Bankruptcy order rescinded here for businessman subject to similar proceedings in Estonia

An Irish-based insolvency practitioner for Mr Kruuda acknowledged the businessman’s overall indebtedness surpassed €40 million, the judge noted.

The judge noted Ireland’s bankruptcy regime has developed over a relatively short time period from “one of the most punitive and long-lasting in Europe to one of the most benign” from a debtor’s point of view. File picture: iStock

A judge has rescinded a High Court order adjudicating an Estonian businessman with €40 million debts as bankrupt in this jurisdiction due to his failure to disclose that insolvency proceedings had already commenced before the courts of Estonia.

In a ruling, Mr Justice Mark Sanfey said the Estonian bankruptcy proceedings were “highly material” to the Irish High Court’s decision to exercise its discretion in Oliver Kruuda’s bankruptcy petition.