The Baltic Times

World Bank highlights Estonia's bankruptcy problems

  • 2009-01-06
  • TBT Staff
TALLINN-  A recent report by World Bank writes that the Estonian bankruptcyprocess is three times as long as Finland. While the same process inpaying back creditors takes less than a year, Estonia's process can take up tothree years.

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

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

 

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