Bankruptcies, restructurings and debt adjustments

Bankruptcy cases

These statistics contain the number of bankruptcy cases recorded in the bankruptcy and restructuring register. The total number includes all recorded bankruptcy cases on the last day of the year, regardless of when the case was entered into the register. The data entered into the bankruptcy and restructuring register includes the date of filing a bankruptcy application, rejected applications, cancelled bankruptcies, as well as other details referred to in sections 3 and 4 of the Act on the Bankruptcy and Restructuring Register (137/2004).

Entries concerning a bankruptcy will be removed from the register:

1) three months after the bankruptcy application has been rejected, ruled as inadmissible, dismissed or cancelled by court order;

2) three years after the bankruptcy has been lapsed by court order due to insufficient funds of the bankruptcy estate;

3) three years after the final settlement of accounts has been approved.

However, data on a natural person’s bankruptcy will be removed no later than five years after the bankruptcy was filed.

Restructuring cases

These statistics contain the number of restructuring cases entered into the bankruptcy and restructuring register. The total number includes all recorded restructuring cases on the last day of the year, regardless of when the case was entered into the register.

The data entered into the bankruptcy and restructuring register includes the date of filing a restructuring application, rejected applications, termination of the proceedings, approval of the restructuring programme, as well as other details referred to in sections 5 and 6 of the Act on the Bankruptcy and Restructuring Register (137/2004).

Entries concerning a restructuring will be removed from the register:

1) three months after the restructuring application has been rejected, ruled as inadmissible or dismissed;

2) three years after the restructuring proceedings have been terminated for some reason other than the approval of the programme;

3) six months after the final report on the implementation of the programme has been presented;

4) three years after the restructuring programme has lapsed.

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Adjustment of debts

These statistics contain the number of debt adjustment cases entered into the debt adjustment register. The total number includes all recorded cases on the last day of the year, regardless of when the case was entered into the register.

The data entered into the debt adjustment register includes the date of filing a debt adjustment application, rejected applications, commencement of the debt adjustment, confirmation of the payment schedule, as well as other details referred to in section 5 of the Decree on the Adjustment of Debts of a Private Individual (137/2004).

Data concerning the registered individual and the debt adjustment will be removed from the register:

1) after the payment schedule has ended;

2) no longer than six months after the court proceedings concerning the debt adjustment have ended for some reason other than the rejection of the application; or

3) two years after the application has been rejected or the payment schedule has been lapsed by court order.

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