Insolvency system | Case study
© 2013 ZAB Deloitte Legal Specific details Legal address changed before filing for LPP o The LPP approved by a “last minute” secured creditor: o EUR 35 000 000 claim (2/3 of votes) o secured by the pledge on ….. a trailer «Respo» 9Specifics of Latvian Insolvency system | Case study
© 2013 ZAB Deloitte Legal Specific details 2 Insolvency administrator of LPP reported to the court that LPP plan was sound SIA Winergy was declared bankrupt because of approx. EUR 5500 claim of related company 10Specifics of Latvian Insolvency system | Case study
Other publicly known cases
© 2013 ZAB Deloitte Legal Palink Delfins Partneri DK Holdings Tērbatas biznesa centrs 12Presentation title
© 2013 ZAB Deloitte Legal The insolvency system is still dangerous to investments The main problem: abusive application of the law Fighting abuse rather than amending the laws 14Specifics of Latvian Insolvency system | Case study
“Deloitte” is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients. These firms are members of Deloitte Touche Tohmatsu Limited (DTTL), a UK private company limited by guarantee. Each member firm provides services in a particular geographic area and is subject to the laws and professional regulations of the particular country or countries in which it operates. DTTL does not itself provide services to clients. DTTL and DTTL member firm are separate and distinct legal entities, which cannot obligate the other entities. DTTL and each DTTL member firm are only liable for their own acts or omissions, and not those of each other. Each of the member firms operates under the names "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other related names. Each DTTL member firm is structured differently in accordance with national laws, regulations, customary practice, and other factors, and may secure the provision of professional services in their territories through subsidiaries, affiliates, and/or other entities. Deloitte Central Europe is a regional organization of entities organized under the umbrella of Deloitte Central Europe Holdings Limited, the member firm in Central Europe of Deloitte Touche Tohmatsu Limited. Services are provided by the subsidiaries and affiliates of Deloitte Central Europe Holdings Limited, which are separate and independent legal entities. The subsidiaries and affiliates of Deloitte Central Europe Holdings Limited are among the region’s leading professional services firms, providing services through more than 3,900 people in 34 offices in 17 countries. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's approximately 200,000 professionals are committed to becoming the standard of excellence. © 2013
Results of CFO Survey in Central Europe The only way is up Gavin Hill Partner, Central Europe.
© 2013 Deloitte Belgium DEF-Debate “Cyber Security – Risks and Opportunities for Europe’s Economy ” May 21 st 2014 Erik R. van Zuuren Director Deloitte.
KNR- Studiedag 25 september 2013 Btw-checklist. © 2013 Deloitte The Netherlands KNR Studiedag Btw-checklist 1.
Investing in Poland Selected tax aspects 6 November 2013 Tel Aviv, Israel POLISH-ISRAELI ECONOMY & BUSINESS FORUM.
© 2010 Deloitte Touche Tohmatsu Sustainable Business Australia Counting the beans - retro-fitted commercial buildings Chris Leach Partner, National Leader.
Deloitte Forensic Forensic Technology Conference of Regulatory Officers - CORO November 2012.
Recruitment through social media What is it all about? Delphine Berlemont | Head of HR Operations Beatriz Baena Jiménez | Head of Marketing & Communications.
SAM risk-free rate workshop Swaps versus bonds Lindy Schmaman.
CPA Australia Chris Richardson 19 November The big picture: World income shares.
Josef Kotrba (on behalf of Andrew Flower) Prague, September 2014 Role of expert in international arbitration.
Unraveling technology speak October 2012 Steve Hallam Partner, Deloitte Digital.
Financial structure, management, and IFRS Reporting Creating value for growth Presenter: John Robinson Partner.
© 2013 Deloitte Global Services Limited Growing Markets for Social Impact September 16 th, 2014 Global Public SectorThinking people.
MIS 374 Christine Lyman, Sr. Manager Jan 2015 Root Cause Analysis.
Taxation of Individuals Robert Bezecný 23 February 2016 Practical tips & hints.
Credit Management Services Bastian De Preter - Manager Sabrina Valotto – Senior Consultant Order To Cash Great Untapped Potential.
Public Hearings Companies Bill, Submission to the Portfolio Committee on Trade and Industry August 2008.
Mike Wyatt, Director State Public Sector Cyber Risk Services October 2014 As used in this document, “Deloitte” means Deloitte & Touche.
