Konkursssi

Konkursssi is a Finnish term that translates to "bankruptcy" in English. It refers to a legal process where a company or individual is declared unable to pay their debts and is subsequently liquidated or restructured. This process is governed by the Bankruptcy Act, which outlines the procedures and rules for handling insolvency cases in Finland.

The konkursssi process typically begins with a petition filed by a creditor or the company itself, claiming that the debtor is insolvent. If the court agrees, it appoints a trustee to manage the debtor's assets and distribute them to creditors. The trustee's role is to maximize the value of the assets and ensure that creditors receive their due payments.

There are two main types of konkursssi: ordinary konkursssi and special konkursssi. Ordinary konkursssi is a straightforward liquidation process where the debtor's assets are sold to pay off debts. Special konkursssi, on the other hand, involves a more complex restructuring process, where the debtor aims to continue operations while paying off debts over time.

The konkursssi process aims to provide a fair and orderly resolution of insolvency cases, protecting the interests of both creditors and other stakeholders. It is an essential tool for managing financial distress and promoting economic stability in Finland.