In co-operation with Baker & McKenzie (Austria) Spilbridge advise a foreign bank in another multi-million dispute
Some believe that an arbitration agreement is enough to keep out of the overloaded courts in Latvia.
Unfortunately, it is not the case. Quite on the contrary. As a matter of Latvian law, a simple assignment is quite sufficient to relieve the assignee of arbitration.
It now remains to be seen whether Latvian entities may also successfully annihilate an arbitration agreement governed by foreign law just because they have become insolvent. It is yet another case for us where we will argue against the annihilation of the arbitration agreement in this manner, just as most of our colleagues in Western Europe would.