Large dairy firm declared insolvent

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Valmiera Regional Court has declared insolvency of the dairy firm Trikāta KS - the largest owner of Latvijas Piens dairy, LETA newswire reported on Thursday. The ruling cannot be appealed.

A full sentence will be avaiable on August 11. 

Rudīte Klikuča will be administrating the insolvency process.

Trikāta KS did not present a legal defense plan co-ordinated with the company's creditors, so, consequently, on July 23 the court discontinued the legal protection process that prevented creditors from making claims for the company's assets. 

Despite that the ruling cannot be appealed, the company is ready to continue working within the bounds of a legal protection process, during which the company can try to make amends with its creditors.

The insolvency request for Trikāta KS was handed in by the Kalnbrindas farm due to a €10,000 debt. 

It was previously reported that Trikāta KS plans on selling its shares in the struggling Latvijas Piens dairy, which owes €3m to Trikāta KS. Trikāta KS owns 55.36% of the dairy cooperative. The decision about selling the shares will be made on August 10. 

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