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Latvia

Winding up

Updated 05/2010

Legal requirements

Winding up a business in Latvia is governed by the Commercial Law and the Insolvency Law.

Types of winding-up

Legislation of the Republic of Latvia provides for voluntary winding-up and winding-up by order of the court.

Voluntary winding-up

When the company itself decides to cease its activities, a voluntary winding-up commences.

Winding-up by order of the court

A company's activities may cease by order of the court:

  • where the company’s founding documents are in breach of the law;
  • the company’s equity capital does not meet the statutory requirements;
  • where the company has not provided an office of the Commercial Registry with the information or documents required by law;
  • where the shareholders have not passed a resolution to wind up the company when they were required to do so according to legislation or the company’s Articles;
  • where the board has not held the representation rights for more than three months;
  • on the occurrence of other events prescribed by law.

An application to the court may be made by the executive board, the supervisory board, a member of the board, a shareholder, an office of the Commercial Registrer and other persons prescribed by law.

Enforced winding-up

A decision on an enforced winding-up is made by an office of the Commercial Registrer - the Enterprise Register. The procedures for an enforced winding-up are prescribed by legislation.

When filing for bankruptcy is the only option left for a business owner, it pays to cut losses, initiate proceedings sooner rather than later, and move on to a new business project.

Administrative procedures

Striking-off

Striking-off from the Enterprise Register

If you have decide to wind up the company, you must give notice to the Enterprise Register within 3 days of that decision. The winding-up shall be carried out by the members of the executive board, if the company’s Articles do not provide otherwise or if the shareholders or the court have not appointed a receiver. You need to inform the Enterprise Register of the receivers' identity.

Striking-off from the register of taxpayers

As a taxpayer, whether you are an individual or a legal entity (the company) you must give notice to the tax authority of your intention to wind up the business within 10 days of the decision.

Help & advice

Help & advice

The Latvian Chamber of Crafts can help with registering a new crafts business, amending founding documents or reorganising a business.

E-mail a business organisation near you

The EU runs a network (Enterprise Europe Network) of local business organisations in most European countries that may be able to help you.

Choose your country and town and enter your enquiry below.

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