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Insolvency law revised

Jul 21, 2010
From wire reports

RIGA - Saeima’s Economic, Agricultural, Environmental and Regional Policy Committee on July 14 reached agreement on borrowers’ insolvency provisions in the new Insolvency Law, reports news agency LETA. The law will now provide that, if a borrower’s income is sufficient to cover at least 50 percent of total liabilities remaining after the completion of the bankruptcy procedure (the sale of the mortgaged property), the insolvency process will continue for one year. If a borr ...

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