Reorganisation is a relatively new thing in Estonia.
Reorganisation is done according to Reorganisation Act. Reorganisation process means basically a temporary rescue from payment difficulties. Reorganisation measures for the application of economic difficulty attempting to restore the company‘s liquidity, improve profitability and ensure sustainable management. Reorganisation may be aimed at raising the income, preserve shareholders assets, preserve jobs etc.
The company’s reorganisation is designed especially for companies whose activities could be improved by making some rearrangements. Timely commenced reorganisation will help the company avoid bankruptcy and liquidation proceedings. The start of a constructive reorganisation is to prepare financial projections together with an explanatory letter, that includes among other things a description of the company’s economic situation, analysis of the causes, the claims of creditors execution, the anticipated financial position after the reorganisation, the impact on the employees and the execution time.
Here intertwine various branches of legal services – both accounting and management consulting. We advise and prepare the necessary documents.