Bankruptcies and business restructuring proceedings: 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 and business restructuring proceedings
Quality report
Data description (SIMS 3.1)
The Statistics on bankruptcies and business restructuring proceedings statistics describe the bankruptcy cases instigated and decided by district courts. The data are published monthly, quarterly and annually.
Sector coverage (SIMS 3.3)
Statistical unit (SIMS 3.5)
The central observation units (pending restructuring case and concluded restructuring case) are legal cases. It is a question of cases brought before district courts and cases decided there.
The central observation units (instigated bankruptcy and closed bankruptcy) are legal cases. It is a question of cases brought before district courts and cases decided there.
In respect of instigated bankruptcy case or pending restructuring cases, the enterprise is also an observational unit. Although an instigated bankruptcy or pending restructuring case is, on the one hand, a legal case, it is also a question of an enterprise (the same enterprise is in the statistics only once for instigated bankruptcy or pending restructuring cases regardless of the number of the petitions filed against it). For closed bankruptcy or concluded restructuring cases, the enterprise is not an observational unit of the statistics in a similar manner.
The petition directed at the enterprise is primarily identified from the data by means of the Business ID. Secondary means of identification are the name of the enterprise or possible identification data of the entrepreneur or a combination of them (e.g. name or personal identity code). The register data on which the statistics are based include all restructuring petitions filed during the year. Background data to enterprises formed from register data are primarily combined with the Business ID.
Statistical population (SIMS 3.6)
For instigated bankruptcies, the population of the statistics is bankruptcy petitions filed with district courts.
For closed bankruptcies, the population of the statistics is bankruptcy petitions decided by district courts.
In respect of pending restructuring proceedings, the population of the statistics is business restructuring petitions filed with district courts.
In terms of concluded business restructuring cases, the population of the statistics is business restructuring cases decided by district courts.
Reference area (SIMS 3.7)
Time coverage (SIMS 3.8)
As concerns pending restructuring cases, the statistics start from the beginning of 2003. This applies to both annual and monthly data. A monthly time series is published on the number of bankruptcy petitions starting from 1986.
As regards instigated cases, the data become revised as a result of reviews and corrections. As a rule, the figures are corrected already during the next statistical month. The changes caused by the corrections are small in terms of total numbers and they are not significant in forming the overall image of the occurrence.
The statistics on closed bankruptcy or concluded restructuring cases start from 2009. These are annual statistics and the published data are final.
Unit of measure (SIMS 4)
EUR 1,000, per cent and the number of personnel as measured in full-time equivalents are used as the units of measure in the database tables of the statistics.
Reference period (SIMS 5)
Classifications (SIMS 3.2)
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.
Bankrupt's estate
This legal form is used if a bankrupt's estate requests and is given a Business ID. Otherwise the legal form of an enterprise does not change in connection with a bankruptcy.
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.
Business restructuring
A new Act on Business Restructuring entered into force on 8 February 1993. The purpose of the Act is to ameliorate the situation of enterprises in financial difficulties. Business restructuring is an alternative to bankruptcy. The proceedings aim at securing the continuation of the operations of a viable enterprise. It is at the court of justice's discretion to decide whether the enterprise would be viable after the restructuring.
Closed bankruptcy
In Statistics Finland's statistics on bankruptcies, a closed bankruptcy refers to bankruptcy proceedings that have been finalised in a District Court.
Early business restructuring
Early business restructuring is a form of business restructuring, for which petitions can filed when there is risk of insolvency. If an enterprise is found to be insolvent in the middle of the proceedings, the proceedings can be resumed as a normal business restructuring case.
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.
Pending restructuring cases
In Statistics Finland statistics, pending restructuring cases refer to restructuring petitions concerning enterprises, corporations, estates of deceased persons or private individuals filed during the calendar year. The first business structuring petition filed in the calendar year is recorded in the statistics as a pending restructuring case. Several creditors may file a business restructuring petition concerning the same enterprise during a year, but only the first petition is recorded in the statistics as a pending restructuring case. The number of petitions is always higher than the number of pending restructuring cases in these statistics.
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)
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 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.
Bankruptcies comply with the following regulations:
- Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics
- Commission Implementing Regulation (EU) 2020/1197
Further information: Statistical legislation
Data sharing (SIMS 6.2)
Data contained in the statistics on bankruptcies and business restructuring proceedings can be viewed free of charge in the StatFin service database on Statistics Finland’s website. https://stat.fi/en/statistics/kony#cubes
Source data (SIMS 18.1)
The statistics on bankruptcies and business restructuring proceedings are based on register data derived from the district courts' case management system (Tuomas). The basic data are received monthly from the Legal Register Centre.
The enterprise data used in the compilation of the statistics derive from Statistics Finland’s Business Register, the data are updated monthly in connection with the forming of the statistical data.
Frequency of data collection (SIMS 18.2)
The basic data are collected once a month.
