Restructuring And Insolvency In Estonia 2009

1 Legislation

What legislation is applicable to bankruptcies and reorganisations?

Bankruptcy proceedings and reorganisations of insolvent entities are primarily governed by the Bankruptcy Act, in force since 2004. The Bankruptcy Act applies to the bankruptcy proceedings of both legal persons and individuals, which are carried out following generally the same procedure with only certain differences and exceptions in the case of individuals. Bankruptcy proceedings of two types of entities, namely credit institutions and insurance undertakings, are additionally regulated by the Credit Institutions Act and Insurance Activities Act respectively, which supplement or substitute parts of the regulations of the Bankruptcy Act.