maksukyvyttömi

Maksukyvyttömyys, in Finnish, refers to the state of being unable to meet one's financial obligations. This can encompass both individuals and businesses. For individuals, it means a situation where their income and assets are insufficient to cover their debts, such as mortgages, loans, credit card payments, or other living expenses. This can lead to severe financial distress and may necessitate seeking legal avenues to manage the situation.

For businesses, maksukyvyttömyys indicates insolvency, where the company cannot pay its debts as they become due. This can be due to a variety of factors, including declining revenues, excessive debt, poor financial management, or unfavorable market conditions. When a company is deemed maksukyvytön, it often leads to bankruptcy proceedings, where assets are liquidated to repay creditors, or a restructuring process is initiated to try and salvage the business.

The legal framework surrounding maksukyvyttömyys in Finland is designed to provide mechanisms for dealing with these situations in an organized and fair manner. This includes procedures for both personal and corporate bankruptcy, as well as options for debt restructuring. The aim is to protect the rights of creditors while also offering a path towards a resolution for those who are financially unable to meet their obligations. Understanding the concept of maksukyvyttömyys is crucial for financial literacy and for navigating difficult economic circumstances in Finland.