ARTICLE · 18 JANUARY 2013

Accelerated Reorganization

Merilampi Attorneys Ltd

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The Finnish Advisory Board for Bankruptcy Affairs has recommended an accelerated reorganization model to be applied to viable companies that have fallen into financial difficulties.

FinlandGovernment, Public Sector

Sara Walden

1. In General

The Finnish Advisory Board for Bankruptcy Affairs has recommended an accelerated reorganization model to be applied to viable companies that have fallen into financial difficulties. This model aims to confirm the restructuring programme as quickly as possible. The problems the recommendation is trying to solve have arisen in applying the Finnish Restructuring of Enterprises Act. In practice, the companies file their application for reorganization too late, the applications are incomplete, the restructuring process takes, for a variety of reasons, too long, and the reorganization programmes focus largely exclusively on the company's debt arrangement. With good preparation, there are many ways to avoid these problems if combined with the means of voluntary and statutory reorganization.

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