The wave of bankruptcies in the coronacrisis was avoided: state support and postponement of payments on debts helped

Fewer than 1,300 bankruptcies were recorded between January and June, which is less than last year and the year before last. Various forms of flexible settlements end in the fall, but, according to the tax service and pension funds, long-term benefits in relation to cooperative payments will remain, since the coronavirus crisis has not yet been overcome.

Many feared a large wave of bankruptcies caused by restrictive measures. however, as statistics show, these fears did not materialize. Experts even believe that it will probably be possible to avoid mass bankruptcies altogether.

– If the situation does not change much, then most companies will be able, to one degree or another, to pay off creditors, – says a representative of the tax service Tuomas Hurskainen .

– It looks like there will be no massive bankruptcies. Of course, provided that the epidemiological situation does not deteriorate sharply, – says the chief economist of the Central Chamber of Commerce Mauri Kotamyaki .

In 2021, 1298 bankruptcies were filed, 57 fewer than in the same period in 2020.

A temporary law helped many companies stay afloat, which made it difficult to process bankruptcies at the request of creditors. The law ended in January. It was replaced by an interim law in effect until the fall, which prevents creditors from filing for bankruptcy due to difficulties with short-term payments.

In addition, companies were able to take advantage of more flexible rules on tax calculations. Applications for tax benefits are now being accepted until the end of August.