Legislator Case Law & Legislation
KKO 1552/1998 AI generated

Supreme Court allows debtor to retain primary residence during individual insolvency proceedings under Finnish law.

Case Number KKO 1552/1998
Court / Authority
Jurisdiction Finland (FI)
Decision Date
Outcome Allowed / Granted

Legislator summary

AI generated

The 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 generated

Section 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.

Keywords

AI generated
individual insolvency proceedings primary residence protection debtor asset retention forced sale prohibition basic living standards Finnish insolvency law home ownership rights

Cited Legislation

AI generated
Section 10 of the Insolvency Act 1998
AI generated

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Full text

Kysymys siitä, kykeneekö velallinen säilyttämään omistusasuntonsa yksityishenkilön velkajärjestelyssä.