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Estonian law provides for a pankrotihaldur, literally manager of bankruptcy or governor of bankruptcy in bankruptcy proceedings. This official is selected, subject to court approval, by creditors from a pool of people who have passed a special exam, to represent the debtor in the bankruptcy, has the powers of a court executor (kohtutäitur -- he executes court orders, not people) allowing him to collect on debts owed to the subject of the bankruptcy, and his task is to balance the rights of the creditors with the rights of the debtors, which in practice means maximising the proceeds from realising debtor's liquid property while making sure the rights of the debtor aren't violated. In case of bankruptcies of legal entities, this official has the power to close down the entity and sell off its assets, or, if he deems it more appropriate, to run the entity's business for a limited time and use its profits as additional source of funds to eventually pay the entity's debts. (In practice, he'd get the debtors' collective approval for this before going for it.)
