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Bankruptcies down in first half of the year

The number of companies that sought to restructure their debts also decreased.

Ravintola Juttutupa.
The biggest improvement was observed particularly in the trade and hospitality industries. Image: Jorge Gonzalez / Yle

The first half of 2021 saw fewer businesses go bankrupt, according to new data from Statistics Finland.

Some 1,298 bankruptcies were filed between January and June 2021, which is 4.2 percent fewer than in the same time period in 2020.

Fewer bankruptcies were recorded in the sectors of retail, service, hospitality, manufacturing and mining. The biggest improvement was observed particularly in the trade and hospitality industries.

On the other hand, the number of bankruptcies increased in the sectors of agriculture, forestry and fishing, construction, and transport and storage.

Finland also saw fewer companies resort to the less expensive option of debt restructuring.

Companies or individuals can resort to debt restructuring to avoid the risk of going bankrupt, such as by negotiating lower interest rates.

Between January and June, 178 companies restructured their debts, which is 14 percent fewer than in 2020.

The number of companies that sought debt restructuring decreased in all sectors except trade, construction and hospitality.

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