Accelerated reorganisation proceedings

An accelerated reorganisation procedure can be initiated under the same conditions as the basic reorganisation proceedings or the early reorganisation proceedings. In an accelerated reorganisation procedure, the approval process of the reorganisation programme is faster than usual.

For help in preparing accelerated reorganisation proceedings, contact Financial and debt counselling for companies and entrepreneurs.

In the accelerated reorganisation proceedings, the draft of your company’s reorganisation programme is more or less finalised before it is submitted to the court. The draft is prepared by an outside coordinator. They will submit it to your company’s major creditors for approval.

A well-prepared draft will considerably speed up the court proceedings. It may only take a few days for a court to approve it, compared with an average of nine months for the ordinary reorganisation proceedings.

In the accelerated proceedings, cooperation with the creditors is on a transparent basis. The procedure is supervised by the creditors and led by a person approved by them. This means that it is easy for the creditors to commit themselves to the reorganisation. Commitment and an atmosphere encouraging cooperation also make it easier for your company to play an active role in the debt arrangements.

You should discuss the reorganisation plans with the largest creditors of your company. If the creditors are in favour of the reorganisation, you can choose the outside person drafting the reorganisation programme and the financial auditor reviewing the operations of your company.

Also contact the other creditors of your company to get their approval for the accelerated reorganisation proceedings. Set a timetable for the audit of your company's operations, for the preparation of the draft for a reorganisation programme and the submitting of the reorganisation application to the court.

The financial auditor audits your company and gives an opinion of its financial situation. A draft reorganisation programme is prepared in cooperation with your company and its creditors.

The coordinator applies for the initiation the reorganisation proceedings to the court. After all creditors have approved the draft for a reorganisation programme, the person responsible for its drafting may request quick approval of the programme.

In collaboration with: Suomi.fi editorial team

Updated: 18/10/2023

Accelerated reorganisation proceedings

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