Taking counsel: Deadbeat difficulties: Insolvency action as a form of debt collection

Aug 27, 2008
By Madara Berzina [Kronbergs & Cukste]

Since January 1, 2008, when the new insolvency law took effect, the number of insolvency applications has continued to rise. Most such applications are submitted by the tax authorities, but other creditors are with increasing frequency making insolvency applications against bad debtors. An application for insolvency may be submitted if certain preconditions that constitute indications of insolvency are present. One of those indications is the debtor’s failure to meet payments to creditors as ...

password reminder