CoinLoan Bankruptcy

Our highly experienced attorneys Mrs Liis Puidak and Mr Kaspar Koppel represent creditors in the CoinLoan OÜ bankruptcy proceedings. As there are thousands of creditors, we represent clients in a class action. This enables us to significantly serve every client better than representing clients separately. We have learned that there are claims in excess of 200 mil EUR and therefore even a client having 5 mil EUR claim 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 last for several years and for creditors entail 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:

  1. Preparation and Submission of Claims/Applications: We will prepare and submit application/proof of claim on behalf of our clients.
  2. 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.
  3. 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.
  4. 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 provide quarterly reports regarding the bankruptcy proceedings unless some important events entail informing the clients without delay.
  5. 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, sharing our insights, expertise, and relevant information to support their efforts for successful asset recovery and any criminal or civil proceedings related to the bankruptcy case.
  6. 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 last for years might cost tens of thousands of euros. In significant bankruptcy cases, it is not uncommon for legal fees to become exorbitant. For example legal costs might skyrocket if a fight breaks out between creditors. Unfortunately, in bigger bankruptcy cases, disputes between creditors are quite common. In the end, a creditor might incur substantial legal fees that he has to cover monthly basis, but payouts from the bankruptcy estate occur only after several years. Moreover, at the beginning of the proceedings it us unclear how many cents on the dollar at the end every creditors will recover. Therefore it might happen that eventually a creditor have spent a signicant portion of the money recovered to legal fees. Our cooperation proposal to creditors of Coinloan is especially addressing this crucial element. 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.

To become a part of our creditor group and avail yourself of our legal assistance, please follow the outlined steps:

  1. Complete the client onboarding form, which includes an overview of our proposed fee structures and a step-by-step guide on documenting your claims. You can access the form at the link to the client onboarding form
  2. Receive the necessary documentation from us, review and sign it, and proceed with making the retainer payment.

It is important to note that time is of the essence, as the final deadline for the submission of claims is quickly approaching — 14 August 2023.

In order to rule out any last minute suprises we have decided to submit claims on behalf of our clients no later than on the 10th of August 2023. As often we have to address some deficiencies and ask additional information/documents from applicants, we have decided to stop taking new applications on the 07th of August 2023. This leaves us enough time to properly prepare all applications.

On the 18th of June 2023 first general meeting of creditors took place. Our Law Office got votes for 18 467 174 EUR and our attorney Mrs Liis Puidak was elected as a member of Creditors Committee. This enables 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 17 112 660,55 EUR and an attorney from their law office was also elected as a member of the Creditors Committee.

Please ensure not to leave the onboarding process to the last moment, as reviewing documents, carrying out internal procedures, and submitting claims takes considerable time. You can also get in contact with us via email at

Let us stand by your side and help you recover what you are rightfully owed!

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.