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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
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