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Wednesday 24.01.2018 | Name days: Krišs, Eglons, Ksenija
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Progress in the realization of insolvency reform in Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUNew regulations listed in the Insolvency Law provide for increasing the role of creditors in the choice of figures supervising legal protection processes, as well as enhancing the work of administrators in supervisory institutions – expanding the capacity and authority of the Insolvency Administration in performance of supervisory functions and raising qualifications of employed administrators, as reported by Justice Ministry.

Latvian Justice Minister Dzintars Rasnacs called a meeting of the Insolvency Matters Advisory Council on Thursday, 20 April to discuss the progress of realization of the insolvency reform.

Members of the advisory council were informed of Justice Ministry’s accomplishments and plans for future improvements of insolvency field. In accordance with Saeima’s amendments to the Insolvency Law, it is necessary to prepare regulations of the new legislation by July, as mentioned in the ministry’s report.

Realizing the administrator profession’s reform, new administrators will be approved by the director of the Insolvency Administrator after they pass all necessary exams. Following their approval, administrators will have to pass exams once every two years. At the same time, administrators’ responsibilities are also expanded, as regulations state that disciplinary action may be used against them in the event of violations, the ministry notes.

After discussing future actions to improve insolvency legislation, members of the Advisory Council agreed that it is necessary to ensure successful realization of objectives listed in guidelines for insolvency policy’s development.

Ref: 225.109.109.5096


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