Referring to the invitation of the Czech Ministry of Justice, the director of the Insolvency Control Service, Inese Stein, spoke at the international European conference for restructuring and insolvency in the Czech Republic, Prague, at the end of September, and presented the participants with the Latvian insolvency monitoring system.
The conference shared the experience of insolvency administration and supervision among supervisory authorities, academics and practitioners from different European jurisdictions.
I am very pleased and proud of Latvia's work on insolvency, because the conference participants were very interested and welcomed about Latvia's insolvency system, particularly in the areas of monitoring and reform. Similarly, the conference participants welcomed Latvia's achievements in the area of insolvency digitisation, which appears to be a unique experience in the European context. The conference resulted in an agreement on closer cooperation with the representatives of the Czech Republic and Portugal in the area of insolvency reform and the digitisation of insolvency.
The conference discussed questions about whether insolvency, as a social concept, should be regarded as part of judicial authority or rather as a matter of public administration? What models of insolvency supervision seem more effective, taking into account the specificities of each legal system? What is the role of political power in insolvency management? What would happen if there was no professional regulator in this area? What are the activities of insolvency administrators' offices in different EU Member States? The current banking and financial crisis and the area of insolvency in this sector were also addressed.