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Sajadova, Veronika --- "LATVIA" [2019] ELECD 1210; in Kadner Graziano, Thomas; Bojars, Juris; Sajadova, Veronika (eds), "A Guide to Consumer Insolvency Proceedings in Europe" (Edward Elgar Publishing, 2019) 607

Book Title: A Guide to Consumer Insolvency Proceedings in Europe

Editor(s): Kadner Graziano, Thomas; Bojārs, Juris; Sajadova, Veronika

Publisher: Edward Elgar Publishing

Section: Chapter 19

Section Title: LATVIA

Author(s): Sajadova, Veronika

Number of pages: 51

Abstract/Description:

The new Latvian Insolvency Law came into force on 1 November 2010. This law regulates insolvency proceedings concerning legal persons and natural persons, as well as the legal protection proceedings of legal persons. The new law abolishes the possibility of settlement, but instead provides the possibility of concluding an agreement with the creditors and keeping the secured dwelling in the debtor’s property. The law also provides new solutions to insolvency: bankruptcy procedure and the consecutive debt relief procedure. The duration of the insolvency proceedings has been shortened.