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Tartu County Court Declared Tartu Credit Union Bankrupt and Appointed RASK Partner Tarmo Peterson as Bankruptcy Trustee
Tartu County Court Declared Tartu Credit Union Bankrupt and Appointed RASK Partner Tarmo Peterson as Bankruptcy Trustee
On 17 June, Tartu County Court declared Tartu Credit Union bankrupt and appointed RASK partner and attorney-at-law Tarmo Peterson and Toomas Saarma as bankruptcy trustees.
In the assessment of Tartu County Court, based on the data presented in the interim bankruptcy trustee's report, Tartu Credit Union is permanently insolvent and the debtor's payment difficulties cannot be overcome by means of reorganisation proceedings. In order to ensure equal treatment of all creditors, the court considered the declaration of bankruptcy justified.
According to the interim bankruptcy trustee's report, the initial value of the association's assets is approximately 17 million euros, and liabilities may reach up to 61 million euros. The assets mainly consist of claims against borrowers and holdings in subsidiaries.
"Based on today's understanding, there is 17 million euros in assets that can be recovered and used to satisfy the claims of various creditors. What the actual outcome will be naturally depends on how successful the debt recovery process can be," Peterson said in an interview given to Estonian Public Broadcasting's news programme Aktuaalne Kaamera.
In the assessment of Tartu County Court, based on the data presented in the interim bankruptcy trustee's report, Tartu Credit Union is permanently insolvent and the debtor's payment difficulties cannot be overcome by means of reorganisation proceedings. In order to ensure equal treatment of all creditors, the court considered the declaration of bankruptcy justified.
According to the interim bankruptcy trustee's report, the initial value of the association's assets is approximately 17 million euros, and liabilities may reach up to 61 million euros. The assets mainly consist of claims against borrowers and holdings in subsidiaries.
"Based on today's understanding, there is 17 million euros in assets that can be recovered and used to satisfy the claims of various creditors. What the actual outcome will be naturally depends on how successful the debt recovery process can be," Peterson said in an interview given to Estonian Public Broadcasting's news programme Aktuaalne Kaamera.