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.
Modulhouse OÜ, an Estonian company of prefabricated timber frame modular buildings construction, announced the closure of the company. The Estonian Unemployment Insurance Fund was notified that 109 employees will be laid off, but eventually the remaining two will lose their job also as the company will be closed down.
Modulhouse has produced modular buildings since 2011 and was very successful. Most of their production was ordered from Sweden and Norway. In 2017 they took up a large, but risky project, which was finished in 2018, but which has still remained unpaid by the client causing a loss of €1.6 million. This has caused a massive strain on the financial solvency of the company and although there are many investors interested in investing in the company, none of them are willing to finance the additional need for capital caused by the loss. As the company has no finances to pay wages to the employees, they decided it is best to dimiss the employees and close the company.
The employer believes that at least some of the employees can find a new job in other companies producing wooden houses. However, while the wooden house production is rather well developed in Estonia, there are not many jobs in this industry in the region.
Estonian Unemployment Insurance Fund will support the employer and employees, by giving them information about their rights, obligations and possibilities, assisting them with documentation, and helping them find new job or retraining opportunities.
Eurofound (2019), Modulehouse, Bankruptcy in Estonia, factsheet number 98173, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/98173.
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