Estonian electric car sharing company Elmo rent bankrupt, investigation pending
The court declared the short-term car rental and teledriving company Elmo Rent bankrupt on Wednesday. The company will also be subject to a public investigation by the Insolvency Service.
In practice, a public investigation means the Insolvency Service will examine whether the company's insolvency was caused by management failures or whether other violations occurred, business daily Äripäev reported.
In early September, Enn Laansoo, member of the management board of Elmo Rent, is scheduled to take the debtor's oath in court, according to official notices. If Laansoo fails to appear, the court may fine him up to €3,200 or order his compulsory appearance or detention for up to three months. Bankruptcy trustee Jüri Sirel is also accepting creditors' claims until the same deadline.
Public records show Elmo Rent has a substantial tax debt, which has grown to nearly €448,000.
Elmo Rent submitted an application for reorganization with the Harju District Court in the hope of overcoming cash-flow difficulties in November of 2023.
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Editor: Mirjam Mäekivi, Marcus Turovski
