Bankruptcies: documentation of statistics
The documentation of the statistics describes how the statistics were compiled and what methods were used in the compilation. The data help interpret the figures of the statistics and evaluate their reliability and comparability. The quality report is based on the EU's SIMS model. The documentation also contains change releases describing changes in the statistics and possible specifying methodological descriptions.
If you are looking for statistical figures for these statistics, go to the statistics page: Bankruptcies
Quality report
Data description (SIMS 3.1)
Statistics Finland publishes statistics on the bankruptcy cases instigated and decided by district courts. In these statistics, instigated bankruptcy cases refer to bankruptcy petitions filed during the year by enterprises, corporations or natural persons. The first bankruptcy petition filed in the calendar year is recorded in the statistics as an instigated bankruptcy case. Other petitions filed during the calendar year concerning the same enterprise, corporation or natural person only show in decided cases in these statistics. Several creditors can file a bankruptcy petition against the same enterprise during the year. The number of petitions is always higher than the number of instigated bankruptcy cases in these statistics. Single-establishment enterprises are classified in the regional data of bankruptcy statistics according to the municipality of location of the establishment. Those multiple-establishment enterprises whose activity all takes place in the same municipality are also classified according to the municipality of location of their establishments. Enterprises operating in several municipalities are classified according to their municipality of domicile. In other cases the region is determined by the municipality of domicile of the debtor. Data concerning the establishments and municipalities of domicile of enterprises are derived from Statistics Finlands Business Register. Threatened workplaces refer to the number of workplaces in the enterprises against which bankruptcy petitions have been filed.
Concepts and definitions (SIMS 3.4)
Bankrupt
In statistics, the term bankrupt refers to enterprises, corporations or natural persons for whom a bankruptcy petition has been filed.
Bankruptcy
Bankruptcy is an insolvency proceeding covering all the liabilities of the debtor, where the assets of the debtor are used in payment of the claims in bankruptcy. At the beginning of the bankruptcy the debtor loses authority over the assets. The court appoints an estate administrator to administer the bankruptcy estate and the assets of the debtor. The assets are liquidated and used in payment of the debts.
Bankruptcy petitioner
The court shall make the order of bankruptcy. The bankruptcy petition can be made by a creditor or the debtor. In statistics, the bankruptcies where the petitioner is a shareholder of a decedent's estate are often classified separately from other voluntary bankruptcies, i.e. bankruptcies where the petitioner is the debtor.
Bankruptcy proceedings closed with a final decree
In Statistics Finland's statistics on bankruptcies, bankruptcy proceedings closed with a final decree refer to bankruptcy proceedings which have been concluded in a district court with a final decree.
Bankruptcy proceedings initiated by a creditor
Bankruptcy proceedings which have been initiated by a creditor.
Closed bankruptcy
In Statistics Finland's statistics on bankruptcies, a closed bankruptcy refers to bankruptcy proceedings that have been finalised in a District Court.
Instigated bankruptcy case
In Statistics Finland statistics on bankruptcies, instigated bankruptcy cases refer to bankruptcy petitions filed during the calendar year by enterprises, corporations, estates of deceased persons or private individuals. The first bankruptcy petition filed in the calendar year is recorded in the statistics as an instigated bankruptcy case. Several creditors can file a bankruptcy petition against the same enterprise during the year. The number of petitions is always higher than the number of instigated bankruptcy cases in these statistics.
Job endangered by bankruptcy
Jobs endangered by bankruptcy refer to the number of jobs in enterprises or corporations for which a bankruptcy petition has been filed during the calendar year. If the personnel number is unknown, the default number of one is applied.
Institutional mandate (SIMS 6)
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Quality assurance (SIMS 11.1)
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Release calendar (SIMS 8.1)
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User access (SIMS 8.3)
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Confidentiality - policy (SIMS 7.1)
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