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Restructuring of debts

Producer: Statistics Finland
Homepage: http://www.stat.fi/til/velj/index_en.html
Main topic: Justice
Related topics:
Official Statistics of Finland (OSF): Yes
European Statistical System (ESS): No

Description

Statistics Finland publishes statistics on cases concerning the restructuring of private debts handled and concluded by district courts.

A new law concerning the restructuring of private debts entered into force in Finland on 8 February 1993, with the aim of improving the economic position of private people who have run into financial difficulties.

The restructuring of private debts gives insolvent persons the possibility to become discharged from some or all of their debts if they are for reasons other than temporary ones unable to make the repayments that fall due on their debts. Admittance of a private person into a debt restructuring scheme is decided by the court.

Data content

The statistics describe cases concerning the restructuring of private debts handled and concluded by district courts. The central data in the statistics relate to the numbers of debt restructuring cases handled and concluded by district courts, confirmed repayment schedules, and handling durations and total debt amounts by district court. The data are not public; the information systems contain unit data (e.g. names of debtors) which are not public.

Classifications used

Court, region.

Data collection methods and data sources

The Ministry of Justice forwards to Statistics Finland data on private debt restructuring petitions received at district courts. The data constitute total data and they derive from the case management system of district courts, which was introduced on 1 December 1993.

Updating frequency

Private debt restructuring petitions received by district courts quarterly. Private debt restructuring cases concluded once a year.

Time of completion or release

Statistics on received debt restructuring cases are published with a lag of six weeks from the end of the statistical reference quarter. Statistics on concluded cases are published with a lag of 4.5 months from the end of the statistical reference year.

Time series

Quarterly published time series since the entry into force of the Act on the Restructuring of Private debts on 8 February 1993.

Keywords

debts, payment defaults, restructuring of debts

Contact information

http://tilastokeskus.fi/til/velj/yht_en.html

Last updated 16.09.2011