Webinar: Business Beyond COVID-19: Protection, Viability, Insolvency

Thursday, April 23, 2020 - 13:00 to 14:00

On 21 April, we held a joint chamber webinar event, “Business Beyond COVID-19: Protection, Viability, Insolvency’’ with Māris Vainovskis, Senior Partner and Elīna Vilde, Senior Associate at Eversheds Sutherland Bitāns.

The outbreak of Covid-19 has significantly worsened the global financial situation and has adversely affected the daily working routines of companies large and small, resulting in sudden and rapid changes. In order to manage the negative effects on economy and society, the Government of Latvia has introduced a range of legislative changes and support mechanisms. Additionally, many legal issues which arise need attention and advice. Māris Vainovskis explained some of the legal aspects for remote organisations and the key corporate governance meetings during the state of emergency, and what is essential to legally hold such meetings (e.g. electronic signature). Māris also spoke about support measure available for Latvian taxpayers (including working capital loan and other support instruments) and provided a brief update on dispute resolution including court hearings and proceedings, as well as the changes in legal protection proceedings during the COVID-19 response.

Elīna Vilde spoke about force majeure clause in corporate contracts - what are the aspects under which COVID-19 may be deemed as force majeure, and what steps should be taken to secure the force majeure claim. She also explained the rights of employees and employers during state of emergency, including description of the collective redundancy process as well as the actions to be taken if the employer does not pay the salary.

We would like to thank both Māris Vainovskis and Elīna Vilde from Eversheds Sutherland Bitāns Law Office for finding time to address our members and answer their questions.

The recording of the webinar is available for the webinar attendees on request.