Creditors of Jaak Roosaare's businesses gather for the first time

Small investors who extended loans to the car rental company Planet42 through Jaak Roosaare's firms Planet 24 OÜ and Venturist Capital SPV1 OÜ gathered for a general meeting at Harju County Court on Wednesday. According to bankruptcy trustee Kristjan Aava, no definitive position has yet been taken regarding the filing of claims against Roosaare.
At the end of last year, Harju County Court declared Planet 24 OÜ and Venturist Capital SPV1 OÜ bankrupt, and on Wednesday, the court held the first general meetings of the creditors of both companies.
The companies' bankruptcy trustee, Kristjan Aava, told ERR that during the meeting, creditors decided to terminate the operations of both debtors. In addition, the creditors confirmed the appointment of the court-appointed trustee and agreed to form a creditors' committee.
Venturist Capital SPV1's known liabilities amount to approximately €570,000, while Planet 24 OÜ's liabilities total around €440,000.
Regarding potential claims against Jaak Roosaare, Aava said it is too early to draw any final conclusions, as the bankruptcy proceedings have only been ongoing for three weeks.
"Analyzing the actions of the management board and assessing possible liability requires a thorough review," the trustee noted.
Inclusion OÜ, operating under the brand name Planet 42, provided car rental services in South Africa and Mexico. Over its seven years of operation, the company raised nearly €115 million from investors. However, in late July of last year, it announced a suspension of loan repayments.
In December, Harju County Court approved a restructuring plan for Planet42, which aims to help the company avoid bankruptcy and continue its business activities. The plan is based on the hope of making the company sustainable by expanding its operations in Mexico.
In December, Jaak Roosaare became a suspect in a criminal investigation related to unlicensed financial activities. According to the Central Criminal Police, the suspect provided financial services through various companies that would have required a credit institution license from the Financial Supervisory Authority.
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Editor: Karin Koppel, Marcus Turovski