Tarmo Peterson and Kristiina Padu discuss the advantages of the updated Reorganisation Act in Äripäev
In an article published in Estonian business daily Äripäev on 29 March, RASK’s insolvency experts Tarmo Peterson and Kristiina Padu describe the opportunities the updated Reorganisation Act creates for entrepreneurs with payment difficulties.
“When faced with serious economic difficulties, Estonian entrepreneurs have until now chosen bankruptcy over reorganisation. However, the updated law has significantly improved the options for saving the company through reorganisation,” Tarmo and Kristiina explain in their article.
Tarmo and Kristiina point out several important changes that the updated Reorganisation Act presents to entrepreneurs:
- the influence of creditors has decreased significantly;
- the process of reorganisation has become much faster;
- there is much less room for abuse.