Georgia Gateway– Integrated Eligibility System (IES) WIC Customer Service Conference August 2015.
© 2011 Deloitte Corporate Finance Limited - Private and confidential Developing for the future, for more sustainable returns and higher value Question:
© 2013 Deloitte Global Services Limited 2nd Global ABC Conference and Exhibition October 2013 Global Migration and Border Management Next Generation Smart.
1 Copyright © 2006 Deloitte Development LLC. All rights reserved. The Case ABC Automotive Products has selected you to advise them on the sale of their.
Development of the discharge procedure for secured creditors’ claims in insolvency proceeding.
The Corporate Laws Amendment Bill, B6/2006. © 2006 Deloitte Touche Tohmatsu Corporate Laws Amendment Bill, B6/2006 – 29 May 2006 Introduction Presenting.
Pricing for value Tom Friedman, Principal Deloitte Consulting LLP Global Consulting Leaders Symposium December 5–7, 2007.
DoC NTIA Digital-to-Analog Converter Box Coupon Program NPRM Nicholas Van Dongen, Senior Manager Allen Hockenbury, Senior Manager November 14, 2006.
© 2012 Deloitte LLP. Private and confidential. FATCA Update for Individuals Alex Jones November 2013.
Eastern Australia’s gas market: Managing supply & demand Striking a balance between domestic supply and export opportunity Presenter: Stephen Reid, Partner,
© 2014 McGladrey LLP. All Rights Reserved. June 30, 2014 Emergency Medical Services Authority Data portrayed in the attached graphic presentations were.
Promoting Inclusion and Diversity Omar Fahoum, Chairman, Deloitte Middle East Global Employer’s Summit Bahrain October 07, 2015 Lifting participation.
Risk Intelligence Map – Board level output. ©2009 Deloitte Touche Tohmatsu India Private Limited Risk Intelligence Map – Board level output Objectives.
1 Copyright © 2006 Deloitte Development LLC. All rights reserved. The Case ABC Molecular Imaging is seeking an Investment Bank to advise them on the sale.
Deloitte UK screen 4:3 (19.05 cm x cm) © 2013 Deloitte LLP. All rights reserved. April 2013 Parameters of Competition for a Turkish International.
SmartSafety Insights, not instincts The innovative data driven approach to a safer workplace Coert du Plessis, Partner, Deloitte 22 November 2011.
Funding of and Repatriating Profits for Russian Companies: recent developments. Kulakov Dmitry September 22, 2006.
IT Control Weaknesses, IT Governance and Firm Performance Discussant Comments Gary Baker, Partner, Deloitte & Touche LLP Saturday, October 13, 2007.
P&E business services LTD International Tax planning TEL: , Charalambou Mouskou 20, Anthindorou Business Centre, Office No.301, P.O.Box.
Managing Tax Affairs in Emerging Markets Jayne Stokes Khadija Idboujnane April 2014.
The lawdraft About modification and additions in Federal law About insolvency (bankruptcy) (regarding bankruptcy of the credit institutions)
If it’s covered, it counts... ICPAK Budget Review Seminar Presented by Maurice Wangutusi 16 June 2011, Laico Regency Hotel.
Shrine Treasurers Association 1. What are the Various Business Structures? Sole Proprietorship Partnership Corporation Limited Liability Partnership (LLP)
© 2011 Deloitte Global Services Limited United Nations Global Compact Management Model Signatory Training.
Republic of Latvia Nexia Annual Conference, Delhi, October 2008.
A high-level and hands-on approach for organizations to deal with counterfeiting and piracy. Jan Corstens WIPO Moscow
Limited Liability Limited liability means the owners or shareholders only lose the value of their investment in the business if the business goes bankrupt.
Risks and Controls A day in the life of our Advisory Practice November 2015.
Michael H. Plowgian August 9, 2014 FATCA, Extraterritoriality, and the Path to the OECD- Standard on Automatic Exchange of Information (“AEOI”)
Practical Aspects Of Participating In The Ontario Power Markets CERT Conference Pat Concessi, Partner – Global Energy Markets May 31, 2005.
ALRUD Confidential 1 LIQUIDATION AND BANKRUPTCY OF LEGAL ENTITIES IN RUSSIA May 2015 Maria Ostashenko Of Counsel.
BUSINESS AND LAW LAW FIRM ABOUT US Legal firm “Business and Law” has been providing legal expertise in the.
© 2017 SlidePlayer.com Inc. All rights reserved.