Commercial pledges have to be registered in the register of Commercial Pledges according to the commercial pledge law. Tangible and intangible assets owned by legal persons or stocks owned by corporate entities can be used as the subjects of a pledge. The commercial warlord is in charge of the pledge and shall appoint a pledge manager to manage the execution of the pledge. The manager may be a legal resident or a business entity, acting as a trustee of the commercial pledge taker based on the provisions of the pledge law.
Appointing a manager
To appoint a manager legally, the warlord has to apply with the Register. The appointment shall last for the period stated in the commercial pledge register based on a written application from the pledge taker. Before the term of office expires, the commercial warlord must inform the manager in writing. It is very easy to register a manager of a commercial pledge. All an applicant needs to do is fill out the application form and pay the state fee for registration.
If you are a commercial warlord looking to register a new manager for a pledge or you are interested in knowing how a manager of a commercial pledge can be registered, this is a guide on registration of the Manager of a commercial pledge and the steps to go about it.
Steps to registering a manager of a commercial pledge
To register the manager of a pledge who will act as a trustee for the warlord, an application has to be filed with the Enterprise Register by the warlord. The three steps to follow are:
- Complete the application form
- Pay the state fee
- Submit required documents
Completing the application form
The first step for an applicant is filing the form for registration on the commercial pledge e-Service site https://komerckila.ur.gov.lv. The form has to be signed online by the commercial warlord or an authorized individual. A form signed by an authorized person has to be submitted with a certified notary mandate. The mandate must be duly signed with the secure electronic signature of the authorizing board member. For an application filed by someone who is not a signatory, another application on the e-service site has to be made. The commercial warlord usually informs the board of the appointment of the manager and when the expiry office expires, he or she must inform the manager.
Paying the state fee
The State fee should be paid two days before the application for registration is submitted. It must be credited to the Treasury account via any bank in the country. It can be paid in person or via electronic means. The Register will process the application once the payment is confirmed. The fee for the registration is EUR 14,23 payable to this account:
The TREASURY (Valsts kase)
Reg. No 90000050138
Account: LV84TREL1060190913200
Submitting the required documents
After paying the fee, an applicant should submit the form and other documents online on the E-service site. One can sign the application on https://komerckila.ur.gov.lv by a commercial lien holder or any entrusted person. When an authorized person applies, it requires the secure electronic signature of the holder. A receipt, copy, or printout of payment of the state fee must be provided and submitted.
Commercial pledges in e-service
Registering a manager in the Enterprise Register is relatively easy with the commercial pledge E-service. Applicants can submit their applications as well as receive an online response from the Enterprise Register. The e-service should be authenticated and filled; the form first then the documents required.
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