Concepts and definitions

Bankrupt

In statistics, the term bankrupt refers to enterprises, corporations or natural persons for whom a bankruptcy petition has been filed.

Bankruptcy

Bankruptcy is an insolvency proceeding covering all the liabilities of the debtor, where the assets of the debtor are used in payment of the claims in bankruptcy. At the beginning of the bankruptcy the debtor loses authority over the assets. The court appoints an estate administrator to administer the bankruptcy estate and the assets of the debtor. The assets are liquidated and used in payment of the debts.

Bankruptcy petitioner

The court shall make the order of bankruptcy. The bankruptcy petition can be made by a creditor or the debtor. In statistics, the bankruptcies where the petitioner is a shareholder of a decedent's estate are often classified separately from other voluntary bankruptcies, i.e. bankruptcies where the petitioner is the debtor.

Bankruptcy proceedings closed with a final decree

In Statistics Finland's statistics on bankruptcies, bankruptcy proceedings closed with a final decree refer to bankruptcy proceedings which have been concluded in a district court with a final decree.

Bankruptcy proceedings initiated by a creditor

Bankruptcy proceedings which have been initiated by a creditor.

Closed bankruptcy

In Statistics Finland's statistics on bankruptcies, a closed bankruptcy refers to bankruptcy proceedings that have been finalised in a District Court.

Instigated bankruptcy case

In Statistics Finland statistics on bankruptcies, instigated bankruptcy cases refer to bankruptcy petitions filed during the calendar year by enterprises, corporations, estates of deceased persons or private individuals. The first bankruptcy petition filed in the calendar year is recorded in the statistics as an instigated bankruptcy 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.

Job endangered by bankruptcy

Jobs endangered by bankruptcy refer to the number of jobs in enterprises or corporations for which a bankruptcy petition has been filed during the calendar year.

If the personnel number is unknown, the default number of one is applied.

Referencing instructions:

Official Statistics of Finland (OSF): Bankruptcies [e-publication].
Helsinki: Statistics Finland [referred: 23.10.2019].
Access method: http://www.stat.fi/til/konk/kas_en.html