The Harju District Court declared the bankruptcy of the Kodumaa Kapital savings and loan association in mid‑September.
Kodumaa Kapital stopped paying out money to depositors at the start of this year, saying the halt was caused by changes to the Savings and Loan Associations Act, Ärileht reported.
In February, a letter sent to depositors offered them the chance to exchange their claims for units in the Kodumaa Fund. The trust fund was presented as a solution that would protect depositors’ interests and emphasized growing members’ money and avoiding shutting down operations.
The letter to depositors said the Kodumaa group’s loan portfolio — Kodumaa Kapital and Kodumaa Laenud — would become the trust fund’s assets.
Depositors went…