Data as an asset in an insolvency procedure

Abstract

When a business becomes insolvent, assets that has selling value prevails within the insolvency process. Understanding if personal data can be classified as an asset and whether it can be sold when facing insolvency proceedings is determined in this Thesis. General Data Protection Regulation safeguards personal data of the EU data subjects including processing of such data. This regulation protects the EU data subjects also outside of the EU or EEA. Processing that includes sale of personal data is made possible if full compliance with the Regulation is applied. Legal basis for such processing that is required for the processing to be legal includes legal obligation arising from insolvency. Data assets closely corresponds Intellectual Property assets as determined by the International Financial Reporting Standards. Related to personal data, insolvency and social media page of a business interaction has been determined by the U.S. court, giving rights over such asset to the insolvent company