võlglane

Võlglane is an Estonian term that translates to "debtor" in English. It refers to an individual or entity that owes a financial obligation to another party. This debt can arise from various sources, including loans, credit purchases, unpaid services, or any other contractual agreement where payment is due.

In Estonian legal and financial contexts, a võlglane has specific rights and responsibilities. Failure to meet debt obligations can lead to legal consequences, such as the initiation of enforcement proceedings by the creditor. Estonian law provides mechanisms for both creditors to recover debts and for debtors to potentially negotiate payment plans or, in certain circumstances, declare bankruptcy. The concept of võlglane is central to understanding debt collection and financial responsibility within Estonia. The legal framework surrounding debtors aims to balance the rights of creditors to be repaid with the need to provide a fair process for those who are unable to meet their financial commitments.