The Company Lex Fortis addresses the issues of insolvency of both natural and legal persons. We will assume a troublesome and not simple procedure for insolvency registration, upon completion of which you will get the complete, officially confirmed discharge in payment obligations.

The range of Lex Fortis services includes the following:

  • consultation on the issues of insolvency of both natural and legal persons;
  • execution of documents;
  • information collection;
  • protection of the client’s rights and legitimate interests;
  • preparing the documents for bringing a case before the court;
  • ligitation support.

Start with a clean sheet together with Lex Fortis!


Insolvency of the legal person

The proceedings of legal person insolvency compose many actions of legal nature, within the framework of which the property of debtor covers demands of creditors to discharge debtor’s liabilities.

The following persons can submit the petition of legal person insolvency to the court:

  • creditor or creditors, debtor, in case if any evidence of the process of legal person insolvency is available;
  • administrative manager, employee, who is or was in labour relationship with the debtor.

The petition of insolvency (bankruptcy) can be submitted to the court by both the legal person itself and the creditor, if the sum of indebtedness exceeds 3000 LVL (for LLC and JSC) or 1500 LVL (for other legal persons). The court shall examine the case and pass a judgment whether this enterprise is insolvent.

Before submitting the petition of insolvency to the court, it is necessary to weigh the pros and cons, so that proceedings output should be maximally profitable. The Company Lex Fortis will also assist you in it.


Insolvency of the natural person

There are some grounds for initiating of proceedings in insolvency of natural person:

  1. If the debtor (natural person) can not discharge any debts, the total amount of which exceeds 5 000 LVL and which are matured.
  2. In case of provable circumstances that the debtor (natural person) will not be able to discharge the debts, which will be matured during one year, and the total amount of debts would exceed 10 000 LVL.

In addition to the citizens of Latvia, the Company Lex Fortis consults natural persons residing in other countries of the European Union, where the submission of petition of insolvency is impossible for private persons.

Also the clients having the Leave to Remain in Latvia or the Resident Permit apply to us on the insolvency issues. Lex Fortis renders assistance in initiating the insolvency proceedings and represent client’s interests throughout all the proceedings.