A report has been published by the International Monetary Fund (IMF) evaluating Latvia’s insolvency and restructuring regulation. The IMF evaluation was carried out within the “Justice for Development” project co-funded by the European Social Fund which provides for a range of measures aimed at strengthening the Latvian judicial system. In the course of the evaluation, possibilities were assessed for improving the insolvency and restructuring system, with particular focus on supervision of insolvency administrators, transparency of insolvency and legal protection (restructuring) proceedings, as well as ensuring that the best interests of creditors are followed. The report is expected to provide a good opportunity to fine-tune the insolvency and restructuring legal framework in order to make it more efficient and rectify deficiencies identified.
Senior associate Edvīns Draba participated in the evaluation as one of the local experts representing the private sector.
The report in English can be found here.