Reorganisation and Bankruptcy
Field information
RASK’s insolvency team has extensive experience advising on bankruptcy and restructuring proceedings. As a trusted partner, we assist in resolving complex insolvency situations by planning and implementing the steps necessary to either continue or wind down operations, while effectively safeguarding creditors’ interests.
Our work covers the entire spectrum of insolvency proceedings – from debt restructuring, drafting reorganisation plans, and rescheduling payments to the completion of bankruptcy proceedings and the resolution of related disputes. We advise and represent bankruptcy trustees, creditors, and debtors.
We have acted as a restructuring advisor to Planet42 and as bankruptcy trustees for Nordica and ERIAL, all of which attracted widespread public attention. We have also represented members of the debtor and creditor management boards in the bankruptcy proceedings of Werol Tehased AS and Lõuna Toiduainetööstus AS. Furthermore, we represented the Scantrans AS bankruptcy trustee in around ten court disputes, including a €7 million claim for damages against a board member. We have advised and represented the Süda Maja AS bankruptcy trustee in several court disputes. RASK also represents the bankruptcy trustee of Oliver Kruuda in extensive recovery disputes.
RASK's team specialises in insolvency proceedings involving significant assets and complex conflicts of interest, requiring a balanced, strategic, and legally sound approach. Our first-hand experience as bankruptcy trustees and restructuring advisors gives us a unique advantage when advising clients on insolvency matters.
Our expertise extends beyond protecting the interests of creditors or debtors in specific proceedings, as we also advise clients on drafting contracts with insolvency law in mind. Ultimately, whether an agreed obligation is useful depends on its enforceability in bankruptcy proceedings.
Head of Practice:
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Head of Practice – Tarmo Peterson
As a recognised expert in bankruptcy and restructuring, Tarmo works daily with Estonia's leading bankruptcy trustees, who rely on his expertise to resolve complex disputes. He is a member of the Chamber of Bailiffs and Bankruptcy Trustees, serving as vice-chair of the chamber's court of honour. He is also a member of the Estonian Bar Association's Insolvency Committee and INSOL Europe, an organisation that brings together insolvency law experts from across Europe.
Tarmo has been actively involved in the national review of the insolvency sector, contributing to the identification of key bottlenecks in Estonia’s insolvency and restructuring processes and participating in subsequent reforms. This included serving on the working group revising the Reorganisation Act and contributing to amendments to the Debt Restructuring and Debt Protection Act. He is also one of the authors of the 2025 annotated edition of the Bankruptcy Act.
Tarmo’s expertise has been recognised in the prestigious international legal directory, The Legal 500. Clients have praised his dedication, his ability to delve deeply into issues and his capacity for quick and constructive analysis in high-pressure situations.
Recent news
- RASK partner Tarmo Peterson was appointed as interim bankruptcy trustee for Tartu Credit Union
- Chambers Global Legal Guide Recognises RASK’s Corporate Advisory and Dispute Resolution Practices
- RASK Partner Tarmo Peterson Confirmed as ERIAL Bankruptcy Trustee, Proceedings Continue
- Court appoints Tarmo Peterson as interim bankruptcy trustee for Nordica
- RASK partner Tarmo Peterson’s restructuring plan receives broad support from Planet42 creditors
Recent news
- RASK partner Tarmo Peterson was appointed as interim bankruptcy trustee for Tartu Credit Union
- Chambers Global Legal Guide Recognises RASK’s Corporate Advisory and Dispute Resolution Practices
- RASK Partner Tarmo Peterson Confirmed as ERIAL Bankruptcy Trustee, Proceedings Continue
- Court appoints Tarmo Peterson as interim bankruptcy trustee for Nordica
- RASK partner Tarmo Peterson’s restructuring plan receives broad support from Planet42 creditors
Recent trainings
- Restructuring Debt: Solutions for Individuals
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Introductory Training for Trustees: Debt Restructuring