Division is a process in which a foundation (distributable foundation) transfers its property to one or more other foundations (acquiring foundations) by splitting or partitioning.
In the event of a split, the distributable foundation transfers all of its property (rights and liabilities) to two or more of the acquiring foundations and ceases to exist without liquidation proceedings.
In the case of divestiture, the foundation to be divided shall transfer part of its property (rights and liabilities) to one or more of the receiving foundations. In the case of divestiture, the foundation to be divided shall continue to exist. The receiving foundation may be an existing or newly established foundation.
Not earlier than 3 months after the publication of the notice, each foundation involved in the reorganisation shall submit documents to the reorganisation in the Enterprise Register in the official publication Latvijas Vēstnesis.
Documents to be submitted: