Welcome to the latest issue of Hedman Partners E-newsletter. We have prepared this issue in English language to provide our international clients and partners the latest news on legal developments in Estonia

KALLE PEDAK, Attorney-at-Law/Partner

Estonia's economy is slowing relatively sharply and after several years of GDP growth at or close to 10%, the rate of expansion in 2008 and also in this year will be negative.

Litigation will be more expensive (and that is not lawyers’ fault)

URMAS KIIK, Sworn Advocate

From 1st of January of present year over 400 amendments of Civil Code of Procedure (CCP) came into force and at the same time the state fee rates in connection with court cases were raised significantly.

The additional obligations on election of the corporate bodies and prohibition on establishment

MERLIN SALVIK, Attorney-at-Law

The amendments of the Estonian Commercial Code (hereinunder Code) regarding the election of the corporate body of the company and the implementation of the new term - prohibition on establishment – took effect in the end of 2008.

Amendments in Tax Laws

TARMO END, Lawyer

Estonian attractive corporate tax system (0 % rate unless dividends is paid) will remain unchanged despite preliminary fears.

A (new) legal saviour for the enterprises in financial hardship

KERTTU SARAPUU, Lawyer

The Estonian Parliament (Riigikogu) has passed a draft legislation of the Reorganisation Act (the Act) (became into force on 26 December 2009), which aim is to regulate a new course of reorganisation proceeding of enterprises providing a more flexible legal framework for companies in financial difficulty in order to facilitate their restructuring, on the one hand, and more guarantees to creditors, on the other hand.

The new Succession Act has a changeover from an acceptance system to renunciation system

MERLIN SALVIK, Attorney-at-Law, KATRIN KOSE, Lawyer

The new Succession Act sets forth a changeover from an acceptance system to a renunciation system. According to an old system i.e acceptance system an estate was transferred to a successor only in case when the successor accepted an estate.

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