As of 1 July 2017, an amendment to the Bankruptcy and Liquidation Proceedings Act will enter into force, aiming at close the loopholes and consolidating the case law. The amendment clarifies the provisions on the disputing of the claim by the debtor and on the statutory requirements of the payment reminder to be sent by the creditor. The regulations on the option right and the transfer of rights and claims for security purposes will also be amended.
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The Latvian office of TGS Baltic has assisted AS DNB Banka and its group companies during the insolvency proceedings of a debtor and in related legal proceedings, resulting in partial settlement of the claims and the takeover of the real properties pledged as security for the loan by a company in the DNB Banka group.