The final week is characterized by events that bring companies to the bottom: a tax festival with devastating effects, a multimillion-euro real estate scheme and transactions, and yet another bankruptcy.
Bankruptcy Trustee: What do we set a price for?
Company owner: There is not much money for notary expenses.
Bankruptcy Trustee: He’s going with mortgages, so the price can’t be very high. Something small, but such that the notary is not really offended.
That’s how Mait Schmidt, who went north seven years ago, and Veli Kraavi, the temporary manager of the company, discussed how to transfer one property from the struggling subsidiary to the parent company. Schmidt’s lawyer Paul Keres sat with them in the correspondence.
The value of the subsidiary’s property was 1.4 million euros, which after being transferred to the parent company decreased in value dozens of times.
“Should have stopped earlier”
The wave of bankruptcies is not over yet. The subsidiary Kodumaja AS, the manufacturer of prefab houses, became insolvent. “There is not enough work for him to work,” said company owner Lembit Lump.
However, we do not see a big tragedy in the bankruptcy of the Lump subsidiary Kodumajatehase AS. At least not anymore, since the loss has already been taken in, so to speak, in the Kodumaja group in previous years.
Journalist Eliisa Matsalu-Alaküla wrote down how the company reached bankruptcy. The owner of the company explained to the journalist that Kodumajatehase AS, which was involved in the design and construction of wooden frame buildings, started going downhill already in 2019, when two nursing home construction projects in Scandinavia failed. In the company’s annual report, it is written that the client was very late in fulfilling its obligations, which caused problems with deliveries and incurred large additional costs.
Matsalu-Alaküla also wrote about another bankruptcy, which takes readers to Viimsi, where the real estate company of a businessman from the reform party went bankrupt.
You have to take the reins of business into your own hands
In a transaction, Estonian entrepreneur Heiki Liiser bought the Estonian wholesaler of electrical materials belonging to the French group Sonepar, whose turnover reached almost 32 million euros last year.
After the transaction, according to Heiki Liiser, the management of the company could have more of the Estonian peasant mind and perhaps a more practical mind.
“For a long time it has been like this that the Germans, French and Finns say, how should we do things in Estonia? It’s time for Estonian men to take matters into their own hands and do as is customary in Estonia,” Liiser told Äripää.
There are new winds in the market
Journalists Kristel Härma and Stiine Reintam brought to the readers how one of the biggest shopping centers in Tallinn may soon get new owners. Although there is no definite buyer yet, market participants confirm that Citycon is actively engaged in sales.
Even businessman Ivar Vendelin did not deny that he is interested in buying shopping centers. Journalist Kristel Härma asked the entrepreneur if he was also looking in the direction of these objects, but this initially made Vendelin laugh. “Can’t comment,” he said.
The top manager went to prison
Bonnesen was charged with aggravated fraud, alternatively aggravated market manipulation, as well as disclosure of inside information. The prosecution claimed that Bonnesen hid information about money laundering in Swedbank’s Estonian bank. Bonnesen was also charged with spreading misleading information.
Tax festival in full swing
The government is facing a big dilemma: how to get money into the state budget that is suitable for all coalition partners, entrepreneurs, rich and poor. The government is likely to go ahead with a tax on the size of the company’s balance sheet, but negotiations will continue on Monday and Tuesday.
Startups and venture capitalists are also worried because the tax would be devastating start-upfor those who have a large amount of equity, but the cash flow is still negative. However, the tax package would lead companies to a situation where they start planning to leave Estonia and move their head office.
Ain Hanschmidt, chairman of Infortar’s management board, thinks that the property tax is a bad idea, as entrepreneurs get taxed even if they have taken out a loan to do business.
“The classic thing is that when you start doing business, you put 30-40% equity and 60% loan. You haven’t even made an investment yet, and you’re already getting taxed,” Hanschmidt gave an example. “It’s a deal,” he said. “Earlier is a very bad idea,” Hanschmidt said.
According to Käo, he is ready to accept property tax rather than corporate income tax. This is because, in Käo’s opinion, the property tax should be treated as a national defense tax, and thus it would be introduced temporarily.
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Source: www.aripaev.ee
