[BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS IN FINLAND]
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Lodgement Letter If your company has open receivables from debtor which is declared bankrupt in Finland, the most important task to do is to file the lodgement letter of open receivables/claims toward debtor. Lodgement letter must be sent to the administrator no later than the day administrator has ordered as the lodgement date. When the lodgement of claims is done, the administrator will write creditor's lodgement to the disbursement list. The district court approves the disbursement list and in the end of the bankruptcy proceedings the disbursements of the bankruptcy estate's assets will be paid to the creditors whose claims has been taken into account in the approved disbursement list. Long-lasting proceedings As in other countries, every bankruptcy is different, but in Finland it is normal that bankruptcy proceedings lasts up to 18 – 36 months. If there is assets which are challenging to sell or there is open court cases pending or arisen during the bankruptcy proceedings, the proceedings may last over 36 months.
ILN Restructuring & Insolvency Group – Bankruptcy, Insolvency & Rehabilitation Series
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