World Bank highlights Estonia's bankruptcy problems

Jan 06, 2009
TBT Staff

TALLINN-  A recent report by World Bank writes that the Estonian bankruptcy process is three times as long as Finland. While the same process in paying back creditors takes less than a year, Estonia’s process can take up to three years.

According to daily Arileht, Estonia is on the same level parallel to African nations when it comes to the bankruptcy process and costs, which in Estonia is 9 percent.

Another controversial aspect of evaluation was the percentage of creditors receiving their money back. In Finland this percentage is far higher at 87 percent, whereas Estonia hovers at around 37 percent.

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