Court declares Kodumaa Kapital savings and loan association bankrupt

Harju County Court declared the Kodumaa Kapital savings and loan association bankrupt in mid-September, ERR reported.

The association stopped paying depositors at the start of this year, citing amendments to the law governing savings and loan associations, Ärileht reported. In February, it offered depositors the option of exchanging their claims for units in Kodumaa Fund, presenting the trust fund as a way to protect their interests, increase the value of members’ money and avoid closing the association.

The letter to depositors said the fund’s assets would include the loan portfolio of the Kodumaa group, comprising Kodumaa Kapital and Kodumaa Laenud OÜ. Depositors went to court, suspecting assets had been diverted after the association transferred its main asset, a loan portfolio worth two million euros, through a subsidiary to the newly established Kodumaa Fund.

The association’s current board members are Kiur Lootus and Pille Lõugas. Reform Party politician Tõnis Kõiv left the board in summer 2025 after leading the association since 2021, but reportedly continues to work with it as an adviser.

Creditors must notify the bankruptcy trustee of all claims that arose before the bankruptcy declaration by November 15. Claims submitted late but accepted will be satisfied last.