Bankruptcies and business restructuring proceedings: documentation of statistics
Basic data of the statistics
Several creditors can file a bankruptcy or business restructuring petition against the same enterprise during the year. The number of petitions is always higher than the number of instigated bankruptcy or pending restructuring cases in these statistics.
When petition filed is recorded as instigated bankruptcy case or a pending business restructuring case, any new petitions concerning the same enterprise in the next 12 months will not be included in the statistics. Other petitions concerning the same enterprise or corporation received during the calendar year are only visible in the statistics in cases concluded.
The statistics concerning closed bankruptcies or concluded restructuring proceedings describe a different population than bankruptcy or restructuring proceedings initiated. Cases concluded include cases instituted already before the statistical reference year and correspondingly, part of the pending cases during the statistical reference year are concluded only in future years.
The data by area on single-establishment enterprises are based on the municipality of location of the establishment. The location of establishments also determines the area for those multiple-establishment enterprises whose activities are all located in the same municipality. Enterprises operating in several municipalities are classified, as before, 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. In the statistics published prior to 2004, data on area were always based on the municipality of domicile of the enterprise.
Starting from July 2022, a new form of business restructuring has become possible: early business restructuring.
Petitions for early business restructuring can be filed even before actual insolvency. In the middle of early business restructuring, normal restructuring proceedings can be introduced. The statistics release the number of all business restructuring proceedings, and a breakdown of the number of early business restructuring proceedings.
For closed bankruptcies, the population of the statistics is bankruptcy petitions decided by district courts.
In respect of pending restructuring proceedings, the population of the statistics is business restructuring petitions filed with district courts.
In terms of concluded business restructuring cases, the population of the statistics is business restructuring cases decided by district courts.
The central observation units (instigated bankruptcy and closed bankruptcy) are legal cases. It is a question of cases brought before district courts and cases decided there.
In respect of instigated bankruptcy case or pending restructuring cases, the enterprise is also an observational unit. Although an instigated bankruptcy or pending restructuring case is, on the one hand, a legal case, it is also a question of an enterprise (the same enterprise is in the statistics only once for instigated bankruptcy or pending restructuring cases regardless of the number of the petitions filed against it). For closed bankruptcy or concluded restructuring cases, the enterprise is not an observational unit of the statistics in a similar manner.
The petition directed at the enterprise is primarily identified from the data by means of the Business ID. Secondary means of identification are the name of the enterprise or possible identification data of the entrepreneur or a combination of them (e.g. name or personal identity code). The register data on which the statistics are based include all restructuring petitions filed during the year. Background data to enterprises formed from register data are primarily combined with the Business ID.
Unit of measure
The statistics on closed bankruptcy or concluded restructuring cases start from 2009. These are annual statistics and the published data are final.
Frequency of dissemination
The data on closed bankruptcy cases are published annually.
The data on pending restructuring cases are published quarterly.
The data on concluded business restructuring cases are published annually.
Business restructuring is an alternative to bankruptcy. The proceedings aim at securing the continuation of the operations of a viable enterprise. It is at the court of justice's discretion to decide whether the enterprise would be viable after the restructuring.
If an enterprise is found to be insolvent in the middle of the proceedings, the proceedings can be resumed as a normal business restructuring case.
Several creditors can file a bankruptcy petition against the same enterprise during the year. The number of petitions is always higher than the number of instigated bankruptcy cases in these statistics.
If the personnel number is unknown, the default number of one is applied.
The first business structuring petition filed in the calendar year is recorded in the statistics as a pending restructuring case. Several creditors may file a business restructuring petition concerning the same enterprise during a year, but only the first petition is recorded in the statistics as a pending restructuring case. The number of petitions is always higher than the number of pending restructuring cases in these statistics.
Accuracy, reliability and timeliness
A key means of assessing the accuracy of the data is to examine statistical data relative to the source data. Another way is to examine quarterly or annual data relative to previous quarters or years.
The data on pending restructuring cases are published monthly approximately two to three weeks from the end of the month in which they were instigated.
The statistics on concluded cases are released yearly approximately six months from the end of the statistical reference year.
