STATISTICS FINLAND on Monday published data revealing that a total of 310 bankruptcies were initiated in September, marking an up-tick of 26 from the corresponding period last year and the first time since the start of the year when the monthly total rose to over 300.
The companies that filed for bankruptcy, the data reveal, had a combined staff of 1,248 person-years, a drop of 161 from the corresponding period in 2022.
The cumulative 12-month total for bankruptcies last month was 19 per cent higher than in the 12 months preceding it.
“Over 300 bankruptcy proceedings were initiated in September. That’s a lot. The total for the year, 3,127, starts to be close to the years that followed the financial crisis,” Timo Vesala, the chief economist at Municipality Finance, noted on X.
The number of new bankruptcy proceedings is a new high for the month of September since 1998, calculated Juhana Brotherus, the chief economist of Suomen Yrittäjät.
Bankruptcy proceedings were initiated especially in other services and construction – 105 and 60, respectively. Brotherus pointed out that last month was the calmest month of the year for the construction industry, even though the number of new bankruptcy proceedings remained at an elevated level.
“On the other hand, [it] was the bleakest month on record in other services, with 105 bankruptcies,” he added.
The other services sector includes areas such as information and communication services, financing and insurance activities, real estate activities, vocational, scientific and technical activities, administrative and support services, education services, health and social care services, and art and recreational activities.
Aleksi Teivainen – HT