On Thursday morning, the Registration Department of Tartu County Court added the new directors of dairy firm Tere to the business' B-card in Estonia's Central Commercial Register, putting an end to the legal uncertainty surrounding the management of the business which was declared bankrupt last week.
Tere's new board as well as director Aivar Rehe will fulfill their obligations in order to ensure the functioning of the company and the preservation of the value of its assets despite the confusion, barrister Jaanus mody told ERR's online news portal.
"Tere's former director Oliver Kruuda does not have the powers to act on behalf of or represent the business; all powers involved in resolving issues and making decisions related to Tere lie with Tere director Aivar Rehe and the business' new board, which is directed by Maire Arm, the trustee in bankruptcy of Tere's parent firm Elveda," Mody confirmed.
At the beginning of the week, the court's registration department ceased processing the entry application for the confirmation of the dairy firm's new board and management.
Harju County Court declared Elveda OÜ, parent company of Tere AS, bankrupt last Wednesday, following which the trustee in bankruptcy replaced Tere's board and management, appointing Aivar Rehe director of the business.
Oliver Kruuda has since announced that he will appeal the bankruptcy order in district court.
Editor: Editor: Aili Vahtla