A new Act on Business Restructuring entered into force on 8 February 1993. The purpose of the Act is to ameliorate the situation of enterprises in financial difficulties.
Business restructuring is an alternative to bankruptcy. The proceedings aim at securing the continuation of the operations of a viable enterprise. It is at the court of justice's discretion to decide whether the enterprise would be viable after the restructuring.
The number of jobs in enterprises for which a petition for restructuring has been filed during the calendar year. If the number of personnel is not known, the default number of one is applied.
In Statistics Finland statistics, pending restructuring cases refer to restructuring petitions concerning enterprises, corporations, estates of deceased persons or private individuals filed during the calendar year.
The first business structuring petition filed in the calendar year is recorded in the statistics as a pending restructuring case. Several creditors may file a business restructuring petition concerning the same enterprise during a year, but only the first petition is recorded in the statistics as a pending restructuring case. The number of petitions is always higher than the number of pending restructuring cases in these statistics.