Magnusson Is Assisting Intus Creditors to Recover Their Deposits

Several Saving and Loaning Associations in Estonia have recently been caught in financial difficulties, leaving their investors (technically members and depositors) with empty hands. 

Although Saving and Loaning Associations can be qualified as financial institutions, they are, unlike banks, not under the state’s financial supervision and their deposits are not guaranteed. According to current licensing regulations, associations need to demonstrate sufficient due diligence measures for identifying borrowers and depositors. As a result, the state authorities do not have the power to assess the economic status of the associations or the correctness of the financial reporting presented in the annual reports. Although this is meant to change by implementing financial requirements and strengthening state supervision, the adoption of the new regulation has been delayed due to political divisions.  

The last few years have meanwhile brought about several bankruptcies of Saving and Loaning Associations, that in turn, have shed light on financial disorder and channeling depositors’ funds to projects of related parties.  

Most recently, the payment difficulties of the next association, Intus Savings and Loan Association, have become apparent. Creditors positioning themselves to recover their deposits from Intus Savings and Loan Association, have filed for the association’s bankruptcy. 

Magnusson is assisting creditors of Intus Savings and Loan Association in bringing claims against the association and representing the creditors interests in insolvency proceedings before the Estonian court and trustee. 

In order to receive more information and join our group of clients, please get in touch with us via  

Our legal representation will consist of aggregating a group of creditors to achieve stronger establishment in the bankruptcy proceedings, submitting and defending clients’ claims for their recognition, and standing for the group’s interests in the bankruptcy committee by providing assistance and monitoring the activities of the trustee to facilitate effective asset recovery. 

We have considerable experience in matters related to insolvency, cross-border asset tracking and recovery, and combating international investment fraud. Recent work of our team includes legal representation of over 7000 local and international investors of various crowdfunding and crypto lending platforms in large class action bankruptcy and criminal proceedings, where damages amount to hundreds of millions of euros.  

Magnusson is part of the world’s leading asset recovery legal network ICC FraudNet, granting direct access to the best cross-border know-how in asset recovery.