ESTONIA
 
By Peeter Viirsalu
Associate Partner at TGS BALTIC
Tartu, Estonia
 
EXISTING PROCEDURES THAT MIGHT CORRESPOND TO/ANTICIPATE THE DIRECTIVE'S CONTENTS.
Proceedings Elements of the Directive already included into the national legislation
 
REORGANISATION PROCEEDINGS
 
Court governed proceedings applying a set of measures in order for an enterprise to overcome economic difficulties, to restore its liquidity, improve its profitability and ensure its sustainable management.
Only for legal persons in private law (companies and sole traders) in pre-insolvency.
 
 
 
 
Complies in general terms with articles 5, 6, 7, 11, 14 and 15.
 
DEBT RESTRUCTURING AND DEBT PROTECTION
 
Restructuring of the debts of a natural person having solvency problems (debtor), in order to overcome the solvency problems and avoid bankruptcy proceedings. In debt restructuring proceedings the restructuring of the financial obligations of a debtor is made possible: by way of extension of the term of performance of an obligation, by way of performing the obligation in instalments or by way of reducing the obligation.
 
 
 
 
 
Complies in general terms with articles 5, 6, 7, 11, 14 and 15.
 
Please note that in 2016 the Ministry of Justice has initiated a term of reference to audit the existing insolvency laws in Estonia. The working group has not yet presented its proposals for amendments.
 
Still it is known that the major topics of discussion involve the questions of making the reorganisation and debt restructuring proceedings more easily accessible, providing better possibilities for third-party financing and also the questions of giving the creditors the right to initiate the proceedings.