Guarantee – serious responsibility
In a case regarding the responsibility of a guarantor in the insolvency proceedings of a principal debtor – individual person, the Department of Civil Cases of the Supreme Court of the Republic of Latvia recognised that also in the event when the procedure for cancelling the obligation of the principal debtor is terminated within the insolvency proceedings, the guarantee provided for non-honoured obligations is not terminated. In the reasoned part of the judgement, the Court has referred to the publications regarding the relevant issue of Senior Associate Ilze Jankeviča, law firm “Fogels, Vītols un Paipa”, as well as Attorney at law Nils Fogels and Associate Jevgēnija Ziņģe.
More information regarding the judgement of the Department of Civil Cases of the Supreme Court of the Republic of Latvia in Case No. SKC-178/2016 of 16 June 2016 see here (in Latvian).
More information regarding the publication of Senior Associate Ilze Jankeviča “Guarantor’s Responsibility if Obligations of Principal Debtor are cancelled in Insolvency Proceedings” (Jurista Vārds, 12 January 2016, No.2) see here (in Latvian).
More information regarding the publication of Attorney at law Nils Fogels and Associate Jevgēnija Ziņģe “Cancellation of Principal Debtor’s Obligations in Insolvency Proceedings – Basis for Termination of Guarantee?” (Jurista Vārds, 15 April 2014, No.15) see here (in Latvian).