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Many commercial businesses are suffering under the current circumstances and are looking to re-negotiate the terms of their lease. Below is a short overview of the opportunities provided by Latvian law to assist tenants with this kind of negotiations.

Kronbergs Cukste Levin has advised environment management group Eco Baltia on the sale of a controlling stake in the company to INVL Baltic Sea Growth Fund. Vilgerts and Primus Derling reportedly advised the buyers on the deal, which remains subject to regulatory approval from the Lithuanian Competition Council.

Although amendments to the Commercial Law regarding the possibility for shareholders to participate in meetings using electronic means of communication have been discussed for a long time, the state of emergency due to COVID-19 in Latvia and social distancing restrictions require the legislator to act immediately.

A new opportunity for Latvian entrepreneurs was presented on 5 March at The Nasdaq Riga bell ceremony – the European Union (EU) funding program to attract capital on the stock exchange. The new instrument offers a wide range of funding opportunities for the issuance of shares and corporate bonds by small and medium-sized enterprises.

Governments in each of Baltic countries has adopted a special temporary laws on measures for companies to manage the consequences of the spread of coronavirus. See summarized legislation amendments concerning support to enterprises and tax solutions which were implemented by Latvia, Lithuania and Estonia.

The same as the majority of the European countries, Latvia also, first of all, thinks about solidarity between the state and entrepreneurs on the prevention of the immediate unemployment situation. In order to motivate entrepreneurs affected by the crisis not to discharge employees, having idle-time, and to try to wait for the transfer from the crisis and restrictive measures, the state offers to pay out idle-time benefit for employees of the companies, temporarily not being able to employ and pay out a salary to them during the period of idle-time as a result of the crisis. Since the Cabinet of Ministers extended emergency situation until 9 June, idle-time benefit will be available until 30 June.

In August 2007 crime fiction admirers in Latvia were thrilled to read a book, Kitchen Justice, describing an influential litigation attorney, the trial cases his office handled, and his secret relationship with judges and public figures. The protagonist was immediately recognized by readers, and the legal community was able to identify heroes less known to the public: the judges in the legal proceedings, who were privately communicating with the prominent attorney about the cases they were working on. It was apparent that the disguised author had based his fictional novel on a real-life characters and cases, and without delay, Latvia’s Chief Justice convened an extraordinary session of Supreme Court judges to set up a special panel of five reputable judges with a mandate to investigate the novel’s plot. The commission interviewed dozens of judges who had been identified in Kitchen Justice.

Latvia’s Leading Commercial Lawyers Consider the Country’s New Economic Affairs Court

In 2019, amidst the money-laundering scandal of a Latvian bank and the increasing risk that the country would be included in the Financial Action Task Force’s so-called “Grey List,” Latvia’s Financial and Capital Market Commission introduced new regulations on Anti-Money-Laundering and Counter Terrorism Financing (AML/CTF) and Sanctions.

The Labor Law of Latvia states that an employer is generally prohibited from dismissing employees with disabilities and has to provide such employees with adequate jobs. Employees with disabilities can be dismissed, however, on these grounds (and only these grounds): a) misbehavior; b) inability to perform the contracted job; or c) the employer’s liquidation. Additionally, until a recent judgment of the Supreme Court of Latvia, employers were unable to bring actions in court seeking the dismissal of employees with disabilities.

Theis Klauberg took a circuitous route to managing his eponymous firm in the Baltics. He began his education in Germany, at the University of Hamburg, Heidelberg University, and Humboldt University of Berlin, before obtaining an LL.M. at the University of the Western Cape in South Africa, then concluding his formal education with an MBA at the Baltic Management Institute. His professional career has been no less diverse, as he has worked in Germany, Latvia, Lithuania, Estonia, Belarus, and Zimbabwe.

Latvian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

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