maksejõuetus

Maksejõuetus is an Estonian legal term describing the state in which a person or a legal entity is unable to meet its financial obligations as they fall due. It is used to denote insolvency and triggers formal procedures under the country’s insolvency framework. The concept covers both natural persons and companies when their liabilities exceed their ability to pay, or when they cannot service debts timely.

Insolvency proceedings can be initiated by the debtor or by creditors, and they are decided by a court. If a court finds maksejõuetus to exist, insolvency proceedings commence and an insolvency administrator is appointed to manage the debtor’s assets and claims. The process aims to maximize the value available for creditors and to establish a structured path for resolving debts. For companies, this can lead to restructuring, sale, or orderly liquidation of assets. For individuals, proceedings may provide a pathway to debt relief or a repayment plan under supervision, with outcomes determined by the court and administrator.

Key elements associated with maksejõuetus include the assessment of the debtor’s assets and liabilities, the involvement of creditors, and the potential temporary restrictions on the debtor’s ability to act in financial matters. The regime is designed to balance the interests of creditors with the debtor’s opportunity to regain financial stability. Maksejõuetus sits within Estonia’s broader insolvency law framework, which governs how insolvency is determined, how proceedings are conducted, and how creditors’ claims are satisfied.