Bankrupcty Act (up to date Finnish version and outdated unofficial English version
Act on Restructuring of Enterprises (up to date Finnish version and outdated unofficial English version)
Section regulating insolvency profession related to bankruptcy and to restructuring proceedings.
Section 5 of Chapter 8 of the Bankruptcy Code "Qualifications of an estate administrator" :
(1) A person may be appointed as an estate administrator, if he or she consents to the appointment, has the ability, skills and experience required for the duty, and is also otherwise suitable for the duty. The administrator shall not have a relationship with the debtor or the creditor that would compromise his or her independence of the debtor or his or her impartiality towards the creditors, or of his or her ability to perform the task in an appropriate manner.
(2) A person who has consented to an appointment as an estate administrator shall declare to the court any circumstances that might compromise his or her independence or impartiality as an administrator or give rise to justifiable doubts as to his or her independence or impartiality.
Please note that the section regulating insolvency profession related to restructuring proceedings is basically the same (only some minor changes in wording).
Source: Finlex (Internet public service on legal information, owned by the Finnish Ministry of Justice, available free of charge which contains unofficial English translations of the Finnish Bankruptcy Act and the Finnish Act on Restructuring of Enterprises).
Reported by Aleksi Muhonen, Associate Lawyer, ATTORNEYS AT LAW BORENIUS LTD
Last Update: October 2013
Act on Restructuring of Enterprises (up to date Finnish version and outdated unofficial English version)
Section regulating insolvency profession related to bankruptcy and to restructuring proceedings.
Section 5 of Chapter 8 of the Bankruptcy Code "Qualifications of an estate administrator" :
(1) A person may be appointed as an estate administrator, if he or she consents to the appointment, has the ability, skills and experience required for the duty, and is also otherwise suitable for the duty. The administrator shall not have a relationship with the debtor or the creditor that would compromise his or her independence of the debtor or his or her impartiality towards the creditors, or of his or her ability to perform the task in an appropriate manner.
(2) A person who has consented to an appointment as an estate administrator shall declare to the court any circumstances that might compromise his or her independence or impartiality as an administrator or give rise to justifiable doubts as to his or her independence or impartiality.
Please note that the section regulating insolvency profession related to restructuring proceedings is basically the same (only some minor changes in wording).
Source: Finlex (Internet public service on legal information, owned by the Finnish Ministry of Justice, available free of charge which contains unofficial English translations of the Finnish Bankruptcy Act and the Finnish Act on Restructuring of Enterprises).
Reported by Aleksi Muhonen, Associate Lawyer, ATTORNEYS AT LAW BORENIUS LTD
Last Update: October 2013
