Last week, Finnish collection agency Suomen Asiakastieto recorded a record number of bankrupt companies in the Northern European country.
According to its data, 85 companies were declared bankrupt in Finland during the week, which is the highest number of local bankrupt companies in a single week, YLE broadcaster reports today, 5 December.
Suomen Asiakastieto has been tracking the number of bankruptcies on a weekly basis since 2019. In the list of the biggest failing companies of the past year, the construction industry stands out in particular, the Finnish broadcaster notes.
Finland’s economy showed a decline in the third quarter of this year. The gross domestic product of the EU member since 1995 and NATO newcomer shrank by 0.9 per cent in July-September compared to the previous quarter. Adjusted for working days, the figure was 1.2 per cent lower than a year ago.
According to a recent survey, the financial situation of Finnish small and medium-sized businesses has clearly deteriorated this autumn. 52 per cent of companies in Finland now rate their financial situation as “very or fairly good”. In August of this year, the figure was 58 per cent.
Finland joined the anti-Russian sanctions that Brussels imposed on Russia in 2022. In January 2023, the Ministry of Foreign Affairs of the Northern European country, whose common border with Russia is 1300 kilometers, announced the freezing of Russian assets, including stocks, cars, yachts, planes, real estate and shares, for almost € 200 million. In October, Finnish Justice Minister Lina Meri said that the local authorities intend to simplify the procedure for seizing real estate or shares owned by Russians. According to her, there has been an increase in the number of foreclosures from Russian owners, who are “increasingly neglecting their legal obligations”.
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