Dynamics and tendencies of delayed payments in Latvia
2009
Filipovica, A., Latvia Univ. of Agriculture, Jelgava (Latvia). Faculty of Economics
Credit is an important impellent of economics and promoter of welfare, that is the reason why government politics supported credit accessibility to legal and natural entities, which has led to the delayed payments in every business sector. The amounts of crediting in late years have sharply risen, wherewith also increasing the number of inhabitants and enterprises, who cannot repay their civil liability commitments. It is important to solve the delayed payments problem, as the level of delayed payments is rising in Latvia peripheral economic breakdown. It is also shown by the information used in the article on the present situation. The discipline of payment has substantially taken a turn to the worse, adversely to the years of 2000 – 2005, when the discipline of the payment improved. Not all civil liability commitments of legal and natural entities in Latvia were entered into the Register of Debtors. Now when the Credit Register has started the operation, the situation has become much clearer. One of way for creditors to return their funds is to apply to the court. It shall be noted that requirements in debt recovery procedure changes, so the same refers to the interpretation of the laws and regulations. The debt collectors change contract regulations unhesitating, which is provided by positive results in courts. Between 2003 and 2008 approximately 11% of plaintiff actions have been satisfied already in court, closing them. 63% of plaintiff actions have been satisfied with the judgment of court.
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