Bankruptcy is an insolvency proceeding covering all the liabilities of the debtor, where the assets of the debtor are used in payment of the claims in bankruptcy. At the beginning of the bankruptcy the debtor loses authority over the assets. The court appoints an estate administrator to administer the bankruptcy estate and the assets of the debtor. The assets are liquidated and used in payment of the debts.

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Validity of the definition

  • Valid until (31 December 2078)

Source organisation

  • Tilastokeskus