We successfully represented the bankruptcy trustees of Saaremaa Laevakompanii in a dispute over the recognition of a EUR 9 million claim. The opposing party in the litigation was the bankruptcy trustee of the insolvent company Reyna Trade, whose claim was completely dismissed. This court victory significantly impacts Saaremaa Laevakompanii’s bankruptcy proceedings, as it will lead to the conclusion of the bankruptcy process.
The importance of the Tax and Customs Board’s prepayment account
In the case of bankrupt companies, the debtor’s prepayment account with the Estonian Tax and Customs Board (EMTA) is often overlooked. If it does not occur to the bankruptcy trustee and creditors to check the prepayment account statements for previous transactions, it is possible to siphon off the debtor’s assets through this account.
Pärnu County Court analysed the bankrupt company’s prepayment account statements and found that the bankrupt company’s obligation could be considered as having been fulfilled, as the funds had been credited to its prepayment account with the EMTA.
Our client team
The client was advised by partner Carri Ginter; senior associate and head of the insolvency service Mari Agarmaa-Jentson; and senior associates Liisa-Maria Puur, Piret Schasmin and Marcus Niin.
