PARTY’S FAILURE TO FULFILL OBLIGATIONS
In collaboration with BDO tax consultants and auditors, BDO Law has developed, exclusively to its clients, a practical set of solutions regarding the execution of legal protection and insolvency proceedings, that outline the benefits of these mechanisms.
Although we wish you and your business to never face financial difficulties caused by a third party, we want you to be ready to take appropriate legal action, if and when needed. You may encounter such a situation when, e.g., your business partner fails to pay the invoices or repeatedly does not fulfill contractual obligations. Whereas the outcome of a traditional litigation is rarely predictable, the use of legal protection or insolvency proceedings can offer faster and more efficient recovery for a plaintiff.
Being part of a global network with expertise and in this field, we can help your company to recover your money from customers and business partners in Latvia and abroad.
WHY LEGAL PROTECTION PROCEEDINGS?
- Offer your debtors to initiate legal protection proceedings to recover money quicker.
- Debtors successfully settle all their obligations towards your business in a relatively short time, and subsequently resume their solvency and continue their business cooperation with you.
- Propose a legal protection plan taking into account your best interests and the interests of your debtor.
- The opportunity to identify and evaluate potential debt, tax, and financial risks.
Successful legal protection proceedings enable the debtor to overcome short-term financial difficulties and to settle with the plaintiff while preserving the business relationship, which is a win-win for the plaintiff.