You should not prolong loss-making business operations. A controlled bankruptcy is always better than an uncontrolled one.
Bankruptcy is the best way to terminate business activities when
Before filing for bankruptcy, check out the Company’s financial difficulties and their prevention guide for advice on resolving financial difficulties. Read more about bankruptcy on the Federation of Finnish Enterprises’ information package.Opens in a new window.
Instructions for closing down your company for other reasons for various types of companies
In bankruptcy proceedings, an insolvent and unprofitable company is closed down at the end of court proceedings.
Creditors have the final say in the bankruptcy estate. As a representative of your company, you can take part in creditors’ meetings but cannot vote.
In bankruptcy proceedings, the debts of your company are determined, its assets sold, and the funds distributed among creditors.
A bankruptcy may lapse if there are not enough funds in the bankruptcy estate. It can, however, continue under public receivership.
Bankruptcy is the beginning of something new. Learn from it and talk with people to make you feel better. You do not need to be ashamed of it.