Analytics, Latvia, Markets and Companies, Statistics

International Internet Magazine. Baltic States news & analytics Saturday, 19.09.2020, 15:17

Number of new insolvency procedures drops by 25% in five years - Lursoft

BC, Riga, 20.01.2020.Print version
2019 year was the fourth consecutive year when the number of new insolvencies has dropped, and in the past five years this number has dropped by 25%, according to Lursoft.

Last year 1,935 insolvency processes were launched, including 1,242 individuals filing for insolvency, and 560 insolvency processes of companies, as well as 133 legal protection processes.

The average age of companies filing for insolvency in 2019 was eight years. 10.18% of these companies have foreign capital.

The aggregate turnover of these companies reached EUR 142.87 mln, while aggregate loss was EUR 14.55 mln in 2018. In 2018 these companies employed 3,210 people and paid EUR 31.98 mln in taxes. The aggregate tax debt at the moment the insolvency procedure was launched was EUR 95.75 mln.

More than half or 57.68% of all companies were registered in Riga.

In relation to individual insolvencies, 240 people were officials and/or shareholders in a company.

At the time the insolvency procedures were launched, nine companies had tax debts over EUR 1 miln. Vexoil Bunkering was the largest debter with EUR 39.26 mln in unpaid taxes.

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