Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Eurora Solutions, an Estonian startup specialising in automating tax, compliance, and customs services for e-commerce businesses, has declared bankruptcy, leading to the loss of 100 jobs in Estonia.
Eurora cites insufficient capital to meet its financial obligations, coupled with a lack of anticipated investments, as the primary reasons for this decision. The Labour Inspectorate has reported six labour disputes related to payroll problems associated with Eurora. No comments have been provided by social partners regarding this matter.
Eurora Solutions, an Estonian technology company established in 2018, had garnered attention in 2022 by securing €40 million in funding from investors and state support within just one year. Earlier news reports had highlighted the company's tax-related debts, legal complications, and payroll challenges.
The bankruptcy of Eurora affects employees of the company worldwide, which has been recorded in the ERM database Eurora Solutions-2023-WO.
Eurofound (2023), Eurora Solutions, Bankruptcy in Estonia, factsheet number 200395, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/200395.
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