Data collection (SIMS 18.3)
The data are received once a month as a line transfer from the Legal Register Centre. The delivery of the data and the practices of the following year are agreed on once a year (towards the end of the year).
Data validation (SIMS 18.4)
The data are validated in connection with the compilation of the statistics by means of established review routines.
Data compilation (SIMS 18.5)
The data received from the Legal Register Centre are processed by month according to the same procedure. Data from Statistics Finland’s business statistics system are combined with the data. Possible shortcomings in the basic data are primarily complemented with data obtained from the business statistics system.
User needs (SIMS 12.1)
Overall accuracy (SIMS 13.1)
The statistics on bankruptcies and business restructuring proceedings, including both instigated and concluded cases, are statistics based on the (register) data produced from the case management system of district courts. The statistics describe the examined phenomenon as it is stored in the system on which the statistics are based. The main sources of error in the statistics are possible errors in the basic data or errors caused in the processing of the data.
A key means of assessing the accuracy of the data is to examine statistical data relative to the source data. Another way is to examine quarterly or annual data relative to previous quarters or years.
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:
Data revision - policy (SIMS 17.1)
Revisions – i.e. improvements in the accuracy of statistical data already published – are a normal feature of statistical production and result in improved quality of statistics. The principle is that statistical data are based on the best available data and information concerning the statistical phenomenon. On the other hand, the revisions are communicated as transparently as possible in advance. Advance communication ensures that the users can prepare for the data revisions.
The reason why data in statistical releases become revised is often caused by the data becoming supplemented. Then the new, revised statistical figure is based on a wider information basis and describes the phenomenon more accurately than before.
Timeliness (SIMS 14.1)
The data on instigated bankruptcy cases are published monthly approximately two to three weeks from the end of the month in which they were instigated.
The data on pending restructuring cases are published monthly approximately two to three weeks from the end of the month in which they were instigated.
The statistics on concluded cases are released yearly approximately six months from the end of the statistical reference year.
The release dates can be found in Statistics Finland's release calendar.
Punctuality (SIMS 14.2)
There are no delays in releasing the data. The data have been published on the days indicated in the release calendar.
Comparability - geographical (SIMS 15.1)
The statistics are comparable regionally for the entire time series.
Comparability - over time (SIMS 15.2)
The time series of the statistics are mostly comparable from one year to the next. The figures are not, however, fully comparable. The total number of instigated bankruptcies or restructuring proceedings has not changed on the annual or quarterly level, only the data on main industry and legal form have been compiled differently than before.
Coherence – cross domain (SIMS 15.3)
Monthly data (instigated bankruptcy proceedings), quarterly data (pending restructuring cases) and annual data (closed bankruptcy and concluded restructuring cases) released in the statistics are produced from the same statistical data in different processes. The above-mentioned statistics describe the same subject from different perspectives and are thus not coherent with each other.
Coherence - internal (SIMS 15.4)
The statistics on instigated cases and concluded cases (annual statistics) are not fully congruent internally. The above-mentioned statistics describe the same occurrence from different viewpoints. The statistics on instigated cases show the number of enterprises for which a petition has been filed during the year. The statistics on concluded cases present the number of cases concluded by district courts during the year.
Thus, the population of the above-mentioned statistics is different, the one describing the number of enterprises, the other the number of legal cases. Because several petitions or other cases may be directed to one enterprise during the year, the number of petitions presented in the annual statistics (concluded) is always higher than the number of the enterprises concerned.
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
Release calendar access (SIMS 8.2)
Statistics Finland, release calendar: Future publications
Future publications of the statistics can be found on the page of the statistics at: Future publications of the statistics
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.
Further information: The terms of use for statistical data
Frequency of dissemination (SIMS 9)
The data on instigated bankruptcy cases are published monthly.
The data on closed bankruptcy cases are published annually.
The data on pending restructuring cases are published quarterly.
The data on concluded business restructuring cases are published annually.
News release (SIMS 10.1)
The release is published on the home page of the statistics.
Online database (SIMS 10.3)
The database tables of the statistics can be found in the StatFin database.
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 (eur-lex.europa.eu) and the Finnish Data Protection Act (Finlex.fi) 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 (Finlex.fi).
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
Confidentiality - data treatment (SIMS 7.2)
The data protection of data collected for statistical purposes is guaranteed in accordance with the requirements of the Statistics Act (280/2004), the Act on the Openness of Government Activities (621/1999), the EU's General Data Protection Regulation (EU) 2016/679 and the Data Protection Act (1050/2018). The data materials are protected at all stages of processing with the necessary physical and technical solutions.
Statistics Finland has compiled detailed directions and instructions for confidential processing of the data. Employees have access only to the data essential for their duties. The premises where unit-level data are processed are not accessible to outsiders. Members of the personnel have signed a pledge of secrecy upon entering the service. Violation of data protection is punishable.