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Support for debt restructuring in Latvia

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Support for debt restructuring in Latvia
On 20 September 2019, the project “Support for debt restructuring in Latvia” (“Atbalsts parādu restrukturizācijai Latvijā”) was launched; the project was implemented during a period of 18 months and ended on 31 March 2021. On the closing day of the project several issues were addressed, such as measures implemented by the Ministry of Justice in the field of debt restructuring to support companies in financial difficulties, challenges faced by specialists in adopting EU Directive 2019/1023 into the legal framework of Latvia and implementing the forthcoming amendments to the Insolvency Law, as well as conclusions of the “Support for debt restructuring in Latvia” team on the possibilities of improving debt restructuring solutions and further steps. The closing discussion was attended by Jānis Bordāns, Deputy Prime Minister, Minister of Justice, Jaime Ruiz Rocamora, representative of the European Commission’s Directorate General for Structural Reform Support, Catherine Bridge Zoller and Vladislavs Motrohins, representatives of the European Bank for Reconstruction and Development, Zlata Elksniņa-Zaščirinska, Country Managing Partner of PwC, Helmuts Jauja, legal expert of the project and Jānis Ešenvalds, partner of ZAB RER Lextal, sworn advocate, insolvency process administrator and project legal expert on cross-border insolvency issues. The project is funded by the European Union through the Structural Reform Support Programme and it is implemented by the European Bank for Restructuring and Development (EBRD) in cooperation with the European Commission and a consortium of financial and legal experts managed by PwC Latvia. The aim of this project is to strengthen support for debt restructuring and to improve the capacity to administer cross-border insolvency proceedings through the cooperation of legal and economic experts. Within the framework of the project implementation, special attention was paid to the Directive on Restructuring and Insolvency, which Latvia and other European Union member states must implement by 17 July 2021. The purpose of this new directive is to remove obstacles that keep viable companies and entrepreneurs in financial difficulties from using the restructuring framework, thus allowing them to continue operating. The regulation will ensure a more efficient and successful process of restoring solvency.

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