MANDATORY REGISTRATION OF THE BANKRUPTCY ORDER IN LATVIA

PART 1

December 2012

MANDATORY REGISTRATION OF THE BANKRUPTCY ORDER IN LATVIA 

43.15.2 Mandatory registration of the bankruptcy order in Latvia

Latvian law [note 1] [note 2] requires the official receiver to register the bankruptcy order in Latvia if he/she intends to deal with any assets which vest in the bankruptcy estate within the country in the capacity as trustee.  If the official receiver is simply going to disclaim the property (see paragraph 43.15.11), he/she need not carry out the process of registration.

If the bankrupt has a trading establishment in Latvia it is mandatory to register the bankruptcy order whether or not the official receiver intends to deal with assets within the country.

 

43.15.3 Registration of the bankruptcy order

Registration of the bankruptcy order is achieved by submitting a Form M3 (see Annex A) to the Register of Enterprises in Latvia [note 3] [note 4]:

Latvijas Republikas Uznemumu Registrs

Perses Street 2

Riga

LV-1011

LATVIA

There is no fee payable for this service.

 

43.15.4 Example of completed registration Form M3

Annex B is a Form M3 that has been completed in English as an example – but it should be noted particularly that the debtor’s passport details need to be included in the form.  This is an example only, and the Latvian version of the form should be used for the submission.

 

43.15.5 Documents to be included with the submission (amended May 2014)

The Form M3 should be accompanied by a notarised (certified as being correct) translation of both the bankruptcy order and the notice of no meeting [note 5] [note 6].  The Service’s translation agents (see paragraph 32.3.39) can provide a notarised translation.

 

43.15.6 Effect of submission of Form M3

As well as resulting in the bankrupt’s details to being entered into the Latvian insolvency register (http://www.ur.gov.lv/eng/insolvency.html), the submission of Form M3 will also result in the publication of the details of the bankruptcy in the state gazette of Latvia (Latvijas VÄ“stnesis).

 

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