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Westerberg & Partners AdvokatbyrÄ Ab | Estonia, Latvia, Lithuania, etc. | 7 Apr 2014

Sweden and Baltic states form Unified Patent Court regional division

Sweden has recently signed an agreement on the establishment of a Nordic-Baltic regional division of the Unified Patent Court. According to the agreement, English will be the only language of proceedings and the seat of the regional divisional will be in Stockholm. The Swedish national court structure for IP disputes is under revision.
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WeirFoulds LLP | Canada, Estonia | 19 Mar 2014

Court rules on sovereign immunity

In 2013 the Ontario Superior Court of Justice decided a dispute between Bombardier Inc and Estonian Air. The republic of Estonia succeeded in having the action permanently stayed on the basis that it was immune from the jurisdiction of any court in Canada. Bombardier's subsequent appeal was recently dismissed.
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Elias Neocleous & Co LLC | Cyprus, Estonia | 11 Oct 2013

New double taxation agreement between Cyprus and Estonia

The double taxation agreement between Cyprus and Estonia took another step towards ratification with its recent approval by the Estonian Parliament. The agreement will enter into force when the Cyprus and Estonian governments have exchanged formal notifications that the relevant constitutional requirements have been complied with. This is the first double tax treaty ever concluded between the......
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Law Firm VARUL | Estonia | 22 Feb 2013

Division of expenses between pledge creditors in bankruptcy proceedings

Estonian bankruptcy law gives pledge creditors several advantages over other creditors in bankruptcy proceedings, including the priority to satisfy their claims out of the money received from the sale of the pledged asset in the first ranking of claims. However, uncertainty arises regarding the division of expenses between pledge creditors in cases where a pledged asset has been encumbered......
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Law Firm VARUL | Estonia | 4 Jan 2013

Applying business prohibition to board member in bankruptcy proceedings

The Bankruptcy Act allows for a prohibition on business for the duration of bankruptcy proceedings regarding both natural and legal persons. However, since the act is broadly worded and it is unclear for what purpose a prohibition on business may be applied with respect to a board member, and what restrictions limit the application of such prohibition, the Supreme Court has attempted to fill......
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Elias Neocleous & Co LLC | Cyprus, Estonia | 2 Nov 2012

New double tax agreement signed between Cyprus and Estonia

The double tax agreement between Cyprus and Estonia was recently signed by the two countries' foreign ministers. Details of the new agreement are not yet available and it is not yet known when it will enter into force. Until the new agreement takes effect, Cyprus will normally allow unilateral relief against Estonian taxes in accordance with its established practice.
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Law Firm VARUL | Estonia | 12 Oct 2012

Criminal Chamber rules on how to determine permanent insolvency

If a company becomes permanently insolvent, the management board must promptly submit a bankruptcy petition for the company to a court. If the bankruptcy petition is not submitted on time, company board members risk both civil and criminal liability. Thus, to ensure all obligations have been met and board member liability is excluded, the main issue is how to determine whether a company is......
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Law Firm VARUL | Estonia | 27 Jul 2012

Effect of reorganisation proceedings on board members' liability

The nature of the liability of a company board member in situations relating to insolvency is complex. Filing a bankruptcy petition in a situation where a company could still be saved may make the board member liable to the company; however, if the board member fails to file a bankruptcy petition on time, he or she could be liable to the company, as well as its creditors. The Supreme Court......
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Law Firm VARUL | Estonia | 18 May 2012

Developments in pre-insolvency procedures

The Debt Restructuring and Debt Protection Act aims to help natural persons who are experiencing financial difficulties. The act complements the Reorganisation Act, which fulfils a similar function for businesses. Since the acts entered into force, other legal policy measures have been suggested for the swift non-judicial reorganisation of businesses facing financial problems.
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Law Firm VARUL | Estonia | 20 Apr 2012

Supreme Court rules on pledgee's rights in bankruptcy

Estonian bankruptcy law, in line with that of many other countries, offers greater protection and rights to creditors whose claims are secured by a pledge. In bankruptcy cases involving pledged creditors, concern often arises in relation to the circumstances under which a pledgee may contest the final report on the bankruptcy proceedings. The Civil Chamber of the Supreme Court has analysed......
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