Gjaldþrotaskýrslum

Gjaldþrotaskýrslum are official reports generated during Icelandic bankruptcy proceedings to document the debtor’s financial situation, the status of the bankruptcy estate, and how assets are being realized and distributed among creditors. They help provide transparency and structure to the liquidation process.

A key document is prepared by the gjaldþrotastjóri, the bankruptcy administrator appointed by the district court. Typical contents include a balance of assets and liabilities, an inventory of estate property, valuations of principal assets, a record of proved creditor claims, and a proposed timetable for liquidation and distribution of proceeds. Interim and final reports may be produced as the process advances.

These reports are submitted to the court and are made available to interested parties, including creditors. They form the basis for decisions on administration of the estate, potential settlements, and any distributions to creditors. They may be referenced in court orders and used to monitor compliance with the Gjaldþrotalög (Bankruptcy Act) and related regulations.

Legal framework and purpose: In Iceland, bankruptcy proceedings are governed by the Bankruptcy Act, with oversight by the district court. The gjaldþrotaskýrslum aim to ensure accountability, promote efficient liquidation, and maximize returns to creditors while protecting the rights of the debtor.