During debt recovery proceedings, we successfully represented a global provider of market-based sustainability solutions established in the Netherlands, which was a creditor of Vidzeme Eko, a Latvian company engaged in trading in CO2 emission allowances.
Our services included negotiations with the debtor, representation during legal protection proceedings and, later, during the insolvency proceedings of the debtor.
Due to our actions the legal protection proceedings, which had been initiated by the debtor in bad faith in order to delay debt collection or insolvency proceedings, were terminated. Afterwards, we drafted an insolvency petition, pursuant to which the court commenced insolvency proceedings of the debtor. Our further work included drafting and filing a creditor’s claim with the administrator, liaising with the administrator and monitoring the course of the insolvency proceedings.
Our client recovered most of its principal claim against the debtor, which is a rare occurrence for an unsecured creditor during insolvency proceedings in Latvia.
We advised the client in close cooperation with licensed solicitor Carl Walker from law firm Schjødt (London office). The Sorainen team consisted of partner Valts Nerets and senior associate Edvīns Draba.