Financial Services, Latvia, Legislation, Markets and Companies, Metals Market

The verdict cannot be appealed and has already come into effect.

The Liepaja court will send its ruling on Koris’ removal to the Insolvency Administration which will have to propose a new candidate for the insolvent company’s administrator. Usually, it takes one or two days for the Insolvency Administration to pick a new insolvency administrator to replace a removed one, Luka said.

As reported, Guntars Koris lost his license after flunking a re-certification exam at the beginning of March.

Koris told LETA that he lost his license on March 1 because of a failure to pass the re-certification exam. "I will carry on with my duties until Liepaja court appoints a new insolvency administrator," Koris said.

KVV Liepajas Metalurgs was declared insolvent in September 2016.