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Board members' liability for damage caused to the company

  • Latvia


    Authors: Janis Lagzdinš and Anete Unbedahte, 21.08.2009.

    This year for the most of the businessmen has been a time of substantial hardships, when the ability to exist and to do business has depended on how rationally and fearlessly, considering the economical ground during the economical recession the businessmen make decisions and subordinate their business to the current economical situation. The fact that in the first seven months of this year the courts have received 1370 insolvency applications while during the same period in the previous year the courts received 778  insolvency applications points to finding that many businessmen have not succeeded to pull through the period of economical inconsistency.


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