Bankruptcy

===Sweden===
In Sweden, bankruptcy (Swedish: konkurs) is a formal process that may involve a company or individual. It is not the same as [[insolvency]], which is inability to pay debts that should have been paid. A creditor or the company itself can apply for bankruptcy. An external bankruptcy manager takes over the company or the assets of the person, and tries to sell as much as possible. A person or a company in bankruptcy cannot access its assets (with some exceptions).

The formal bankruptcy process is rarely carried out for individuals.<ref>{{cite web|url=http://www.skatteverket.se/konkurs/vadarkonkurs.4.14db52b102ed4e5fe380002973.html |title=Konkurs&nbsp;– Vad är konkurs? |language=sv |publisher=Skatteverket.se |date=2009-05-28 |access-date=2012-04-17 |url-status=dead |archive-url=https://web.archive.org/web/20110809022942/http://www.skatteverket.se/konkurs/vadarkonkurs.4.14db52b102ed4e5fe380002973.html |archive-date=2011-08-09 }}</ref> Creditors can claim money through the [[Enforcement Administration (Sweden)|Enforcement Administration]] anyway, and creditors do not usually benefit from the bankruptcy of individuals because there are costs of a [[Trustee in bankruptcy|bankruptcy manager]] which has priority. Unpaid debts remain after bankruptcy for individuals. People who are deeply in debt can obtain a debt arrangement procedure (Swedish: skuldsanering). On application, they obtain a payment plan under which they pay as much as they can for five years, and then all remaining debts are cancelled. Debts that derive from a ban on business operations (issued by court, commonly for tax fraud or fraudulent business practices) or owed to a crime victim as compensation for damages, are exempted from this—and, as before this process was introduced in 2006, remain lifelong.<ref>{{cite web |url=http://www.fattiga.se/news.php?item.51.6 |title=Evighetsgäldenärer, synpunkter från Skatteverket 2004 Skatteverkets skrivelse 041229 |language=sv |publisher=Fattiga.se |access-date=2012-04-17 |url-status=dead |archive-url=https://web.archive.org/web/20120314232824/http://www.fattiga.se/news.php?item.51.6 |archive-date=2012-03-14 }}</ref> Debts that have not been claimed during a 3-10 year period are cancelled. Often crime victims stop their claims after a few years since criminals often do not have job incomes and might be hard to locate, while banks make sure their claims are not cancelled. The most common reasons for personal insolvency in Sweden are illness, unemployment, divorce or company bankruptcy.

For companies, formal bankruptcy is a normal effect of insolvency, even if there is a reconstruction mechanism where the company can be given time to solve its situation, e.g. by finding an investor. The formal bankruptcy involves contracting a bankruptcy manager, who makes certain that assets are sold and money divided by the priority the law claims, and no other way. Banks have such a priority. After a finished bankruptcy for a company, it is terminated. The activities might continue in a new company which has bought important assets from the bankrupted company.
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