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International conference Tallinn University 8-9 November 2012

International conference Tallinn University 8-9 November 2012. Main functions and problems of the Bankruptcy Ombudsman, including supervision Eeva Arko-Koski, Bankruptcy Ombudsman. The Bankruptcy Ombudsman in Finland.

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International conference Tallinn University 8-9 November 2012

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  1. International conference Tallinn University8-9 November 2012 Main functions and problems of the Bankruptcy Ombudsman, including supervisionEeva Arko-Koski, Bankruptcy Ombudsman Office of the Bankruptcy Ombudsman P.O Box 157 00121 HELSINKI, Finland

  2. The Bankruptcy Ombudsman in Finland • Founded in 1995 (Act on the supervision of the Administration of Bankrupt Estates 109/1995) • An independent authority • Attached to the Ministry of Justice • Staff: • Bankruptcy Ombudsman Ms. Eeva Arko-Koski • Head of Office • Six Senior Bankruptcy Lawyers • Two secretaries • Budget: 1.5 MEUR/year

  3. Main functions Developing of good practice of administering bankruptcy estates • Day-to-day contact with administrators • Training and counselling of administrators and creditors • Issuing of written guidelines on the good practice of administering bankruptcy estates together with the Advisory Board for Bankruptcy Affairs • Making initiatives

  4. Main functions Supervision of administrators • Basic supervision by the documents brought to BO’s office • Inspection of bankruptcy estates documents • Complaints • Participation in creditor’s meetings • BO’s legal opinions to court • Applications for court orders • Negotiations with administrators and creditors

  5. Main functions Role in combating financial crime • Auditing the accounts and activities of the debtor • Public receivership in assetless bankruptcies • Co-operation in preventing grey economy and white-collar crime with other authorities

  6. Main functions Monitoring proceedings related to reorganisations of companies • Counselling and training of administrators • Issuing of written guidelines on good practice of administering reorganisation cases

  7. Challenges of supervision • Achieve and maintain good expertise in insolvency legislation and practice • Keep trust and authority among insolvency players (administrators, creditors, business life) • Remember objectivity • Have co-operating skills • Control of administrators fees • Use of guidance and sanctions

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