201811.06
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An analysis-concept of the corporate law review team has been completed

At the request of the Ministry of Justice, an expert group led by NOVE partner Urmas Volens has prepared an analysis-concept of Estonian corporate law, which has been sent to the members of corporate law review  commission. In addition, the Ministry of Justice collects opinions on the proposals presented in the analytical paper during a public consultation.

Within the framework of the corporate law review, a thorough, substantive and systematic analysis, harmonization and updating of the legislation in the area of corporate law will be carried out during the period of 2016–2020. In order to accomplish this task, corporate law review expert group analysed legal acts of several foreign countries, existing jurisprudence, and Estonian and foreign legal literature in addition to Estonian law. The almost 1000 pages of analysis, which was prepared as a result of the work, contains about 50 pages of substantive proposals for the further development of Estonian corporate law. The aim of the review is to streamline corporate law (in particular the Commercial Code), in order to make the rules of law clearer, easier for the implementer and attractive to foreign investors.

“The completed analysis is the most comprehensive analysis in the field of Estonian corporate law since the entry into force of the Commercial Code in 1995”, noted Urmas Volens. According to Volens, the working group believes that the amendments proposed in the report will provide a sufficient basis for the forthcoming discussions, and on the basis of the proposals it will be possible to select a range of topics regarding which the legislative changes can be made. “We believe that further legal policy decisions can be made on the basis of the completed analysis.”

Working group includes recognized experts in private law: Martin Käerdi (Associate Professor at the University of Tartu, Ellex), Sander Kärson (TGS Baltic), Villu Kõve (Associate Professor at the University of Tartu, Supreme Court), Arsi Pavelts (NOVE), Kalev Saare (Associate Professor at the University of Tartu, COBALT), Andres Vutt (Associate Professor at the University of Tartu, Magnusson), Margit Vutt (Lecturer at the University of Tartu, Supreme Court). The leader of the team is NOVE Partner and Associate Professor at the University of Tartu, Urmas Volens.

The analysis-concept is available on the website of the Ministry of Justice.

Corporate law review is funded by the European Union Structural Funds (European Social Fund) and the Ministry of Finance.