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As in life itself, the unexpected often strikes in the business world. The article deals with one such scenario that many probably have never thought of.

In 2023, the German family company Bodo Möller Chemie bought the distribution rights of the brands Loctite, Teroson and Technomelt from Henkel and established a subsidiary Bodo Möller Chemie Baltics OÜ to deal with the resale of Henkel's adhesives and sealants in the Baltics. The founding of the subsidiary was advised by Grant Thornton Baltic.

In November 2023, Grant Thornton Baltic was certified with ISO 27001:2022 by Bureau Veritas, confirming that we identify, assess and manage security risks relating to information systems on an ongoing basis and in accordance with the requirements outlined.

From 01.01.2024, the Employment Contract Act will undergo several changes in the wording of the provisions, which are due to changes in the Family Act.

Grant Thornton Baltic's consulting team advised the management of Inspecta Estonia OÜ on the acquisition of Metrex Mõõtekeskus OÜ.

International wholesaler of cosmetics, perfumes, salon products and non-prescription medicines Sirowa acquired well-known Estonian wholesaler of perfumery and beauty products.

A number of changes will soon take place in labour law, with direct implications for everyday life in the workplace. The changes pertain to employees’ rights and benefits.

On 1 February 2023, the new Commercial Register Act entered into force, ushering in significant changes to the Commercial Code and other laws regulating the activities of corporate entities. Among other things, the changes also concern the net asset requirement, related to one of the major changes – the removal of the requirement of minimum share capital for private limited companies.

The Employment Contracts Act provides for compensation for both employees and employers in a number of situations. In Supreme Court practice, the compensation has been viewed as indemnifying a loss, and as such, both parties have to prove that they incurred losses.

Grant Thornton Baltic's transaction advisory team helped OÜ Rannu Seeme develop the conditions for the exit of the partner, including advising on the execution and formalization of the transaction.

With everything else that is happening in the world, the pandemic era is starting to fade from memory. But remote working is here to stay. That is borne out by the new Occupational Healthcare and Safety Act that entered into force on 19 November 2022, which lays down a more specific framework for employee and employer responsibilities in remote work arrangements.

For Grant Thornton Baltic OÜ, the 2021/2022 season in Estonia was very successful - our turnover increased by 24% compared to the previous financial year. The impressive growth took us to the second place in the ranking of auditing companies compiled by business newspaper Äripäev.

In the spring and summer of 2022, Fourings OÜ, which brings together companies engaged in the sale and maintenance of Audis in Estonia, sold a 50 percent stake to the investment company UG Investments.

Experts say that activity on the transactions market has returned to previous levels in contrast to the slump in the spring, but it should be remembered that more restrictive conditions are added to contracts in hard times.

Up to 30 December 2021, according to subsection 390 (4) of the Commercial Code it was required that a branch of a foreign company has to be liquidated before deletion from the Commercial Register, with all of the stages necessary for liquidation to be followed: notification of creditors, satisfaction of creditors’ claims, preparation of a final balance sheet, etc.

Most annual reports have by now been submitted and the Commercial Register is now checking whether companies’ equity meets the minimum net assets requirement arising from legislation. What does this mean for companies?