Konkurssien
Konkurssi is a formal insolvency procedure in Finnish law used to settle the debts of a debtor who cannot meet its obligations. It applies to both individuals and legal entities. The procedure typically begins with a petition to the district court (käräjäoikeus) by either the debtor or by creditors who have a claim that cannot be paid when due. The court assesses whether there is maksukyvyttömyys (insolvency) and whether a bankruptcy declaration is warranted. If declared, the court appoints a konkursipesänhoitaja (bankruptcy administrator) who takes control of the debtor’s assets and forms the konkurssipesä, the bankruptcy estate.
The estate collects and protects assets, and, if necessary, liquidates them. Proceeds are distributed to creditors
Konkurssien use is often contrasted with yrityssaneeraus (corporate restructuring), a separate procedure intended to save a