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Tarmo Peterson attends Ministry of Justice, World Bank and European Commission round table for insolvency experts
Tarmo Peterson attends Ministry of Justice, World Bank and European Commission round table for insolvency experts
On 24 January, Tarmo Petrerson, partner and head of insolvency at RASK, participated in a round table of experts organised by the Estonian Ministry of Justice in cooperation with the World Bank and the European Commission. Bringing together key stakeholders in the field of insolvency in Estonia, the round table analysed aspects of the Estonian restructuring procedure that require changes as mapped by the European Commission in connection with the insolvency law revision effort by the Ministry of Justice.
The round table was a follow-up to last year’s preliminary meeting with World Bank representatives, where local experts were brought in to help map the bottlenecks in the legal framework and practice of restructuring in Estonia (see more HERE).
Based on that meeting, a World Bank report was prepared, outlining aspects of Estonian legislation that might require amendment in light of the new European Parliament Directive on restructuring and insolvency.
In summer 2019, Directive (EU) 2019/1023 of the European Parliament and of the Council amending Directive (EU) 2017/1132 (Directive on restructuring and insolvency) was published in the Official Journal of the European Union.
For its part, the Estonian Ministry of Justice is set to start stage II of its insolvency law revision. At the meeting, the ministry outlined its action plan for stage II of the revision, and the World Bank gave an overview of the restructuring and insolvency directive.
The round table was a follow-up to last year’s preliminary meeting with World Bank representatives, where local experts were brought in to help map the bottlenecks in the legal framework and practice of restructuring in Estonia (see more HERE).
Based on that meeting, a World Bank report was prepared, outlining aspects of Estonian legislation that might require amendment in light of the new European Parliament Directive on restructuring and insolvency.
In summer 2019, Directive (EU) 2019/1023 of the European Parliament and of the Council amending Directive (EU) 2017/1132 (Directive on restructuring and insolvency) was published in the Official Journal of the European Union.
For its part, the Estonian Ministry of Justice is set to start stage II of its insolvency law revision. At the meeting, the ministry outlined its action plan for stage II of the revision, and the World Bank gave an overview of the restructuring and insolvency directive.