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Estonia

Financial difficulties

Updated 07/2012

Legal requirements

The reorganisation of a company means using a set of remedies to overcome economic difficulties, restore its liquidity, improve its profitability, and ensure its sustainable management.

A reorganisation procedure gives an enterprise which is experiencing solvency problems a possibility to overcome these problems, as in the course of the procedure possibilities of paying debts are negotiated with the creditors, the economic activities of the enterprise are reorganised, and the entrepreneur is granted protection against the initiation of bankruptcy proceedings during the reorganisation procedure.

Pursuant to the Reorganisation Act, the reorganisation procedure is meant for enterprises which are not yet insolvent, but whose economic situation indicates that insolvency is perhaps imminent.

Access to different sources of finance can help overcome financial difficulties.

When filing for bankruptcy is the only option left for a business owner, it pays to cut your losses, initiate proceedings sooner rather than later, and move on to a new project.

Administrative procedures

Expedited procedure in a matter of payment order

Expedited procedure in a matter of payment order is a simplified civil court proceeding, in the course of which there is no court session and the court makes the ruling merely based on the application for the expedited procedure in a matter of payment order. In case the debtor does not agree with the claim presented in the application, the debtor may contest it and the dispute continues in a regular court proceeding.

E-file is a digital information system, which at present offers the possibility of initiating an expedited procedure in a matter of payment order, i.e. in essence to start a court proceeding from a PC.

Extension of deadline for payment

In case of payment difficulties there is a possibility of applying to the Tax and Customs Board for the repayment of a tax debt by instalments.

Dismissal

The methods and procedure for the cancellation of an employment contract are regulated by the Employment Contract Act, namely sections 85-103. The employment contract may be cancelled by a declaration of cancellation in a format which can be reproduced in writing. A declaration of cancellation that breaches the format requirement or is conditional is void. The employer must justify the cancellation. The employee must justify extraordinary cancellation. The cancellation must be justified in a format which can be reproduced in writing.

Resources

Useful information and support for the funding and finances of a company can be obtained from the following webpages:

Information and services necessary for business are provided to entrepreneurs in the Enterprise Estonia information portal, which also consults and helps in founding, developing, and arranging the daily work of a company.

Programmes

From the state and the local government, a start-up business has the possibility to receive start-up aid. An operating business can apply for financial support, training, and consulting.

Enterprise Estonia offers support to both start-up and operating businesses. The applications for support in general must be based on a prepared project. State and local governments also grant training support and support for creating new jobs.

EU Structural Funds in Estonia grant support to projects through national authorities or third sector authorities.

Information on support options can be found from Enterprise Estonia’s database and from the programme for start-up and growth support.

In rural areas, small and medium-sized enterprises can apply for a loan from the Estonian Rural Development Foundation.

The objectives of the foundation KredEx, belonging to the state business support structure, is by offering different guarantee products to improve the access to capital for small and medium-sized enterprises, to support exporting businesses in increasing their export volumes and entering new markets, and to increase the availability of loans.

Help & advice

Help & advice

The information centre of Enterprise Estonia offers direct consultation in the selection and application for support.

E-mail a business organisation near you

The EU runs a network (Enterprise Europe Network) of local business organisations in most European countries that may be able to help you.

Choose your country and town and enter your enquiry below.

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