Tax Authority Freezes Accounts of Drinks Maker Amber Latvijas balzams Again
Latvia's State Revenue Service has reinstated the freeze on the bank accounts of drinks producer Amber Latvijas balzams after its legal protection proceedings were terminated. The company's tax debt stands at 28.28 million euros.
Latvia's State Revenue Service (VID) has frozen the bank accounts of the drinks producer AS Amber Latvijas balzams for a second time. This followed the termination in early October of the company's legal protection process, which had temporarily shielded it from creditors' claims. The company reported the development to the Nasdaq Riga stock exchange, where its shares are listed.
How the situation developed
Company representatives say a global downturn in the spirits market, falling export orders and other external factors caused serious cash flow problems. These led to late excise tax payments. After lengthy talks on the overdue obligations, the VID froze the company's bank accounts.
To ensure continued operations and protect creditors' interests, the company filed for legal protection proceedings on 30 January 2026. The Riga City Court opened the case on 5 February. The process was terminated on 9 October because the plan of measures had not been backed by the creditor majority required under the Insolvency Law. As a result, creditors can return to their earlier claims, and the VID has reinstated the account freeze.
According to VID data, the company's tax debt on 12 October was 28.28 million euros.
What comes next
The company says it is actively assessing ways to secure the funds critical to keeping operations going and to have the freeze lifted. An extraordinary shareholders' meeting is scheduled for 3 November. Its agenda covers the consequences of ending the legal protection case and the company's future options, including starting insolvency proceedings.
Company figures
In 2025, Amber Latvijas balzams had turnover of 74.464 million euros, 4.8% less than a year earlier, while profit fell 31.5% to 836,359 euros. The company is part of AmberBeverage Group, an alcoholic drinks production and distribution group headquartered in Luxembourg. The group's owner is billionaire Jurijs Šeflers. The company was registered in 1991, has share capital of 10,495,660 euros, and its shares are listed on the second list of Nasdaq Riga.
