Preventive debt restructuring, legal protection (LPP / ELPP) and insolvency

By taking correct early action, companies facing financial distress or insolvency can fully restore their solvency.
Often companies run into financial difficulties or are aware of the threat that they may find themselves in. There are also situations when a company is already threatened with insolvency, but it can be avoided by applying the right solutions in a timely manner. 
By involving our team of experts consisting of lawyers, financial, business management, or tax consultants, we can help you find the best solution. We have experience in solving solvency problems for both small and medium-sized enterprises (SMEs) and large companies.

Potential corporate insolvency issues you may be facing:

Creditors and other stakeholders

As a creditor or another stakeholder, you need to supervise your debtor’s legal protection proceedings and / or extrajudicial legal protection proceedings (LPP and / or ELPP) to ensure that your legitimate interests are respected.

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Company director

As a director of a distressed business, you have a legal responsibility to prevent the company from insolvent trading. Getting early advice can help you clarify your current position and options.

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Business owners or other financially interested stakeholders

As a business owner or other financial stakeholder, you need to manage your potential financial risks, which can include preventive debt restructuring, legal protection proceedings and possible insolvency scenarios.

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Advisor, employee tasked with ensuring financial stability in a distressed business

Advisor, employee tasked with ensuring financial stability in a distressed business, you need to provide the company's governing bodies or other financial stakeholders with clear advice and options for preventive debt restructuring, legal protection and insolvency proceedings.

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Person who develops and / or negotiates the company's financial recovery plan

As the person developing and / or negotiating a company's financial recovery plan, or LPP and / or ELPP restructuring plan, you need to gain majority support from stakeholders, including creditors.

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Board of the company

As the board member of a company in financial distress, you have an obligation to file for insolvency proceedings unless an agreement has been reached with creditors and / or such an obligation is directly required by law and / or the company has no prospect of viability.

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How we can help?

If action is taken early enough, there is an opportunity to restore the company's ability to meet its obligations, rescue the company and business, as well as restructure or even refocus and improve the company's business model.

Recover or salvage investments and other assets of stakeholders, as well as prevent illegal outflow or transfer of assets to another company.

Our corporate insolvency services include:

  • Other necessary assistance in preventive debt restructuring and/or recovery, LPP / ELPP, and insolvency proceedings.
  • Providing monitoring and process oversight of the LPP and / or ELPP process;
  • Development of the LPP and / or ELPP restructuring plan, coordination with stakeholders, as well as administration and management of these processes;
  • Creditor protection during LPP and / or ELPP;
  • Development of a preventive debt restructuring and / or company restructuring plan, coordination with stakeholders, as well as administration and management of these processes;
  • Preparation of applications to insolvency proceedings;
  • Cross-border debt recovery, corporate reorganization;
  • Acquisition and disposal of assets of companies in difficulty;
  • Settlement of collateral issues;
  • Other insolvency issues:

    We can also help creditors and individuals with other innovative and practical solutions. Our sensitive approach, specialist experience and leading-edge methods allow creditors to maximize recoveries while helping individuals avoid a potentially disastrous slide into bankruptcy.

     

    Contact us

    Janis Lagzdins

    Janis Lagzdins

    Head of PwC Legal Latvia

    Tel: +371 67094400

    Ričards Freimanis

    Ričards Freimanis

    PwC’s Flexible Legal Resources leader

    Tel: +371 67094400

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