Economic impact of insolvency abuse reaches EUR 665 million

Apr 29, 2016

On April 6, Foreign Investors Council in Latvia (FICIL) presented its Insolvency Abuse Report that FICIL carried out in cooperation with Deloitte. The report analyzes the main indicators of insolvency abuse, its impact on the economy and the resulting losses to the society.

An effective and transparent insolvency procedure is one of the key components that ensures solid economic growth and stability. According to the World Bank an effective legal framework should provide for timely, efficient, and impartial resolution of insolvencies and prevent the improper use of the insolvency system. If the insolvency proceedings are misused, such abuse may result in significant negative impact on the economy and result in losses for the key stakeholders of the economy: businesses, investors, employees, and the public sector. The entire report is available here:

FICIL is busy working towards the upcoming High Council that will be held in May 26-27,  2016. The key theme of FICIL`s 20th High Council meeting will be "Back to the future" with an aim to look back on what has been done in the previous ten years.

The latest update on FICIL's working groups is available here.

< Back to News


Ellex Klavins


We re-affirm our commitment to the values that AmCham stands for and that we share.

Kārlis Danēvičs, Board member, Head of Credits and Risk at SEB Banka

AmCham is a place to meet representatives of other industries and understand the business environment.

Signe Velina, Market Access Manager Latvia of Johnson & Johnson