News

The court has appointed RASK partner Tarmo Peterson as the interim bankruptcy trustee for the airline Nordica. Indrek Lepsoo, a bankruptcy trustee from INC Partner OÜ, has been named as the second interim trustee. Nordic Aviation Group submitted a bankruptcy petition for Nordica on 29 November.

Currently, the court has appointed interim trustees and imposed restrictions on all transactions involving Nordica’s assets.

“The interim trustees’ role is to identify the company’s assets and liabilities, ensure the preservation of the debtor’s assets, and assess the company’s financial position and solvency,” said RASK partner and bankruptcy trustee Tarmo Peterson. “The interim trustees must submit a written report and opinion on the debtor’s insolvency to the court by 17 January of the upcoming year. Following this, the court will decide whether to declare bankruptcy.”

Tarmo Peterson is a founding partner at RASK and one of Estonia’s leading experts in insolvency and dispute resolution. He is also one of the authors of the amendments to the Estonian Reorganisation Act and Bankruptcy Act, which took effect in July 2022. These amendments significantly modernised Estonia’s insolvency framework, making it easier for businesses to recover from financial difficulties. Peterson serves as a member of the Estonian Bar Association’s Ethics and Methodology Committee and Insolvency Committee. He also acts as an arbitrator at the Court of Arbitration of the Estonian Chamber of Commerce and Industry, collaborates regularly with Estonia’s leading bankruptcy trustees, and is a member of the Chamber of Enforcement Agents and Trustees in Bankruptcy.