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Tarmo Peterson co-authors extensive analysis of insolvency laws submitted to Ministry of Justice to form basis for new legislative amendments

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Tarmo Peterson co-authors extensive analysis of insolvency laws submitted to Ministry of Justice to form basis for new legislative amendments

RASK partner Tarmo Peterson participated in the extensive work of an expert group revising Estonian laws concerning insolvency and restructuring in the spring of 2020. As a result of four months of in-depth research, the working group prepared over 500 pages of analysis for the Ministry of Justice by the beginning of June, which will serve as a basis for improving Estonian restructuring and insolvency laws.

The analysis was compiled by top insolvency experts in Estonia: attorney-at-law Tarmo Peterson, judge Kersti Kerstna-Vaks, trustee in bankruptcy Toomas Saarma, legal scholar Annemari Ounpuu and attorneys Anto Kasak and Peeter Viirsalu.

The ministry commissioned the analysis to assess the Estonian legislation on corporate restructuring and release from obligations of natural persons, and the practical functioning of the legislation. The analysis also provides guidelines for the incorporation of the European Parliament and the Council Directive on restructuring and insolvency into Estonian law and the successes of other countries in conducting restructuring procedures.