Restructuring & Insolvency

Restructuring & Insolvency

Financially challenging times can be daunting, but the right legal partner can help minimise losses and reinvigorate stumbling businesses.

Our team is adept at handling all kinds of insolvency and restructuring proceedings, from the relatively small and straightforward to the most demanding and complex. If engaged at an early stage, we can help your business get back on track by identifying and heading off problems before they get out of control. In insolvency proceedings, our team’s unrivaled experience will ensure that proceedings run efficiently and lead to the best possible result for creditors.

Our insolvency experts are top-rated in all major international publications and have a proven track record of handling the most complex international insolvency proceedings.

Chambers Europe ranks us as Finland’s leading law firm in insolvency proceedings. The most significant international law directories continuously recommend our experts as leading lawyers in Finland.

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Bankruptcy Proceedings Cross-Border Insolvency Proceedings Enforcement of Pledges Insolvency Litigation Liquidation Proceedings Restructuring Proceedings Risk Management Voluntary Restructuring

Latest references

Life Finland – Administration of bankruptcy estate
Life Finland Oy, a retailer of natural products, other health-related products and cosmetics, filed for bankruptcy on its own initiative in June 2025, and our attorney, counsel Elina Pesonen was appointed administrator of the bankruptcy estate. Life Finland Oy was part of the international Life Group, and its parent company Life Europe AB was declared bankrupt in Sweden in June 2025. When declared bankrupt, Life Finland Oy had over 30 operational stores and almost 170 employees across Finland. In addition to the premises of the operational stores, the company had several other leased premises, such as retail premises it was vacating as well as office and warehouse spaces. The bankruptcy estate organised clearance sales in all of the company’s stores. The shutdown of the stores and the clearance sales were efficiently carried out in approximately two weeks in cooperation with the company’s country manager, regional managers and sales staff. The clearance sales yielded a significant liquidation result, and consumers bought nearly the entire inventory. The administration of the bankruptcy estate has required expertise in many areas. The proceedings have dealt with specialised issues such as cash pooling arrangements, intellectual property, franchising agreements, employment relationships and consumer creditors. In addition, the proceedings are notably international, as the estate administrator has organised the shutdown of operations and the liquidation of assets in close cooperation with the estate administrators of the Swedish Group companies. The cooperation has included, among other things, exploring opportunities for selling the business, the sale of intangible rights and the coordination of intra-group agreements.
Case published 9.12.2025
Foodiq – Restructuring proceedings
Castrén & Snellman’s Attorney Christer Svartström acted as the administrator in the restructuring proceedings of Foodiq Oy, which began on 11 March 2024. Foodiq is a unique future food focused company that develops and produces plant and milk-based products for both the private and public sectors. The company’s largest shareholder is a Swedish investment company focusing on FoodTec, Nicoya AB. The majority of creditors approved the draft restructuring programme in expedited proceedings after restructuring proceedings that lasted just under a year. The District Court of Helsinki affirmed the restructuring programme including the one-day payment programme on 10 March 2025 and appointed Attorney Christer Svartström as the supervisor of the programme. In cooperation with the parties, they found an effective and quick restructuring solution for the company, avoiding a long-term programme and allowing the company to focus on its core business. The restructuring programme was financed by investments made by the company’s investors. At the same time, the one-day programme provided a better outcome for creditors compared to a longer programme. The implementation of the restructuring programme ended successfully on 28 March 2025.
Case published 6.5.2025
European Battery Technologies – Sale of assets of bankruptcy estate
Our partner Pauliina Tenhunen acts as the administrator of the bankruptcy estate of European Battery Technologies Oy. The bankruptcy estate sold all assets of the bankrupt company, including its battery factory equipment and IP rights related to the operations. The equipment sold was the first of its kind in the 2010s and the factory was the first in Europe to produce LFP batteries. The buyer is Estonia and Germany-based Skeleton Technologies, a global developer and manufacturer of energy storage solutions. The buyer will continue operations in the premises rented by the bankrupt company in Varkaus, Finland. The owner of the premises is Keski-Savon Teollisuuskylä Oy, a company owned by the city of Varkaus. The bankruptcy administration is very pleased with this outcome as the continued operation of the battery factory was a priority also for the bankruptcy estate.
Case published 26.5.2023
Litorina Capital – Merger of Leo’s Lekland and HopLop
We advised Litorina Capital, a Swedish private equity house, in the merger of two leading indoor playground chains in the Nordics, Leo’s Lekland and HopLop. Litorina IV fund, the main owner of Leo’s Lekland, and CapMan Special Situations I, the main owner of HopLop, agreed on an ownership arrangement that will unite Leo’s Lekland and HopLop into Europe’s leading indoor playground group. Both parties will continue their ownership in the new combined group. The HopLop chain continues to operate in Finland under the HopLop brand. The new group will be Europe’s largest family focused activity and exercise company. It has a total of 68 parks in Finland, Sweden, Norway, Denmark and Germany. Leo’s Lekland is the largest indoor playground chain in the Nordic countries, with a total of 50 parks in Sweden, Norway, Denmark, Finland and Germany. There are 7 parks in Finland. HopLop is the largest children’s adventure and indoor playground chain and the most significant family focused activity and exercise company in Finland. There are 17 HopLop parks in Finland and 1 in Germany. Litorina is a private equity investment firm based in Stockholm, Sweden. It was founded in 1998. It invests in niche market leading companies with headquarters in the Nordics. Currently it has 13 portfolio companies.
Case published 2.2.2023
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Latest insights

Article published 27.3.2024 – Restructuring & Insolvency A construction boom is just around the corner 
Pauliina Tenhunen
Jerker Pitkänen
Elina Pesonen

Pauliina Tenhunen, Jerker Pitkänen & Elina Pesonen

 Article published 20.3.2024 – Restructuring & Insolvency Can a construction company be restructured?
Christer Svartström

Christer Svartström

 Article published 18.1.2024 – International Construction & Projects Bankruptcies in the construction industry are increasing – how to prepare for the contractor’s bankruptcy?
Elina Pesonen
Jerker Pitkänen

Elina Pesonen & Jerker Pitkänen

 Article published 9.10.2023 – Restructuring & Insolvency Board duties in an impending liquidity crisis
Elina Pesonen

Elina Pesonen
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