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Ieva Plaude-Relingere.

The bank believes that Riga Vidzeme District Court's decision to declare Plaude-Relingere insolvent was unfounded, and claims that several procedural and legal provisions were violated when the court reviewed Plaude-Relingere's insolvency application, Parex Communication and Marketing Department's head Marita Ozolina-Tumanovska told the business portal Nozare.lv.

The bank believes that the court has not evaluated evidence provided by Parex, proving that Plaude-Relingere's transactions three years before the opening of the insolvency procedures were the cause of the businesswoman's insolvency as these transactions seriously undermined her financial situation, writes LETA.

Parex believes that these transactions were meant to help Plaude-Relingere dodge her liabilities, and infringed upon her creditors' interests.

Parex also claims that Plaude-Relingere provided incomplete or untrue information about her properties.

Parex previously filed lawsuits against several Kolonna group enterprises and Plaude-Relingere. The reason was Kolonna and Plaude-Relingere's multiple failures to honor their obligations to Parex.

As reported, Plaude-Relingere, founder and shareholder of the beauty salon/cosmetics company Kolonna, was ruled insolvent by Riga Vidzeme District Court on December 7 last year. Bankruptcy proceedings are to continue for five years.

Holding Kolonna Group, founded in 1991, operated in 2009 with a turnover of EUR 105 million. The concern includes 21 companies, and employs a total of 971 people.