247 bankruptcies filed in March

A total of 247 bankruptcy proceedings were instigated in March 2022, which is 40 fewer than in the corresponding period one year earlier, according to Statistics Finland.

The number of staff-years in enterprises that filed for bankruptcy was 857, which is 570 staff-years fewer than in the previous year, which indicates that enterprises that filed for bankruptcy had employed less than in the previous year.

In March 2022, most bankruptcy proceedings were instigated in the industry of other services.

A total of 89 bankruptcy proceedings were instigated in the industry.

In March 2022, the number of instigated bankruptcy proceedings was lowest in the industry of agriculture, forestry and fishery. Altogether four bankruptcy proceedings were instigated in the industry.

In order to prevent a wave of bankruptcies caused by the coronavirus pandemic, filing for bankruptcy was limited by temporary legislative amendments from 1 May 2020 to 30 September 2021.

Instigated bankruptcy cases refer to enterprises, corporations or natural persons which have filed for bankruptcy during a calendar year.

The instigation of bankruptcy proceedings does not always mean an enterprise or own-account worker “goes under” in the actual sense. Bankruptcy as a trial is a complicated legal process involving several stages, in which proceedings may be interrupted at different stages.