gjaldþrotastjóri

Gjaldþrotastjóri is an Icelandic term that translates to "bankruptcy administrator" or "insolvency administrator" in English. This is a legal professional appointed by a court to manage the assets and affairs of an individual or company that has declared bankruptcy or is undergoing insolvency proceedings. The primary role of a gjaldþrotastjóri is to oversee the distribution of the debtor's assets to creditors in a fair and orderly manner, in accordance with Icelandic bankruptcy law.

The responsibilities of a gjaldþrotastjóri are extensive. They are tasked with taking control of the debtor's estate, which includes all assets, property, and financial holdings. This involves identifying, valuing, and securing these assets. The administrator must also investigate the debtor's financial situation, including the causes of their insolvency, and report their findings to the court and creditors. A crucial part of their duty is to notify all known creditors and establish claims against the estate.

Furthermore, the gjaldþrotastjóri is responsible for selling the debtor's assets to generate funds for repayment. They manage the distribution of these proceeds to creditors based on their legal priority. This process can involve negotiating with creditors, resolving disputes, and ensuring compliance with all legal requirements. The administrator also has the authority to challenge transactions that may have been made to defraud creditors. Once the estate is settled or all possible distributions have been made, the gjaldþrotastjóri will present a final report to the court, and their appointment will typically conclude.