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International Internet Magazine. Baltic States news & analytics Friday, 05.06.2026, 17:37

Oliver Kruuda's company REC Varad to be liquidated soon

BC, Tallinn, 26.02.2016.Print version
The bankruptcy case against REC Varad, a property firm owned by the businessman Oliver Kruuda's now bankrupt holding company Luterma, is likely to be terminated soon by liquidation as none of the creditors is expected to be ready to pay the deposit to cover the cost of the bankruptcy proceeding, informs LETA/BNS.

"The company is empty of assets and it seems that there's nothing left for any of the creditors to take out of it or serve their interests in any way. Therefore it seems likely that no one will want the proceeding to continue and the company will go into liquidation," trustee in bankruptcy Peeter Sepper told BNS, adding that the biggest creditor of REC Varad is the Tax and Customs Board.

 

The deadline for paying the 1,100 euro deposit is March 4.

 

The Harju county court declared REC Varad bankrupt at the end of 2013. The bailiff then sold the properties the company owned in Tallinn and the Rae municipality at the starting price of 2.3 million euros. Bankruptcy trustees of the parent Luterma have more than once unsuccessfully tried to sell the shares of the company that was in rehabilitation since 2012.





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