Tartu savings and loan cooperative claims reach €66 million

About 1,800 claims totalling €66 million were submitted by the deadline in the bankruptcy proceedings of the Tartu savings and loan cooperative, ERR reported. Bankruptcy administrator Tarmo Peterson said the total is likely to increase significantly as more claims are filed.

The deadline for submitting claims was August 17. Peterson said the current figures are not final because many claims were filed against a subsidiary of the cooperative and will not be recognised in these proceedings.

Under the law, the bankruptcy administrators have 30 days to prepare an initial list of creditors. Creditors then have 30 days to object to other claims, after which those affected have another 30 days to respond. The administrators must then prepare the final list for the court.

Although the final list could reach the court in December if the proceedings go smoothly, Peterson said the number of claims makes that timetable unrealistic. He estimated that the list would more likely be submitted in the first quarter of 2027.

Claims can continue to be filed until the final list is submitted to the court. Peterson said the cooperative had just under 3,000 depositors and about 4,000 members, indicating that a significant number of depositors had not yet submitted claims.

Many people also do not know how to file a claim. Co-administrator Toomas Saarma has spent days assisting people by telephone, Peterson said.

Earlier media estimates suggested that about one-third of the claims might be recoverable. Peterson said the proceedings would show whether that was possible, but added that no new assets had been found to improve the outlook and that the estimate might instead have to be revised downward.

The court declared the Tartu savings and loan cooperative bankrupt on June 17, finding that its business activities showed features of a pyramid scheme.