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RASK Experts Contribute to the First Commentary on Estonia’s Reorganisation Act
RASK Experts Contribute to the First Commentary on Estonia’s Reorganisation Act
The first commentary on Estonia’s Reorganisation Act has been published, with RASK insolvency law experts Partner Tarmo Peterson and Attorney-at-Law Kristiina Padu among its authors.
The publication brings together the expertise of Estonian legal professionals, case law developed over the years and practical experience gained in reorganisation proceedings. Beyond explaining the provisions of the Act, the commentary addresses legal issues arising in practice and examines how the Reorganisation Act interacts with other legislation. It draws on key decisions of the Supreme Court and circuit courts.
The publication serves as a practical resource for judges, attorneys, reorganisation advisers and bankruptcy trustees, as well as businesses facing financial difficulties that wish to better understand the opportunities and legal framework of reorganisation proceedings. It also provides a valuable reference for legal scholars and a learning resource for students studying insolvency law.
“The commentary on the Reorganisation Act is a natural continuation of the commentary on the Bankruptcy Act. Once again, years of intellectual effort have been brought together in a single publication, which will hopefully prove valuable to everyone interested in insolvency law, both in applying the legislation and in advancing legal practice,” said RASK Partner Tarmo Peterson, one of the contributors to the commentary.
“Although Estonia’s insolvency framework has faced considerable criticism, we actually have a highly progressive reorganisation procedure that offers a second chance to businesses that genuinely want to recover and have a viable business worth saving. One of the greatest strengths of our procedure is that it is fast and as straightforward as possible. I hope this commentary on the Reorganisation Act will mark a new beginning and foster a new mindset towards corporate reorganisation in Estonia,” Peterson added.
The publication brings together the expertise of Estonian legal professionals, case law developed over the years and practical experience gained in reorganisation proceedings. Beyond explaining the provisions of the Act, the commentary addresses legal issues arising in practice and examines how the Reorganisation Act interacts with other legislation. It draws on key decisions of the Supreme Court and circuit courts.
The publication serves as a practical resource for judges, attorneys, reorganisation advisers and bankruptcy trustees, as well as businesses facing financial difficulties that wish to better understand the opportunities and legal framework of reorganisation proceedings. It also provides a valuable reference for legal scholars and a learning resource for students studying insolvency law.
“The commentary on the Reorganisation Act is a natural continuation of the commentary on the Bankruptcy Act. Once again, years of intellectual effort have been brought together in a single publication, which will hopefully prove valuable to everyone interested in insolvency law, both in applying the legislation and in advancing legal practice,” said RASK Partner Tarmo Peterson, one of the contributors to the commentary.
“Although Estonia’s insolvency framework has faced considerable criticism, we actually have a highly progressive reorganisation procedure that offers a second chance to businesses that genuinely want to recover and have a viable business worth saving. One of the greatest strengths of our procedure is that it is fast and as straightforward as possible. I hope this commentary on the Reorganisation Act will mark a new beginning and foster a new mindset towards corporate reorganisation in Estonia,” Peterson added.
In addition to Tarmo Peterson and Kristiina Padu, the commentary was written by Paul Varul, Kersti Kerstna-Vaks, Toomas Saarma, Peeter Viirsalu and Annemari Õunpuu. Mari Schihalejev-Parrest was also among the authors. Merle Erikson, Anto Kasak, Stephan Madaus and Birgit Saluotsa provided valuable advice and assistance during the preparation of the publication.