Castrén & Snellman Partner Pauliina Tenhunen, Senior Associate Ville Ahtola and associate Anna-Kaisa Nenonen have contributed the Finland chapter to the PLC Cross-border Restructuring and Insolvency Handbook 2010.
The country-specific Q&A chapters provide practical information on national insolvency laws and regulations in 20 jurisdictions.
The Finland chapter covers the following issues with respect to Finnish insolvency law:
- Security and Priorities: Most common forms of securities taken in relation to immovable and movable property, formalities required for creation of securities, rank of creditors and shareholders on the insolvency of a company, mechanisms used to secure unpaid debts and other procedures invoked by creditors.
- State support: Availability of state support for distressed businesses
- Rescue and Insolvency Procedures: Procedures available in Finland, objectives of proceedings, how different procedures are initiated, possible substantive tests, approximate length of procedures and the effect procedures have on companies, shareholders and creditors.
- Liability and Transactions: Circumstances in which directors, parent companies or other parties can be held liable for the debts of an insolvent company, whether transactions that are effected by a company that subsequently becomes insolvent can be set aside and conditions in which companies can continue to carry on business during insolvency or restructuring proceedings.
- International Cases: Recognition of insolvency and rescue procedures in other jurisdictions and the international treaties relating to insolvency, co-operation between courts and procedures for foreign creditors.
This article appeared in the ninth edition of the Practical Law Company Cross-border Restructuring and Insolvency Handbook 2010/11 and it was published by Practical Law Company, London (www.practicallaw.com).
Read the whole chapter Restructuring and Insolvency in Finland 2010: Practical Law Company
For further information please contact:
Pauliina Tenhunen
Ville Ahtola
Anna-Kaisa Nenonen