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    The highly anticipated establishment of the Insolvency Division in Estonia aims to bring more efficiency to bankruptcy proceedings
    2023-04-10

    The Estonian Bankruptcy Act has been amended to establish the Insolvency Division, a state entity responsible for supervising the activities of insolvent debtors and funding bankruptcy proceedings where it deems it necessary to improve the business culture. Modelled after the Finnish bankruptcy ombudsman’s institution, the service aims to bring more efficiency to bankruptcy proceedings. The Insolvency Division is highly anticipated and welcomed, as the previous supervision system did not meet expectations in satisfying creditors’ claims or identifying the causes of debtor insolvency.

    Filed under:
    Estonia, Insolvency & Restructuring, Magnusson
    Authors:
    Marek Keiman , Riin Tamm
    Location:
    Estonia
    Firm:
    Magnusson
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