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
-
- 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.
- 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.
- 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:
-
- 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.
- 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.
- 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.
- 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.
Related posts
History Repeats: Honoring Traditions and Growing Our Team
Traditions are valuable, and consistency is strength. In early Septemb...
The restraint of trade and confidentiality obligations for a member of the management board after their term of office
A member of the management board of a private limited company or a pub...
We are a top-rated law firm
The go-to partner for litigation!
Head of Litigation
Our cooperation with the lawyers Lepmets & Nõges has lasted for years and has been very successful so far. In our opinion, they offer the best quality and fastest service on the market at an extremely good price. Highly recommended!
Chairman of the Supervisory Board
I have used their legal advice and assistance on several occasions. Most recently, attorney-at-law Tauri Tigasson positively surprised me with his proactive approach, precise, and determined counseling, even pushing me to act more efficiently. It exceeded my unspoken expectations. Working with them has been a true pleasure.
Very high level, broad-minded, and reliable partner in legal matters. The sense of security is the most important thing I expect from legal assistance as a client, and this is the experience that the law firm Lepmets & Nõges always provides. Legal assistance should be like this – thank you for always being there!
I recently worked with the law firm Lepmets & Nõges, and their professionalism exceeded all expectations. Their lawyers are highly knowledgeable and skilled, offering clear advice and support at every step. I was impressed by how dedicated they were to the client's needs, always keeping me informed and answering all my questions. Excellent service and genuine care for the client make them a top-tier law firm. I highly recommend them!
My family and I are sincerely grateful to the Lepmets and Nõges bureau, whom we found through recommendations from acquaintances. A long and exhausting process had reached a dead end, but thanks to their professional assistance, expertise, resourcefulness, and, more importantly, understanding of the situation and humane attitude, we can now continue with our normal lives.
There is a saying: “promise only what you can deliver. Then deliver more than you promise”. Lepmets & Nõges has always delivered more in our business relationship. Their knowledge, professionalism and talent is what I value most about them. I can honestly say I have always been 100% satisfied with their work.
The solutions have always met and even exceeded our expectations. Pleasant attitude, friendliness and professionalism at each stage of the process. A reliable and necessary partner in all legal issues and litigations!
CEO
ALFA International is a leading network of independent law firms, established in 1980. It is the largest legal network offering effective solutions worldwide. We are the only member of this network in Estonia.
Gazelles are rapidly growing companies that have increased their revenue and profit by over 50% in three years and created many new jobs. Less than 1% of Estonian companies are gazelles. We have won the Gazelle Company title twice.
The Estonian Chamber of Commerce and Industry is the largest and most influential organization representing entrepreneurs in Estonia, with 99 years of activity. The Chamber has over 3,500 members, whose contribution accounts for more than 40% of the net turnover and tax revenue of Estonian companies.