Last year, several insolvency administrators abused their powers

In 2023, the Insolvency Control Service set the maintenance and improvement of EMUS as one of the main tasks, improving the working environment of EMUS users and supplementing it with the introduction of digital solutions.

The Service, together with the Ministry of Justice, has put the issue of accessibility of the insolvency process on the agenda of the insolvency sector. Financially and administratively available insolvency procedures are the key for citizens and entrepreneurs to solve their financial difficulties in a timely manner. It is necessary to reduce the number of companies that end up drained of assets in the insolvency process, in order to improve both the creditors’ benefit from the insolvency process and the business environment as a whole.

In order to ensure the transparency of the service’s operation and to promote uniform practice in the application of legal norms governing the insolvency sector, in 2024 the service will start publishing its decisions on the website. In compliance with data protection requirements, anonymized decisions made by the service during monitoring and considering complaints, as well as decisions made by the disciplinary commission, will be published.

In 2024, Latvia will undergo the sixth evaluation round of the Council of Europe’s Expert Committee for the Evaluation of Measures to Prevent Money Laundering and Terrorist Financing (“Moneyval”), which will give an opportunity to show on an international scale that Latvia has significantly improved its indicators in the field of money laundering prevention.

The Insolvency Control Service, as a monitoring and control institution in the insolvency sector, will ensure the preparation and submission of the necessary information, the representation of the area of ​​compliance in a face-to-face visit, as well as the performance of other tasks to be performed for Latvia in accordance with the rules of the assessment procedure of “Moneyval” and the Financial Transactions Working Group.

In 2024, the Insolvency Control Service plans to join the International Association of Insolvency Regulators, where institutions regulating the insolvency industry from around the world gather together. Membership in this organization will provide an opportunity to exchange best practices and the latest trends in the fields of regulatory regulation and supervision of insolvency, and will be a valuable contribution to the development of the insolvency field in Latvia.