Bankruptcies: documentation of statistics
The documentation of the statistics describes how the statistics were compiled and what methods were used in the compilation. The data help interpret the figures of the statistics and evaluate their reliability and comparability. The quality report is based on the EU's SIMS model. The documentation also contains change releases describing changes in the statistics and possible specifying methodological descriptions.
If you are looking for statistical figures for these statistics, go to the statistics page: Bankruptcies
Quality report
Data description (SIMS 3.1)
The statistics have been discontinued. The statistics on bankruptcies describe bankruptcy proceedings that have been instituted and concluded in district courts. The data are obtained from the Ministry of Justice.
Concepts and definitions (SIMS 3.4)
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.
Institutional mandate (SIMS 6)
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 General Data Protection Regulation, 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.
Further information: Statistical legislation
Legal acts and other agreements (SIMS 6.1)
Tilastojen laadintaa ohjaa valtion tilastotoimen yleislaki, tilastolaki (280/2004, muut 361/2013). Tiedonantajilta kerätään vain ne välttämättömät tiedot, joita ei saada hallinnollisista aineistoista. Indeksisarjat julkaistaan niin, että niistä ei voida päätellä yksittäisen yrityksen tietoja tai kehitystä.
Quality assurance (SIMS 11.1)
Quality management requires comprehensive guidance of activities. The European Statistics Code of Practice forms the basis for the common quality system of the European Statistical System.
The Code of Practice is based on 16 principles that concern statistical authorities' independence, accountability and the quality of the processes and data to be published.
The principles are in line with the Fundamental Principles of Official Statistics approved by the United Nations Statistics Commission and are supplementary to them. The quality criteria of Official Statistics of Finland are compatible with the European Statistics Code of Practice.
Further information: European Statistics Code of Practice | Statistics Finland and Recommendations of the Advisory Board of Official Statistics of Finland | Statistics Finland
Release calendar (SIMS 8.1)
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 become public after they have been updated in the web service.
Further information: Publication principles for statistics at Statistics Finland
User access (SIMS 8.3)
The data are released to all users at the same time. Statistical data may be processed 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
Unless otherwise specifically stated in connection with the product, data or service concerned, Statistics Finland is the producer and copyright owner of the data. The terms of use for statistical data.
Confidentiality - policy (SIMS 7.1)
The data protection of data collected for statistical purposes is guaranteed. The compilation of statistics is guided by the Statistics Act. Alongside the Statistics Act, the EU’s General Data Protection Regulation and the Finnish Data Protection Act are applied to the processing of personal data. Provisions on the confidentiality of data collected for statistical purposes are laid down in the Act on the Openness of Government Activities.
The data are processed only by persons who need the data in their work. The use of data is restricted by usage rights. All persons employed by Statistics Finland have signed a pledge of secrecy, where they have obliged to keep secret the data prescribed as confidential by virtue of the Statistics Act or the Act on the Openness of Government Activities.
Further information: Data protection | Statistics Finland (stat.fi)