Bankruptcy means the insolvency of a debtor declared by court ruling. Bankruptcy can be declared for natural as well as legal persons. As per the Bankruptcy Act, the debtor may be declared bankrupt on the grounds of an outstanding claim: exceeding 12,500 euros in the case of a public limited company, 2500 euros in the case of a limited liability company, and 1000 euros in the case of other legal and natural persons.
Legislation regulating the main principles of bankruptcy proceedings: Bankruptcy Act, Trustee Act.
Liquidation proceedings are the liquidation of a legal person based on a decision of its owners or a ruling of the court.
Legislation regulating the main principles of liquidation proceedings: the Commercial Code of Estonia, Bankruptcy Act.
Our office offers assistance with handling the following tasks:
- Advising on liquidation and bankruptcy proceedings
- Litigation support for creditors in bankruptcy proceedings: collecting and analysing information, conducting negotiations, drafting the necessary procedural documents (bankruptcy caution, bankruptcy petition etc.), litigation support in court and carrying out all the necessary activities as part of the general meeting or creditors’ committee
- Litigation support for the debtor in bankruptcy proceedings: collecting and analysing of information, search of a viable solution, preparation of all necessary procedural documents, litigation support in court and during all legal proceedings of the bankruptcy procedure
- Organisation of the liquidation proceedings