Sorainen senior associate Edvîns Draba met with International Monetary Fund (IMF) expert Adolfo Rouillon during his visit to Latvia in order to discuss issues related to the field of insolvency and restructuring. The visit to Latvia from 1 to 5 October was the third and final visit in the course of an assessment of the Latvian restructuring and insolvency system. As in the previous two IMF visits, Edvîns Draba participated in the assessment as one of the local experts representing the private sector.
The assessment by the IMF is being 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. The IMF was chosen to provide the assessment due to the fact that the Latvian Insolvency Law was developed in close cooperation with IMF experts. The assessment will conclude with a report early in 2019. It is envisaged that the report will provide a good opportunity to fine-tune the legal framework of insolvency and restructuring in order to make it more efficient and rectify established deficiencies.