Best Restructuring & Insolvency Lawyers in Finland

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Lex Gaudius
Helsinki, Finland

Founded in 2016
10 people in their team
Finnish
English
We are an international law firm in Sörnäis, Helsinki. Our expert team serves you, your company or your organization reliably and cost-effectively.Our goal is to promote the realization of human rights and guarantee everyone the opportunity for legal aid regardless of citizenship, social status...
Law firm Tammer-Juristit Oy
Tampere, Finland

Founded in 1996
50 people in their team
Finnish
Swedish
English
Law firm Tammer-Juristit OyLaw firm Tammer-Juristit Oy is a law firm founded in 1996. We operate nationwide, with the main focus in Pirkanmaa and Helsinki. We offer legal and advisory services to solve everyday as well as complex legal issues. We serve companies, consumers and public entities...
Lawyer Bergholm Oy
Espoo, Finland

Founded in 1994
50 people in their team
Finnish
English
Law firm with more than 20 years of experience.Lakiasiaintoimisto Bergholm Oy was founded in 1994. The name and operation changed to law firm in 1999.We assist both individuals and companies in legal matters. Our industry includes, among other things, criminal law and family and inheritance law...
Norra Law Firm
Oulu, Finland

Founded in 2000
50 people in their team
Finnish
Swedish
English
What is Norra?Norra is a professional in business law, whose services cover the needs of corporate clients regardless of industry.Norra's experienced lawyers act as the client's advisor in all legal issues of business operations - both in contracts and in problem situations.ServicesNorra's services...

Founded in 1888
50 people in their team
Finnish
Swedish
English
The law firm Castrén & Castrén Oy is a family company founded by Anne and Juha Castrén, a lawyer couple from Oulu, which, during its more than 30-year history, has established its place in the legal circles of Oulu as a reliable and competent partner. We serve our customers with...
Justeria Law Firm
Espoo, Finland

Founded in 2000
50 people in their team
Finnish
English
Swedish
JusteriaJusteria Oy is a legal affairs office specializing in business jurisprudence for small and medium-sized companies. We assist companies and their owners, e.g. in matters of contract law, questions related to company and tax law, and business arrangements. We also handle lawsuits and...
Advocate Voutilainen Oy
Espoo, Finland

Founded in 2014
50 people in their team
Finnish
English
Law firm Voutilainen, EspooVoutilainen law firm offers versatile legal services to individuals, companies and communities. We handle our assignments professionally and carefully. We find out the customer's needs and want to find the best possible solution for everyone.We help our customers by...
Hedman Law Firm
Helsinki, Finland

Founded in 1993
50 people in their team
English
Finnish
Estonian
Practice areasStartups and FundraisingData ProtectionCorporate and M&AAI regulatory complianceRegulatory and New Business ModelsVenture Capital & Private EquityEmployment & Stock optionsInformation TechnologyWeb3 related servicesIntellectual PropertyDispute resolutionTaxEnforcement...

Founded in 2000
50 people in their team
Finnish
English
ATTORNEY ESPOO & HELSINKIOur law office offers legal services to companies and individuals in Espoo and Helsinki, under the management of lawyer Simo Tuomaala and with decades of experience and expertise.We specialize especially in matters related to construction, housing and family and...
Castrén & Snellman
Helsinki, Finland

Founded in 1888
500 people in their team
Finnish
English
OverviewOur mission is to help our clients build sustainable success stories. We are a reliable partner in transactions, dispute resolution and a wide range of other specialised facets of business law.Decades of supporting our clients’ success have enabled us to grow into a firm of over 280...
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About Restructuring & Insolvency Law in Finland

Restructuring and insolvency law in Finland is designed to provide fair and clear processes for businesses and individuals facing severe financial distress. The framework aims to balance the interests of debtors, creditors, and other stakeholders. In Finland, both corporate restructuring and bankruptcy are regulated under national law, enabling distressed companies to either recover through financial reorganization or, if necessary, undergo orderly liquidation. The legal procedures focus on maximizing creditor returns while allowing viable businesses an opportunity to survive and continue their operations.

Why You May Need a Lawyer

Restructuring and insolvency are complex areas of law, often involving detailed financial analysis, negotiations with creditors, and compliance with strict legal requirements. Seeking legal help is crucial if you or your company are:

  • Facing mounting debts and unable to meet payment obligations
  • Receiving demands from creditors or facing debt collection measures
  • Unsure whether to apply for restructuring or bankruptcy
  • Needing advice on how to protect personal or company assets
  • Considering voluntary arrangements with creditors
  • Worried about legal responsibilities as a company director
  • Involved in cross-border insolvency situations
  • Negotiating with creditors or restructuring ongoing business activities

Having a legal professional ensures you understand your rights and obligations, follow correct procedures, and avoid actions that could lead to personal or criminal liability.

