konkurssille

Konkurssille is a Finnish term that refers to entering or being placed into formal insolvency proceedings. It is used to describe a debtor, whether an individual or a company, that has become insolvent to the extent that a court initiates bankruptcy procedures. The noun konkurssi denotes bankruptcy, and the illative form konkurssille appears in language describing the act of going into bankruptcy, though čontext-specific forms like konkurssiin are also common.

In Finland, bankruptcy is a formal legal process governed by bankruptcy law. A petition for bankruptcy can be filed by the debtor or by creditors, and a court decides whether to open proceedings. If opened, a bankruptcy estate (konkursipesä) is formed from the debtor’s assets. A court-appointed bankruptcy administrator (konkursipesänhoitaja) oversees the estate, inventories assets, handles claims, and realizes assets to distribute proceeds to creditors according to statutory priorities. The process aims to maximize value for creditors and to settle the debtor’s obligations within the framework of the law. The estate is closed when assets are exhausted or all due processes are completed, which may also include discharging remaining debts in some cases.

Consequences of konkurssi include loss of control over the debtor’s property for the duration of the proceedings. For individuals, there may be restrictions on certain rights and activities during and after bankruptcy; for companies, the outcome often involves liquidation of the business or can lead to reorganizations under separate procedures (such as corporate reorganizations). The term is regularly used in legal texts, news reporting, and everyday language to describe the state or act of going bankrupt.

Common usage notes: konkurssille is an inflected form used in everyday Finnish to convey the idea of entering bankruptcy, whereas konkurssi and konkursiin refer to the broader concept and specific actions within the process.