Helmetal IMS, a mechanical engineering and metal processing company that submitted a reorganization application at the beginning of the year, will pass it successfully, confirmed Veikko Toomere, the company’s reorganization advisor and attorney-at-law of Njord law firm.
The Pärnuma company Helmetal IMS is one positive example of how the reorganization procedure can be successfully completed, Toomere said in the morning program of Äripää radio.
Helmetal was led to restructuring by a Finnish client who submitted a claim to Helmetal for more than one million euros. Toomere said that often the restructuring procedure does not even have to be submitted to the court and an agreement can be reached with the creditors out of court, whereas Helmetal had to communicate with the Finnish client through the court. It has been successful and the industrial company is already profitable.
If the economies of Estonia and neighboring countries are doing well, there is no need to worry about Helmetal at all, Toomere said.
The sworn lawyer also talked about Planet42 and under which conditions it is more reasonable to submit a restructuring and under which bankruptcy petition. Toomere also explained why, in many cases, a restructuring or bankruptcy petition does not have to be submitted at all.
Martin Teder asked.
There is an escape route for the metal industry, which has received millions of claims
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The extraordinary price increase and at the same time the rigidity of the Finnish client in sticking to the earlier agreement brought the Estonian industrialist a claim of more than a million euros, which led to the restructuring of the company.
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Source: www.aripaev.ee