Local Laws Overview

Finland’s key regulations for restructuring and insolvency include the Restructuring of Enterprises Act and the Bankruptcy Act. Here are some important aspects of local law:

  • Corporate restructuring: The Restructuring of Enterprises Act allows financially distressed companies to apply for court-supervised restructuring. This aims to restore profitability through a restructuring programme, often including debt reorganization and adjustment of business operations.
  • Bankruptcy: Under the Bankruptcy Act, if a debtor is insolvent and unable to pay debts, bankruptcy proceedings may be initiated. An administrator is appointed to liquidate the assets and distribute proceeds to creditors.
  • Creditor protection: Finnish law ensures fair treatment of creditors, providing clear rules about the priority of claims and payment distribution order.
  • Director duties: Company directors must act in the company’s and creditors’ best interest. Failing to file for insolvency in time or favoring certain creditors can result in personal liability.
  • Personal insolvency: Private individuals can seek debt adjustment under the Act on the Adjustment of the Debts of a Private Person, offering relief through structured repayment plans.
  • Cross-border cases: EU regulations and international treaties play an important role in Finnish insolvency, especially for companies with assets or operations in multiple jurisdictions.

Frequently Asked Questions

What is the difference between restructuring and bankruptcy in Finland?

Restructuring is a process for restoring a viable business through debt and operational reorganization, allowing continued operations under court supervision. Bankruptcy, on the other hand, is a procedure to liquidate assets of an insolvent debtor and distribute proceeds to creditors, usually leading to the dissolution of the company.

Who can initiate restructuring or bankruptcy proceedings?

Both the debtor and its creditors can file for corporate restructuring or bankruptcy. For private individuals, debt adjustment can be initiated by the person or, in certain cases, by social welfare authorities.

How are creditors involved in the restructuring process?

Creditors are notified about the restructuring application and have the right to participate in the approval or rejection of the restructuring plan. Their claims are registered and considered during the process.

What are the consequences for company directors during insolvency?

Directors have a duty to act in the best interest of creditors once insolvency is apparent. Failure to fulfil their duties, such as delaying bankruptcy filings or preferential payments, may result in personal liability and even criminal sanctions.

Is it possible to continue business during restructuring?

Yes, companies often continue business operations during the restructuring process, subject to supervision by an appointed administrator and court oversight.

What happens to employees during insolvency proceedings?

Finnish law provides significant protections for employees. Unpaid wages can be claimed from the wage guarantee fund, and employees may be entitled to continued employment depending on the circumstances.

How does insolvency affect personal debts?

Individual debtors can apply for debt adjustment, which may reduce or restructure payment obligations through a court-approved repayment plan.

What is the role of the court in insolvency matters?

Courts oversee both restructuring and bankruptcy proceedings, appoint administrators or liquidators, and approve restructuring programmes or liquidation decisions.

Can international creditors participate in Finnish insolvency?

Yes, international creditors have the same rights as local creditors, subject to EU regulations and relevant treaties concerning cross-border insolvency situations.

Are there alternatives to formal insolvency proceedings?

Yes, debtors and creditors can negotiate out-of-court settlements or voluntary arrangements, but these require mutual agreement and are not subject to court protection unless formal proceedings are initiated.

Additional Resources

For more information and practical assistance, the following resources and organizations can be useful:

  • Finnish Ministry of Justice - Responsible for legal frameworks and public information
  • Finnish Bankruptcy Ombudsman - Supervises the administration of bankruptcy estates
  • Finnish Financial Supervisory Authority - Offers guidance for financial service providers
  • Chamber of Commerce - Provides support and training for business owners
  • Local law firms specializing in restructuring and insolvency
  • Consumer Advice Services for individuals facing financial difficulties

Next Steps

If you are facing financial distress or need advice on restructuring and insolvency, start by assessing your financial situation and gathering relevant documentation (such as financial statements, creditor lists, and contracts). It is advisable to consult a lawyer who specializes in restructuring and insolvency as soon as possible. A legal expert can help you understand your rights, obligations, and the range of options available, including court-supervised processes or alternative arrangements. Timely legal advice can protect your interests, prevent legal pitfalls, and help you make informed decisions about your or your company’s financial future.

Lawzana helps you find the best lawyers and law firms in Finland through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Finland - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.