On Mar. 7, FIN MoJ consulted on bankrupt estates administration bill.
FIN MoJ opened consultation on the bill amending the law on the supervision of the administration of bankrupt estates, to strengthen investigation and criminal liability.
Main Points
Strengthening of the investigation of problems in companies' problematic situations and promotion of implementation of criminal liability, damages in bankruptcy cases.
Also, update of the law on the supervision of the administration of bankrupt estates.
Specification of bankruptcy attorney's and trustee's right of access to information about the debtor's financial status; added rules re debtor's accounting completion.
Clarifications regarding the implementation decree of the Act on Banks' Bankruptcy.
Upon adoption, the law is intended to enter into force during autumn of 2024.
Proposal's website shows progress; bill and motivation available in Finnish, Swedish.
Effectiveness
Comments can be submitted online until Apr. 18, 2024.
Jun. 2024 Law Proposed
On May 30, 2024, FIN MoJ issued bill regarding administration of bankrupt estates.
Bill aims to improve obtaining information about financial status of bankrupt debtor.
The administrator requires accounting material to investigate debtor's activities and financial status before bankruptcy and report any suspected crimes to the police.
In practice, however, it has been difficult for trustees to obtain the debtor's accounting material from third parties, especially in under-resourced and low-income estates.
By specifying powers of the bankruptcy attorney, it will ensure trustees get possession of the material in all situations at the latest when the bankruptcy attorney intervenes.
The amendments are intended to enter into force in the fall of 2024.
Oct. 2024 Law Approved
On Oct. 17, 2024, FIN GVT approved the Act amending the act on the supervision of administration of bankruptcy estates (EV 70/2024 vp); in force on Nov. 1, 2024.
Regulators
FIN GVT; FIN MoJ
Entity Types
Bank; Corp; Fiduciary
Reference
Act EV 70/2024 vp, 10/17/2024; Bill HE 59/2024 vp 5/30/2024; CP VN/25634/2023, OM111:00/2023, PR, 3/7/2024; Citation: EV 70/2024 vp;
