Our highly experienced attorneys Mrs Valeria Titova and Mr Kaspar Koppel represent creditors in the CoinLoan OÜ bankruptcy proceedings. As there are over 2 500 creditors, we represent clients in a class action. This enables us to serve every client better than representing clients separately. There are claims in excess of 200 mil EUR and therefore even a client having a claim in millions and acting alone might not get any control in the bankruptcy proceedings at all.

On 14 July 2023, Harju County Court declared CoinLoan OÜ bankrupt. Creditors have to submit their claims within two months. The bankruptcy proceedings likely lasts for several years and for protecting creditor`s rights properly entails comprehensive legal assistance.

During the bankruptcy proceedings we are committed to providing comprehensive legal assistance to our clients. Our scope of assignments covers the following aspects of the matter:

• Preparation and Submission of Claims/Applications: We will prepare and submit application/proof of claim on behalf of our clients.
• Defense of Claims: We will defend the submitted claims within the bankruptcy proceedings and all associated general meetings of creditors. Our legal experts will utilize their knowledge of bankruptcy law and strategic advocacy skills to protect our client’s interests and pursue the best possible outcome.
• Representation in the bankruptcy proceedings and general meetings of creditors: Our team will provide representation for our clients throughout the bankruptcy proceedings and associated general meetings of creditors. We will attend important events on behalf of our clients, ensuring their rights are safeguarded.
• Continuous assistance with communication: We understand the importance of regular communication between creditors and the bankruptcy trustee. Most likely, the bankruptcy proceedings will last for several years. We will constantly provide updates regarding the bankruptcy proceedings.
• Cooperation with the Bankruptcy Trustee: We recognize the significance of collaboration between creditors and the bankruptcy trustee for the expeditious recovery of assets. Our team will actively cooperate with and aid the trustee.
• Helping to arrange and manage pay-outs to creditors. Our services conclude when pay-outs are made.

Usually, legal representation costs in bankruptcy proceedings that lasts for years might can cost tens of thousands of euros. In bigger bankruptcy cases, it is not uncommon that legal fees become truely exorbitant. For example, legal costs might skyrocket if a fight breaks out between creditors. We are offering the creditors to become our clients for a minimal fixed fee and a reasonable success fee, to be paid when pay-outs occur. This enables the creditors to significantly economize and fixate their legal costs on this matter.

The final deadline for the submission of claims was 14 August 2023. Though, after this deadline creditors could still submit claims and ask for the restauration of the deadline. The court could restore the deadline only for exceptional reasons. But due to procedural reasons on 30th of December 2024 the window for the submission of claims completely closed. After this date no new claims are accepted.

We also advising clients who submitted the claim by themselves, but needed legal help afterwards, for example their claims were submitted with deficiences and were challenged.

On the 18th of June 2023 first general meeting of creditors took place. Our Law Office got votes over 18 million EUR and our attorney Mrs Liis Puidak was elected as a member of Creditors Committee. This has enabled us to participate in making important decisions that ultimately determine the direction of the bankruptcy proceedings.

We are oriented to effectively and quickly recover assets of Coinloan and as soon as possible to start making payouts. In order to provide better protection to creditors of CoinLoan we are closely cooperating with the Law Firm GLIKMAN ALVIN. They got votes for over 17 million EUR and an attorney from their law office was also elected as a member of the Creditors Committee.

Should you have any question, contact us via email at coinloanreclamation@lauspartners.ee.

November 2023 – Mrs Liis Puidak is no longer working at Law Office Laus & Partners. Henceforward she will continue practising law at Law Firm DEM. As she have been involved in this class action from the start and due to her membership at the Creditors Committee, she is very familiar with all the nuances relating the bankruptcy proceedings. As good relationships between us remain, we have agreed with her that she will continue to carry out her responsibilites at the Creditors Committee until further notice. For our clients nothing will change.