Insolvency of Mouzenidis Travel-Riga

The Latvian tour company Mouzenidis Travel-Riga SIA is in trouble.

Insolvency proceedings have been initiated in the court of Riga city against the Latvian affiliate of the Greek-based travel company.

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Insolvency in Latvia

What does it mean to start insolvency in Latvia? The law allows to start a procedure, for example, if the debt exceeds EUR 4268 or the debt is outstanding for more than 2 months.

According to the State Revenue Service database, as of 26 July 2021 Mouzenidis Travel Riga had tax debt of more than EUR 26 thousand.

If a company has debts that exceed its cash or assets, and in foreseeable future no income will be generated to cover the costs, the insolvency is a “must”.

What action to take?

The opening of insolvency proceedings also triggers the tiem to submit creditor claims. Meaning – all persons must apply within limited time, in order to recover all or part of the debt. Any company or any individual considering that Mouzenidis should pay them any money, must apply. Otherwise, when the allowed time ends, no action means that the debt is released for good.

Tourism licence of Mouzenidis

The Latvian consumer protection office made a decision on 09 July 2021 to suspend the licence of Mouzenidis’ tour operators’ business in Latvia.

This decision by itself most likely will prevent the officials of the company to apply for a new tour-operator licence for the next five years. While the brand of Mouzenidis could return under a different legal set-up.

Insurance of Mouzenidis

According to the requirements for tourism licence holder, an active insurance policy must be purchased. All parties wishing to receive any re-funds from Mouzenidis could rely on that guarantee. However, a lawyer’s consultation is important to evaluate individual circumstances, especially given the active insolvency proceedings.

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