Bankruptcy Clearance Sale Notice in a Window in Helsinki. LEHTIKUVA

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Finland has experienced an unprecedented number of business bankruptcies in the 48th week of 2023, with 85 companies being declared insolvent. This figure is the highest weekly total since Finland's Asiakastieto Oy began its weekly bankruptcy tracking in 2019.

According to Jaakko Nors, a product owner at Asiakastieto who specializes in bankruptcy data, by the end of this year, over 2,700 companies are projected to have filed for bankruptcy.

Nors noted that surpassing 2,000 bankruptcies in a single year has been a rare occurrence this millennium, making 2023 an exceptionally challenging year for Finnish businesses.

The construction sector is prominently featured on the list of the year's largest bankruptcies. Nors also highlighted a worrying trend of larger firms facing financial collapse. By the end of November, 270 companies with a minimum turnover of one million euros had declared bankruptcy, which is 100 more than in the previous year.

This alarming surge in bankruptcies raises concerns about the stability of even large-scale businesses in Finland, underscoring that high revenue does not necessarily equate to immunity from financial distress. The significant increase in large-scale bankruptcies indicates a challenging economic environment, with potentially far-reaching implications for the Finnish economy.

HT

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