Reorganization of a company means the application of various measures to overcome financial difficulties, restore liquidity, improve profitability and ensure sustainable management.

If your company has become insolvent but you expect that it can once again become a functioning business after the result of the reorganization, then it can spare you from temporary insolvency and avoid bankruptcy.

A prerequisite for commencement of reorganization proceedings is a proper application to the court, and if the company has substantiated that insolvency is likely in the future, it needs reorganization and sustainable management is likely after it has been completed.

As reorganization advisors, we will assist the company in preparing the reorganization plan which must be approved by the creditors and/or the court. During the reorganization proceedings, the duties of the reorganization adviser include monitoring the implementation of the reorganization plan and to report thereon to the court and creditors.

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AS Baltika reorganization

Project team
Grant Thornton Baltic’s team consists of partner Artur Suits, head of financial advisory Mikk Mägi and financial and business advisory manager Ants Ansper.
Fashion company AS Baltika
Baltika Group, headquartered in Tallinn, was founded in 1928. Baltika is the leading fashion company in the Baltics, which owns, manages and develops three internationally successful fashion brands: Monton, Baltman and Ivo Nikkolo.
Other projects

Our experience provides confidence

Grant Thornton Baltic's advisors assist businesses in carrying out reorganizations and are experienced reorganization advisors and experts.

A reorganization adviser is generally a sworn advocate, a trustee in bankruptcy or an auditor, and the duties are to:

  • inform the creditors and court about the company's financial situation and reorganization possibilities in an impartial and competent manner,
  • advise and assist the company during the reorganization proceedings,
  • to verify the lawfulness of the claims of creditor's and the purposefulness of the transactions of the company.
Artur Suits
Tallinn, Estonia
Partner in charge of advisory services
Artur Suits
Tallinn, Estonia
Artur Suits has extensive knowledge and skills in both business advisory and auditing with over 20 years of experience in both fields. Artur works at Grant Thornton Baltic since 1996. He is a partner and member of the management board of the company. Artur is also a member of the Estonian Auditors' Association.
Learn more about Artur Suits
+372 626 0500
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Contact Artur Suits
Artur Suits
Partner in charge of advisory services
Artur Suits
+372 626 0500
Artur Suits
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Reorganization of Nordnet AS: a successful time-critical solution

Our experience
Grant Thornton Baltic's partner Artur Suits advised the reorganization of logistics company Nordnet AS (currently Nordnet OÜ) in 2010-2014 and acted as the reorganization adviser in cooperation with law firm COBALT.
Logistics company Nordnet
Nordnet OÜ provides special temperature services, warehousing and logistics of chilled and frozen products. The reorganization of the company was completed successfully and nearly in half the time as intended in the reorganization plan.
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