There is no sure way to protect yourself or your undertaking from global or local financial crises or any other unforeseeable or foreseeable, but imminent, circumstances that may result in insolvency. An insolvency process is a set of measures that allows you to end an economically unsuccessful phase of your life or undertaking and start afresh all over again. It is crucial for both creditors and debtors to conduct the insolvency (bankruptcy) proceedings quickly, efficiently and error-free.
To this end, the best solution is to engage a knowledgeable expert with extensive experience in the administration of insolvency proceedings. When a company’s performance or other circumstances indicate impending financial difficulties and potential insolvency, it is high time to consider using the legal protection proceedings.
It is an opportunity to protect the company from the intervention of creditors with a potential adverse effect on the company’s future operations or even a complete halt thereof. The legal protection proceedings (LPP) and the extrajudicial legal protection proceedings (ELPP) are helpful when dealing with short-term financial difficulties provided that the undertaking is aware of the cause and has a clear plan to overcome the difficulties. On the other hand, the creditors must make sure that the debtor does not abuse the legal protection proceedings, and its purpose is to ensure the performance of obligations in good faith to the maximum extent possible, as well as to continue the economic activity.
The lawyers and jurists of the “Rasa, Ešenvalds un Radziņš” Law Office have accumulated considerable experience in drafting plans for both legal protection proceedings and extrajudicial legal protection proceedings, as well as the administration, monitoring and analysis thereof at the request of creditors. The partners in our law office have also conducted several hundred insolvency proceedings in the capacity of certified insolvency administrators, implementing all types of insolvency proceedings – reorganization, settlement, and bankruptcy proceedings, as well as overseeing a significant number LPP and ELPP involving large-scale assets, often ensuring the restoration of solvency.
Jānis Ešenvalds, one of the partners at our law office, is a recognized expert, practitioner and lecturer in cross-border insolvency proceedings in Latvia, and he has gained considerable experience in both foreign creditor protection matters and protection of debtors’ interests in Latvia, the European Union, and outside the EU. Establishing the centre of key interests and disputes is our thing!