The Tartu County Court has rejected the restructuring application of the Tartu Credit Union for the second time, citing deficiencies in the submission. The court has ordered the credit union to address these deficiencies by Monday, underscoring the importance of submitting complete financial documentation as stipulated by law. If the requested information, including an annual accounting report and a list of financial obligations, is not adequately provided, the credit union may face dire consequences, including bankruptcy.

The Tartu Credit Union initially filed for restructuring at the end of January, but the court found that the application lacked crucial supporting documents. The necessary documents include financial statements from the previous year, an overview of the financial situation, economic results, cash flows, and an inventory of assets along with a list of all financial commitments. The court's decision reflects a stringent adherence to legal requirements for restructuring applications, which are designed to ensure that businesses seeking such relief have a credible chance of recovery.

As the credit union prepares to appeal the court's ruling, the pressure is mounting. If the restructuring is denied definitively, the credit union could be headed toward bankruptcy proceedings. Legal representatives such as Siim Saavik, a court spokesperson, indicated that the court's conclusions were based on the insufficient data provided, emphasizing the need for complete and accurate financial documentation in future submissions. The situation poses a significant risk not only to the credit union's stakeholders but also to the broader financial landscape in Tartu.