The said draft law provides for updating data to be entered in the Register of Associations and Foundations in respect to declaration and termination of insolvency proceedings, liquidation and reorganization, as well as data about appointment of an administrator of insolvency proceedings. The draft law will specify the terminology used in the law and procedure for winding up operations of foundations. Likewise, it will be specified that the Insolvency Law shall establish procedure how operations of an association will be winded up in case of bankruptcy. The draft law will specify what documents have to be filed by an association or a foundation at the Register of Enterprises, what information shall be indicated in the minutes of a members meeting and who signs articles of association of a foundations, as well as the application form to the Register of Enterprises. Updates are introduced in the norm that one of the bases for winding up operations of a foundation is a resolution of the management board, if more than two thirds of board members vote in favour of it. The draft law establishes uniform decision making procedure at the members meeting stipulating that a decision on winding up operations of an association is passed, if at least two thirds of the members present vote in favour. For the draft law to come into effect it has to be passed at Saeima in two more readings. | 
