MAJOR UPDATE: New Chance for COINLOAN Claim Filing and Acceptance After Circuit Court Decision

On 27 October 2025, the Estonian Circuit Court issued a decision that may reopen the door for many former COINLOAN platform users to have their claims recognized — even if they missed previous deadlines or had claims reduced to zero in the 10 April 2025 court order.

How We Got Here

1. 1. Coinloan OÜ, a crypto platform registered in Estonia but used globally, was declared bankrupt on 14 June 2023. Under Estonian law, creditors had two months to file claims (deadline: 14 August 2023), and claims had to be valued in EUR based on the bankruptcy date. Many foreign users were unaware of these requirements and did not file in time.
   2. In the end of October 2024, the trustee challenged numerous submissions and demanded proof of balances (foremostly screenshots) within 20 days. Users who could not react in time saw their claims valued at 0 on the creditor’s list.
   3. On 10 Aprill 2025, the court of first instance approved the trustee’s creditor list. Some users appealed the 10 April 2025 first instance order.

Circuit Court Revokes Entire List

The Circuit Court’s 27 October 2025 order is highly significant and changes several key assumptions:

1. 1. Foremostly, COINLOAN users may not be treated as ordinary “creditors.” COINLOAN merely stored it’s users’ (mainly) crypto assets, but ownership remained with the users.
   2. Instead of being creditors in the traditional sense, COINLOAN users may have exclusion claims, potentially entitling them to the return of crypto or partial EUR compensation. Since full recovery is NOT possible (COINLOAN did not have all it’s users asset in possession), the all COINLOAN users are entitled to partial recovery.  
   3. Exclusion claims are not bound by the strict two-month creditor deadline. Instead, they must be filed within a reasonable time. The same applies to supporting evidence.
   4. As a result, it may now be possible to submit new claims, revive previously rejected claims, correct zero-valued claims, and seek recovery tied more closely to crypto holdings rather than EUR valuation alone.

Next Steps

The ruling is not final. The trustee has until 11 November 2025 to petition the Estonian Supreme Court and is expected to appeal. The trustee has a lot on the line here since the trustee already sold most COINLOAN crypto and distributed approximately 95 million EUR to certain users who got their claims approved on 10 April 2025 creditors list. Furthermore, the circuit court order might have detrimental effect on the trustee’s fee. The trustee planned on asking for a 3M EUR fee at the end of these proceedings (the trustee fee is % of bankruptcy estate). However, if the circuit court order is upheld then COINLOAN does not have that much bankruptcy estate at all (since assets belonged to users) and thus the trustee fee is potentially reduced to nearly nothing. A deeper breakdown of the Circuit Court’s reasoning will follow soon.

If you would like more information about the potential for new or reconsidered claim filings, contact us here.