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Record number of companies liquidated in Latvia in 2019

06 January 2020

A record number of companies was liquidated in Latvia last year, as Lursoft representatives informed LETA. 23,881 companies were liquidated in Latvia in 2019, which is 3,137 companies or 15.1 percent more than in 2018 when 20,744 companies were liquidated in Latvia.

At the same time, Lursoft points out that the Register of Enterprises last year simplified the liquidation procedure for high-risk customers, removing from the register legal entities that had not revealed their beneficial owners and where one or more shareholders were legal entities registered in third countries. This was done in order to improve money laundering prevention and improve business environment's security in Latvia.

According to Lursoft data, business lines of almost one-tenth of the companies liquidated last year are unknown. 3.5 percent of the companies liquidated last year were construction companies, and 2.6 percent - public catering companies.

The average age of the companies liquidated last year decreased as compared in 2018. The average age of companies liquidated in 2018 was close to eleven years, while last year it was 8.4 years.

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