Bankruptcy proceedings

Finantskonsultant OÜ provides long-term cooperation services for trustees in bankruptcy, offering them accounting services in bankruptcy proceedings along with bankruptcy estate accounting and employee compensation accounting and conducts special audits in bankruptcy proceedings.

The reports prepared in the course of providing accounting services in bankruptcy proceedings provide the necessary overview of the bankruptcy proceedings for the trustee in bankruptcy and the members of the bankruptcy committee. The prepared reports simplify filing reports with the court. Recoverable transactions and misplaced financial resources are discovered in the course of the special audit.

Special audits in bankruptcy proceedings

Finantskonsultant OÜ has already gained experience during the previous economic crisis (1998-2000) by conducting special audits in various bankruptcy proceedings.

At times, trustees in bankruptcy do not wish to order special audits in bankruptcy proceedings as they are wary of additional expenses and are not convinced that the additional expenses will bear any results. Our experience indicates that the final result of the work performed by us is effective for bankruptcy proceedings as special audits discover recoverable transactions and debtors who are obliged to commit additional resources to the bankruptcy estate. An audit is effective even if the debtor failed to submit the correct accounting documents to the trustee in bankruptcy (by means of destroying them, submitting falsified data, deleting the accounting program, etc.).
Our client base includes major Estonian and European banks.

If you wish to receive additional information or if you have any questions at all, please contact us. We are always willing to help you out! 

Bankruptcy accounting

Our company deals with all issues pertaining to bankruptcy accounting at the order of the trustee in bankruptcy. Bankruptcy accounting generally includes:

  • taking over the accounting documents;
  • organising running accounting pursuant to valid legislation (including the Bankruptcy Act) or counselling the former accountant in relation to the specifications of bankruptcy accounting;
  • preparing accounting for the Unemployment Insurance Fund or counselling the former accountant of the company with the aim of preparing the accounting and documents;
  • preparation of bank transfers;
  • bankruptcy estate accounting.

As the calculation of the bankruptcy estate is prepared on the basis of the Bankruptcy Act, the added value of our work for the trustee in bankruptcy in case of the bankruptcy accounting service significantly simplifies filing the reports with the court.

If the pre-bankruptcy accountant of the company (who generally has no experience in accounting in bankruptcy proceedings) retains employment, we offer counselling in bankruptcy accounting (specifications in accounting in bankruptcy proceedings, accounting for the Unemployment Insurance Fund, etc.).

We provide services in Estonian, Russian and English.

Financial counselling for trustees in bankruptcy

Should you encounter any financial issues or questions in the course of bankruptcy proceedings, we are always willing to help you. All oral financial counselling is free of charge if Finantskonsultant OÜ provides accounting services in your bankruptcy proceedings.

Finantskonsultant OÜ helps resolve any disputes with pre-bankruptcy debtors, creditors, the Tax and Customs Board, etc.