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Company registrar getting tougher in introducing fines

03.11.2006

Äripäev, the leading business newspaper in Estonia recently wrote that the commercial register is imposing fines without first issuing the ruling of warning on companies that delay with submitting of information required by law (Äriregistril karmimad võtted: hilinejad saavad hoiatuseta trahvi, 30.10.2006). The article inter alia states that as of this year the number of fines made without a prior warning has substantially increased while before such fines were only imposed as a last resort. The reason for imposing of fines is related to the requirement of Estonian companies to submit their annual reports to the commercial register not later than six months after the end of the financial year. However, many companies do not fulfill such requirement. The respective right of the registrar to impose a fine without prior warning is set forth in the Commercial Code.

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