Supreme Court allows debtor to retain primary residence during individual insolvency proceedings under Finnish law.
Legislator summary
AI generatedThe Supreme Court ruled that a debtor in individual insolvency proceedings may retain ownership of their primary residence. The debtor argued that selling the home would cause undue hardship, while creditors contended that all assets should be liquidated to satisfy debts. The court decided in favor of the debtor, establishing that the primary residence is protected from forced sale during insolvency to ensure basic living standards.
Legislator headnote
AI generatedSection 10 of the Insolvency Act 1998; Section 10 of the Insolvency Act 1998: A debtor in individual insolvency proceedings is entitled to retain ownership of their primary residence, provided it is their main home and not used for commercial purposes.
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Kysymys siitä, kykeneekö velallinen säilyttämään omistusasuntonsa yksityishenkilön velkajärjestelyssä.