The number of bankruptcy applications in February 2021 was clearly higher than in February 2020.

While 202 companies filed for bankruptcy a year ago in February, this year there were 285 applications.

The number of bankruptcies more than doubled compared to January, as in January 2021 there were 131 bankruptcy applications according to the insolvency register.

The large increase is explained by the fact that at the beginning of February the protection provided by the interim law against filing for bankruptcy expired.

Instead, a new temporary bankruptcy law came into force.

It allows creditors to file for bankruptcy of a company if it has not paid the claim within 30 days of the demand for payment.

It is feared that the change will be reflected in the growth of bankruptcy applications.

So it seems to have happened, if we look at comparing only February.

If January is included in the comparison, the number of bankruptcy applications in 2021 does not yet appear to be exceptionally serious.

Nor can it be said with absolute certainty which bankruptcy applications are a direct consequence of the termination of the Provisional Bankruptcy Act.

However, an indication can be obtained by examining who has filed for bankruptcy.

If the bankruptcy has been filed by an external applicant, ie a creditor, it is more likely to be the end of the interim law.

A smaller number of companies have filed for bankruptcy independently.

In the majority of cases, the applicant has been an external creditor, most commonly the Tax Administration.

Often there is also an employment pension insurance company or bank behind the bankruptcy application.

For example, in the last two weeks of February, a total of 128 companies filed for bankruptcy.

In 79 cases, bankruptcy was filed by creditors.

During the last two weeks of February, companies from various industries filed for bankruptcy.

Most of the companies were small in size.

Some companies have not been in active business recently.

Among the companies filed for bankruptcy were, among others, construction, restaurant, cleaning, taxi and transportation companies.

Among the companies filed for bankruptcy are the international kindergarten in Kaivopuisto, the construction company European Construction Company, which has had a turnover of millions, and Savon Siivouspalvelut, which has provided cleaning services in Northern Savonia.

In addition, the Tax Administration and the employment pension insurance company Elo filed for bankruptcy in the security sector Safetor.

The company was at the center of the 2019 uproar due to pepper spray in the final of the Finnish Football Cup.

In the final at Mariehamn, safety was the responsibility of Safetor, whose policemen sprayed pepper spray towards the field to celebrate Ilves fans who were trying to win.

The case was investigated as beatings.

Among other well-known companies, the Psychotherapy Center Vastamo, which was the subject of information leaks, and Minnesota-Hoito, which treated substance abuse problems, have been filed for bankruptcy.

  • Read more: Several well-known companies in bankruptcy: Restaurants, menswear, Minnesota treatment ...

In February 2021, more companies were also applied for corporate restructuring than a year earlier.

Between weeks 5 and 8, 29 companies applied for corporate restructuring in 2021, compared to 23 a year earlier.

Also during the first week of March, bankruptcy applications crept steadily.

By Friday, 60 companies had filed for bankruptcy, almost as many as in the previous week and twice as many as in the corresponding period last year.