A court ruling has entered into force, fully dismissing the claim brought by the bankruptcy trustee of Reyna Trade against Saaremaa Laevakompanii for the recognition of a claim during the bankruptcy proceedings. The initial claim of EUR 9 million was reduced to EUR 300,000 during the proceedings; however, even this amount was not recognised in full. The dispute, which has now been resolved, was connected to other cases in which unfounded claims totalling EUR 60 million were filed against SLK. All disputes have now been resolved at every court level, and Saaremaa Laevakompanii has no outstanding liabilities.
Court ruling highlights the importance of advance payment accounts in bankruptcy proceedings
Once the court victory takes effect, it will play a decisive role in Saaremaa Laevakompanii’s bankruptcy proceedings, as it confirms the absence of any liabilities and thus the lack of grounds for the bankruptcy proceedings against the company. The judgment entering into force will also affect the ongoing criminal proceedings, as the cessation of insolvency is a significant factor in assessing liability for the offence of causing insolvency.
Furthermore, the court ruling highlights the importance of auditing the Tax and Customs Board’s advance payment accounts during bankruptcy proceedings. Under certain circumstances, these funds can be used to satisfy a debtor’s obligations. If the Tax and Customs Board’s advance payment accounts are overlooked during bankruptcy proceedings, there is a risk that the funds held in them, or the financial obligations settled through them, may be excluded from the proceedings.
Our services and client team
We represented Saaremaa Laevakompanii during the court proceedings at all levels of jurisdiction. The client was advised by partner Carri Ginter, head of Sorainen’s Insolvency and Restructuring service, counsel Mari Agarmaa-Jentson, and senior associates Liisa-Maria Puur and Piret Schasmin.
