Bankruptcy in Finland means that the company ceases operations and administrator is appointed to take care of remaining assets, which then are usually sold to cover some of the remaining debts etc. Alternatively company can be sold in whole and new owner reimburses the company and debts stay as they were.

Debts can also be restructured, which is usually done before declaring bankruptcy. This is what Jolla did, but it doesn't let them away with the tabletgate.