How safe is it to do business in Latvia?

Having recently been the victim of a company not paying a very substantial sum of money for work done, with no apparent method of recourse or assistance from anywhere, how safe is it to do business in Latvia, what are the legal loopholes people try to use and how is it best to deal with such situations? Please don't use specific cases because I don't want anyone to get into trouble. This is intended for general discussion purposes only, so that less people find themselves in the situation I find myself in now (James I hope this is ok now, if not you may remove this too but I think it is an important topic).