The release dates can be found in Statistics Finland's release calendar.
Comparability - geographical
Comparability - over time
Coherence - cross domain
Coherence - internal
Thus, the population of the above-mentioned statistics is different, the one describing the number of enterprises, the other the number of legal cases. Because several petitions or other cases may be directed to one enterprise during the year, the number of petitions presented in the annual statistics (concluded) is always higher than the number of the enterprises concerned.
Source data and data collections
The enterprise data used in the compilation of the statistics derive from Statistics Finland’s Business Register, the data are updated monthly in connection with the forming of the statistical data.
Frequency of data collection
Principles and outlines
Contact organisation unit
Legal acts and other agreements
The compilation of statistics is guided by the Statistics Act. The Statistics Act contains provisions on collection of data, processing of data and the obligation to provide data. Besides the Statistics Act, the Data Protection Act and the Act on the Openness of Government Activities are applied to processing of data when producing statistics.
Statistics Finland compiles statistics in line with the EU’s regulations applicable to statistics, which steer the statistical agencies of all EU Member States.
Bankruptcies comply with the following regulations:
- Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics
- Commission Implementing Regulation (EU) 2020/1197
Further information: Statistical legislation
Confidentiality - policy
The data protection of data collected for statistical purposes is guaranteed in accordance with the requirements of the Statistics Act (280/2004), the Act on the Openness of Government Activities (621/1999), the EU's General Data Protection Regulation (EU) 2016/679 and the Data Protection Act (1050/2018). The data materials are protected at all stages of processing with the necessary physical and technical solutions. Statistics Finland has compiled detailed directions and instructions for confidential processing of the data. Employees have access only to the data essential for their duties. The premises where unit-level data are processed are not accessible to outsiders. Members of the personnel have signed a pledge of secrecy upon entering the service. Violation of data protection is punishable.
Further information: Data protection | Statistics Finland (stat.fi)
Confidentiality - data treatment
Statistics Finland publishes new statistical data at 8 am on weekdays in its web service. The release times of statistics are given in advance in the release calendar available in the web service. The data are public after they have been updated in the web service.
Further information: Publication principles for statistics at Statistics Finland
Accessibility and clarity
Statistical data are published as database tables in the StatFin database. The database is the primary publishing site of data, and new data are updated first there. When releasing statistical data, existing database tables can be updated with new data or completely new database tables can be published.
In addition to statistical data published in the StatFin database, a release on the key data is usually published in the web service. If the release contains data concerning several reference periods (e.g. monthly and annual data), a review bringing together these data is published in the web service. Database tables updated at the time of publication are listed both in the release and in the review. In some cases, statistical data can also be published as mere database releases in the StatFin database. No release or review is published in connection with these database releases.
Releases and database tables are published in three languages, in Finnish, Swedish and English. The language versions of releases may have more limited content than in Finnish.
Information about changes in the publication schedules of releases and database tables and about corrections are given as change releases in the web service.
Data revision - policy
Revisions – i.e. improvements in the accuracy of statistical data already published – are a normal feature of statistical production and result in improved quality of statistics. The principle is that statistical data are based on the best available data and information concerning the statistical phenomenon. On the other hand, the revisions are communicated as transparently as possible in advance. Advance communication ensures that the users can prepare for the data revisions.
The reason why data in statistical releases become revised is often caused by the data becoming supplemented. Then the new, revised statistical figure is based on a wider information basis and describes the phenomenon more accurately than before.
Revisions of statistical data may also be caused by the calculation method used, such as annual benchmarking or updating of weight structures. Changes of base years and used classifications may also cause revisions to data.
Quality management requires comprehensive guidance of activities. The quality management framework of the field of statistics is the European Statistics Code of Practice (CoP). The quality criteria of Official Statistics of Finland are also compatible with the European Statistics Code of Practice.
Further information: Quality management | Statistics Finland (stat.fi)
Data are released to all users at the same time. Statistical data may only be handled at Statistics Finland and information on them may be given before release only by persons involved in the production of the statistics concerned or who need the data of the statistics concerned in their own work before the data are published.
Further information: Publication principles for statistics
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