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Sajadova, Veronika; Viirsalu, Peeter --- "ESTONIA" [2019] ELECD 1202; in Kadner Graziano, Thomas; Bojars, Juris; Sajadova, Veronika (eds), "A Guide to Consumer Insolvency Proceedings in Europe" (Edward Elgar Publishing, 2019) 374

Book Title: A Guide to Consumer Insolvency Proceedings in Europe

Editor(s): Kadner Graziano, Thomas; Bojārs, Juris; Sajadova, Veronika

Publisher: Edward Elgar Publishing

Section: Chapter 11

Section Title: ESTONIA

Author(s): Sajadova, Veronika; Viirsalu, Peeter

Number of pages: 56

Abstract/Description:

Estonia was the first Baltic state to adopt a legal regulation of insolvency of consumers and other natural persons. The current Bankruptcy Act came into force on 1 January 2004 and applies to the bankruptcy proceedings of both legal and natural persons, as well as the debt relief proceedings of natural persons. In contrast with Latvia and Lithuania, Estonia also provides an opportunity exclusively to natural persons to apply for debt restructuring and debt protection. The revision of legislation in the field of insolvency started in 2016, but no specific amendments have yet been announced.