Published: 08.01.2024

Latvijas Banka has submitted to the Court of Economic Affairs the petition for the insolvency of Baltic International Bank SE to be liquidated prepared by Olavs Cers, liquidator of Baltic International Bank SE, upon finding that the credit institution does not have enough property to fully satisfy the claims of all creditors. The liquidator is obliged to do so pursuant to the Credit Institution Law.

In the petition for the insolvency of Baltic International Bank SE, the liquidator substantiates the insolvency by negative own funds resulting from the revaluation of the credit institution's assets, allowing to conclude that the credit institution will not be able to settle its debts with all creditors.

According to the Credit Institution Law, the liquidator of a credit institution shall first submit the insolvency petition to Latvijas Banka which shall examine the insolvency petition and decide on the submission of the petition to a court. In the present case, the submitter is the person on whose behalf Latvijas Banka has submitted the insolvency petition, namely, Baltic International Bank SE to be liquidated which is represented in the liquidation proceedings by the liquidator of the credit institution.

The Court of Economic Affairs has been asked to admit the petition for the insolvency of Baltic International Bank SE to be liquidated prepared by the liquidator and institute insolvency proceedings as well as declare Baltic International Bank SE to be liquidated insolvent.

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