COVID-19: crisis management | Grant Thornton

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COVID-19: crisis management

The national and global emergency situation related to the COVID-19 pandemic is a challenge both for business owners and the wider business environment. The declared state of emergency also concerns the rights and obligations arising from the employment relationships. How to deal with a changing situation and what should businesses focus on in the first place?

Labor law What can employers do to minimize losses from coronavirus?

Estonia declared a state of emergency (defined in national law as “emergency situation”) on 12 March 2020 and this affects the rights and responsibilities

Risk management Crisis - the perfect time for fraudsters?

In a crisis, the internal control system must remain a priority. In order not to find yourself fighting the consequences of corruption and fraud after a crisis

Innovation A race for digital business models

COVID-19 led to a crisis that has accelerated the changes that were actually taking place even before the so – called era of social distancing. Those with the

Labor law Unemployed people can temporarily work, and their benefits increase

Amendments to the Labour Market Services and Benefits Act (hereinafter LMSBA) and the Unemployment Insurance Act create the possibility of temporary

Remote work A five-year leap in two months: remote work as a new norm

Remote work due to the coronavirus in companies is becoming a new positive trend, which is difficult to reverse, but both companies and employees will benefit

Legal Collecting debts during the crisis

Businesses in various sectors do not have a positive outlook for their turnover forecasts due to the corona crisis. As a result, they may have an extra

Business advisory Business plan as the backbone of the company

There are different reasons for drawing up a business plan and the target groups can vary as well. Detailed business plans are compiled when starting a

Crisis management How will the new situation affect accounting and auditing?

Auditors, accountants and other white-collar workers have recently been working mainly from home offices. We can expect that more and more audits and

Legal The debtors are not obliged to submit bankruptcy petitions in the coming months

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

Transaction advisory Remote authentication – a possibility to carry out a notarial transaction from home

On February 1st 2020, remote authentication was introduced for notarial transactions, which is equivalent to ordinary notarial authentication, i.e.

COVID-19 How to account for the Unemployment Insurance Fund's temporary subsidy?

The Accounting Standards Board has ruled that subsidy paid by the Unemployment Insurance Fund should be recognised as government grant as treated in Accounting

Crisis management How to use a crisis situation to improve risk management?

In a crisis, companies need to be able to respond quickly to change and to meet the needs of their employees, customers and partners, while managing the

Crisis management Entrepreneur's plan B: re-establishing business through reorganization

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

Tax Tax payments in emergency situation (as of 24.04.2020)

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.

Legal How to organize a general meeting of shareholders regarding to COVID-19?

Only a few companies have included an option of a virtual shareholders’ general meeting – e.g. using an instant messaging service or electronic voting

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Related experts:

Head of Financial Advisory Mikk Mägi

Tallinn, Estonia

Legal Manager Kristel Tiits

Tallinn, Estonia

Partner, Head of audit services, Sworn auditor Mart Nõmper

Tallinn, Estonia

Partner in charge of tax services Kristjan Järve

Tallinn, Estonia

Tax Manager Urzula Välb

Tallinn, Estonia

Partner in charge of advisory services Artur Suits

Tallinn, Estonia

Head of legal services, Senior legal manager Aet Sallaste

Tallinn, Estonia

Head of IT Arko Kurg

Tallinn, Estonia

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