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The amendment of Bankruptcy Act entered into force, where the commencement of the term of the obligation to submit bankruptcy petition shall be suspended for the time of emergency situation due to coronavirus and two months thereafter. Aet Sallaste, head of legal services in Grant Thornton Baltic explains who are concerned by the amendment of the Bankruptcy Act.

The Accounting Standards Board has ruled that subsidy paid by the Unemployment Insurance Fund should be recognised as government grant as treated in Accounting Standards Board Guideline (ASBG) 12, “Government Grants“. How to account for the Unemployment Insurance Fund's temporary subsidy? Grant Thornton Baltic sworn auditors Kristiine Villemi and Mart Nõmper explain the subject further.

From the 1st of July 2020 the changes of the commercial code state, that the minimum nominal value of a share is one cent instead of one euro, with the result that every cent of the share capital shall grant the shareholder one vote. Grant Thornton Baltic legal adviser Brigitta Jõgi explains the subject further.

The government has approved a package of measures to mitigate the initial stage of the crisis caused by COVID-19. The measures also include paying taxes, e.g. suspension on mandatory pension fund payments, relief on social tax payments, interest payments and the payment of tax liabilities in instalments.

Only a few companies have included an option of a virtual shareholders’ general meeting – e.g. using an instant messaging service or electronic voting application. Grant Thornton Baltic legal manager Kristel Tiits explains how to rectify this situation.

The government aid measures to alleviate the corona crisis have become rather confusing for entrepreneurs. According to Äripäev's radio program "Kasvukursil", there are in fact several ways for labour cost savings. In the studio were legal manager Kristel Tiits, HR manager Marge Litvinova and IT manager Arko Kurg from Grant Thornton Batic.

Estonia has been in a state of emergency for a month now, which has limited the work and regular routines of businesses and individuals alike. Sports clubs and entertainment centers are closed, and people are forbidden to visit shopping centers. Accordingly, businesses experience many disruptions in their usual business routines and activities. Under certain conditions, it is possible to rely on § 103 (2) of the Law of Obligations Act (hereinafter LOA), which establishes force majeure. Grant Thornton Baltic legal adviser Brigitta Jõgi explains when force majeure can be applied to the situation.

A subsidy to employees affected by the COVID-19 crisis was established by order of Estonian Government from March 23rd, 2020 „Employment program 2017-2020 . To apply for the employee subsidy the employer must meet 2 out of 3 requirements. What are those requirements and what action must employer take? Grant Thornton Baltic legal adviser Lee Laanemäe and legal manager Kristel Tiits explain the subject and give recommendations for further steps.

Grant Thornton Baltic specialists give an overview of the most important decisions and measures concerning the current crisis taken in Latvia and Lithuania.

To improve liquidity, KredEx has developed crisis measures. It should be remembered that a company intending to use KredEx measures should first contact their home bank. Grant Thornton Baltic legal manager Kärolin Rohumäe explains what companies should do to be able to apply for the KredEx crisis packages.

During the emergency situation in Estonia, many employers have allowed some or all their employees to work from home. Allowing people to work from home cuts the risk of contracting the virus, but also raises the question of who is responsible for providing a safe and healthy work environment for the employee. Kärolin Rohumäe, Grant Thornton Baltic's legal adviser, explains in more detail.

The crisis caused by the coronavirus is coinciding with the peak season for preparing annual reports. It raises the question of whether and how aspects related to the coronavirus be recognized in the 2019 financial statements and if so, how? Grant Thornton Baltic partner Mart Nõmper gives instructions in his article.

Grant Thornton Baltic advises AS Baltika in reorganization proceedings. Grant Thornton Baltic’s team consists of partner Artur Suits, head of financial advisory Mikk Mägi and financial and business advisory manager Ants Ansper.

Temporary subsidies from the Unemployment Insurance Fund will be paid to those employees who are working under an employment contract and whose employers are significantly impacted by the current extraordinary circumstances. Grant Thornton Baltic advisors can help you assess whether your company qualifies for this measure, draw up the staff documents necessary to apply for the subsidy and assess the necessity and scope of applying for the subsidy.

Do companies take time out from everyday business operations for brainstorming on topics related to the company’s development and strategy, and if they do, how frequently?

Graanul Invest OÜ is Europe’s largest pellet producer and one of the biggest renewable energy producers in the Baltic Sea region. Grant Thornton Baltic conducted a valuation of the assets of Graanul Invest OÜ, which are pledged to Luminor Bank AS, i.e. property together with pellet factories and energy co-generation plants in Estonia, Latvia and Lithuania.