NOVE partner Urmas Volens appointed as head of the working group for modernisation of Estonian corporate law, Arsi Pavelts member of the working group

Ministry of Justice appointed Urmas Volens, partner with NOVE, as a head of the expert group for conducting the corporate law revision. The aim of the public procurement was to find a group of high level legal experts whose task is to conduct a comparative study on the corporate law and to elaborate a draft law for modernisation of the whole field of corporate law. According to the decision of the Ministry of Justice, the members of the working group include also attorney-at-law Arsi Pavelts from NOVE, as well as recognized civil and corporate law experts dr. Villu Kõve (Supreme Court Judge), dr. Martin Käerdi (Associate Professor at University of Tartu and attorney), dr. Kalev Saare (Associate Professor at University of Tartu and attorney), dr. Andres Vutt (Associate Professor at University of Tartu), dr. Margit Vutt (Lecturer at University of Tartu and Sander Kärson (Attorney).
In the framework of the corporate law revision during the period of 2016-2020 a thorough, substantial and systematic analysis, harmonisation and modernization of Estonian corporate law shall be carried out. During the revision, national, international and EU law as well as judicial practice shall be analyzed in a comparative manner.

The aim of the revision is to organize the corporate law (in particular the Commercial Code) in order for the legal system to be more clear and easier to implement. The revision may bring up a need to amend and upgrade the legislation. “According to the assignment given to the working group the revision will be the most thorough analysis of the corporate law since the Commercial Code entered into force in 1995,” said Urmas Volens. “The status of a legal expert in the working group is a significant recognition to the work of all the team members. The academic results and practical experience of the experts in the working group, as well as the long-term experience of co-operation on different projects, allows me to be convinced that the revison will be successful.”
The corporate law revision will be co-financed by the European Social Fund and Estonian Ministry of Finance.