Business restructuring proceedings

Producer: Statistics Finland
Homepage: http://www.stat.fi/til/ysan/index_en.html
Main topic: Justice
Related topics: Enterprises
Official Statistics of Finland (OSF): Yes
European Statistical System (ESS): No

Description

Statistics Finland publishes statistics on the business restructuring cases pending and concluded at district courts.

Pending restructuring cases refer to the restructuring petitions concerning enterprises, entrepreneurs or corporations filed during the calendar year.

The first business structuring petition filed in the calendar year is recorded in the statistics as a pending restructuring case. Other petitions received during the calendar year concerning the same enterprise, entrepreneur or corporation show in the statistics as concluded business restructuring cases.

Several creditors may file a business restructuring petition concerning the same enterprise during a year. The number of petitions is always higher than the number of pending business restructuring cases. In respect of single-establishment enterprises the data on business restructuring by area in these statistics are based on the municipality of location of the establishments.

Location of establishments also determines the area for those multiple-establishment enterprises whose activity is all located in the same municipality. Enterprises operating in several municipalities are classified according to their municipality of domicile. In other cases, data on the area are determined by the municipality of domicile of the debtor. The data concerning enterprises’ establishments and municipalities of domicile are obtained from Statistics Finland’s Business Register.

New legislation on the restructuring of business debts entered into force in Finland on 8 February 1993, with the aim of improving the economic position of business enterprises that have run into financial difficulties.

Business restructuring is an alternative to bankruptcy. The procedure aims to ensure continuity of the activity of a viable enterprise. It is left to the court’s discretion whether an enterprise would be viable after restructuring.

Data content

Statistics on business restructuring cases pending and concluded at district courts. The most essential data in the statistics describe numbers of pending business restructuring cases by main industry. The main data for concluded business restructuring cases describe made decisions by district court, the number of confirmed reschedulings and durations of handling by district court. The data are not public; the information systems contain unit data (e.g. enterprise names) that are not public.

Classifications used

Region, municipality, court, Standard Industrial Classification of Statistics Finland

Data collection methods and data sources

Statistics Finland receives information through the Ministry of Justice about business restructuring petitions received by courts. The information represents total data.

The data are obtained from the case handling system of district courts, which was introduced into use on 1 December 1993. Statistics Finland links descriptive background data from its Business Register, such as those on establishment, industry or number of employees, to the enterprise or entrepreneur against which as business restructuring petition has been filed.

Updating frequency

Filed business restructuring petitions quarterly. Concluded business restructuring cases annually.

Time of completion or release

Statistics on filed business restructuring petitions are published with a delay of six weeks from the end of a quarter. Statistics on concluded cases are published with a delay of 4.5 months from the end of the statistical year.

Time series

Quarterly time series published since the entry into force of the new legislation on the restructuring of business debts on 8 February 1993.

Keywords

bankruptcy, business enterprises, business restructuring, restructuring of debts

Contact information

http://tilastokeskus.fi/til/ysan/yht_en.html


Last updated 17.08.2011

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