11.1.2017

Winwind – Bankruptcy of Winwind Oy

Pauliina Tenhunen served as the administrator in Winwind Oy’s bankruptcy proceedings, which began in October 2013. Winwind Oy, a designer and manufacturer of industrial-scale wind power plants, was declared bankrupt due to the failure of attempts to rehabilitate its business operations in restructuring proceedings. When bankruptcy proceedings began, Winwind had assets in Finland, India, Sweden, France, Portugal, Estonia, Italy and the Czech Republic as well as factories in Hamina, Finland, and Vengal, India.

The bankruptcy estate engaged in long negotiations with several different overseas parties concerning the sale of the company’s business, but liquidating the business as a whole proved difficult due to the preceding restructuring and the unique characteristics of the business. Due to reasons beyond the bankruptcy estate’s control, the assets ultimately had to be liquidated piecemeal. The geographical dimension of the business also made the administration of the estate highly international.

The creditors approved the final account of the estate in January 2017, which brought the bankruptcy proceedings to a close.