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Reorganization is being used to help a company that has temporarily become insolvent, for example due to the current pandemic and crisis. It is important to emphasize that a company can be reorganized if the business model is sustainable, and the difficulties are temporary. Grant Thornton Baltic partner Artur Suits opens the subject further in his interview.

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.

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.

The COVID-19 pandemic is placing companies and their management teams in a challenging situation due to the lockdowns and state of emergency established around the world. One of the most critical areas is managing the companies’ cash flows and decisions to maintain liquidity. Mikk Mägi, head of financial advisory in Grant Thornton Baltic, gives advice what should be a priority for the companies during the crisis.

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.

Auditors are like conspirators – people know they exist, but few understand what they are up to and why they are valuable. In general, the public hears about auditors only when something goes wrong somewhere.

Though analysts consider the agricultural sector as having high potential for the next year, their optimism doesn’t always pan out. Farmers have to expend effort and cooperate to overcome challenges, as a radio programme produced by the Äripäev business daily, “Kasvukursil” revealed.

Grant Thornton Baltic advised Balti Spoon OÜ, one of the world's leading manufacturers of peeled and sliced veneer, on the acquisition of a Polish company Bracia Mrozik Sp. z o.o.

United Motors has purchased the distributor of Peugeot and Hyundai in Estonia. Grant Thornton Baltic provided advisory services for the transaction.

Entrepreneurs believe the hard times are past and increasing turnover and profit will also lead many countries’ economic growth to faster recovery. A survey conducted by tax and business advisory firm Grant Thornton among business people in 36 countries found that business optimism is at a two-year high.

Three possible business exit strategies

Compared to agreements on competition restrictions, the obligation to keep business secrets has not been dealt with as widely, yet it needs significantly more coverage. In this article, the author deals with the various nuances related to business secrets, defines business secret and discusses why keeping business secrets is important for every company.