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Insolvency and Secured Transactions

Rehabilitation Procedures in Estonian Courts


Rehabilitation Procedures in Estonian Courts

By the end of October 2009, 79 petitions for rehabilitation have been submitted to the Estonian county courts according to which 45 rehabilitation procedures were initiated. 50 rehabilitation petitions have been submitted to Harju County Court where 26 rehabilitation proceedings were initiated. There have been submitted 12 rehabilitation petitions to Tartu County Court and in 11 cases rehabilitation proceedings were initiated. 12 rehabilitation petitions have been submitted to Pärnu County Court where eight rehabilitation proceedings were initiated. And six rehabilitation petitions have been submitted to Viru County Court.

At the enforcement of the Rehabilitation Act it was proceeded from the notion that the rehabilitation procedure grew vital in the nearest years in connection with the multitude of bankruptcies and the interest of the business operators in rehabilitation increased. The quoted figures indicate that the rehabilitation procedure has proved to be as popular as anticipated. Some examples and recommendations out of judicial practice will help the business operators at the submission of rehabilitation petitions in the future...

Rehabilitation Act Effective in Estonia


Rehabilitation Act Effective in Estonia

By Johanna Korhonen
Advokaadibüroo Aivar Pilv, Estonia

The Rehabilitation Act that enables reorganization of enterprises pursuant to law took effect on 26 December 2008. Until then the insolvent enterprises tried to solve their economic problems by negotiating with the creditors or by commencing bankruptcy proceedings.

This act is significant to all foreign business operators who have economic interests in Estonia. In addition to the fact that an enterprise based on foreign capital may submit an application to the Estonian court of its location in order to initiate rehabilitation proceedings, the foreign creditor of the reorganized Estonian enterprise has to participate actively in the proceeding in order to ensure the claim...

Herrick, Feinstein Lending & Restructuring Alert November 2009


Unsecured Creditors May Collect Post-Petition Attorneys’ Fees But Undersecured Creditors May Not

Author: Paul A. Rubin
Herrick, Feinstein LLP, New York, New York, USA

The Second Circuit Court of Appeals has just held that an unsecured creditor in a bankruptcy case is entitled to recover, as part of its pre-petition claim, attorneys' fees it incurred post-petition pursuant to a pre-petition contract with the debtor. But an undersecured creditor—whose claim exceeds the value of its collateral—is not permitted to collect such fees. Click here to read the entire alert.

Cross Border Insolvency


Recent Cases Show Potential of Cross-Border Insolvency

By Glen Ryan, Duncan Cotterill, New Zealand

The Insolvency (Cross-Border) Act 2006, which adopts the UNCITRAL Model Law on cross border insolvency, has taken some time to have any apparent application in New Zealand. But two cases have been decided in as many months, both resulting in recognition of foreign insolvencies by the High Court...


Herrick, Feinstein Lending & Restructuring Alert October 2009


Secured Lenders Denied Right to Credit Bid

By Paul A. Rubin
Herrick, Feinstein LLP, New York, New York, USA

Courts continue to negate the rights of secured creditors in bankruptcy cases. In the latest move, a federal appeals court has permitted an asset sale to third parties without allowing the secured lenders to credit bid for their collateral. Click here to read the entire alert.


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