Harju County Court Rejects PlusPlus Capital's Reorganization Plan

On October 4, 2024, Harju County Court in Estonia rejected the reorganization plan of AS PlusPlus Capital, despite the broad support from the majority of its creditors. A key opposing factor was the objection from Balcia Insurance SE, a minor creditor representing just 0.2% of the total claims. AS PlusPlus Capital, a prominent receivables management firm, plans to appeal this decision, emphasizing the criticism's perceived inaccuracies and the overwhelming creditor approval of more than 90%.

In response to the court's decision, a temporary trustee was appointed. PlusPlus Capital remains committed to protecting creditor interests by building financial reserves amid court delays. Despite the rejection, the firm remains optimistic, perceiving no permanent insolvency threat and opposes filing for bankruptcy, advocating instead for a mutually beneficial resolution.