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Restructuring of debts: documentation of statistics
The documentation of the statistics describes how the statistics were compiled and what methods were used in the compilation. The data help interpret the figures of the statistics and evaluate their reliability and comparability. The quality report is based on the EU's SIMS model. The documentation also contains change releases describing changes in the statistics and possible specifying methodological descriptions.
If you are looking for statistical figures for these statistics, go to the statistics page: Restructuring of debts
Quality report
Data description (SIMS 3.1)
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.
Concepts and definitions (SIMS 3.4)
Restructuring of private debts
A district court can admit a person with severe debt problems into a debt restructuring scheme. The provisions on the restructuring of private debts are included in the Act on the Adjustment of the Debts of a Private Individual, which entered into force on 8 February 1993. The purpose of the Act is to ameliorate the situation of private persons in financial difficulties. Before petitioning for debt restructuring, the debtor shall determine whether there is a possibility to a negotiated settlement with the creditors. If a settlement cannot be negotiated, a petition for debt restructuring can be filed in a court of justice. If the preconditions of debt restructuring are in place, the court of justice may confirm a payment schedule. When the payment schedule ends the debtor is released from the remainder of his/her debts.
Institutional mandate (SIMS 6)
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Quality assurance (SIMS 11.1)
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Release calendar (SIMS 8.1)
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User access (SIMS 8.3)
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Confidentiality - policy (SIMS 7.1)
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