March saw a surge in bankruptcies – things were really hitting the fan!

11 101

More bankruptcies filed in March

A total of 274 bankruptcy proceedings were instigated in March 2024, which is 14 more than in March one year earlier, according to Statistics Finland.

In March, the number of staff-years in enterprises that filed for bankruptcy totalled 1,156, which is 245 staff-years more than in March 2023.

During the past 12 months, the number of bankruptcies was 16 per cent higher than in the 12 months preceding this period.

In March 2024, most bankruptcy proceedings were instigated in the industries of other service activities, construction and trade.

In March 2024, in the industry of other service activities, 93 bankruptcy proceedings were instigated, in construction 71 and in trade 43.

Meanwhile, 136 enterprise restructuring proceedings were filed in the first quarter of 2024, which is 15 per cent more than in the first quarter of 2023.

The number of staff-years in enterprises for which a petition for restructuring had been filed was 1,206, which is four per cent more than in the year before.

During the past 12 months, the number of restructuring proceedings was 20 per cent higher than in the 12 months preceding this period.

In the first quarter of 2024, most enterprise restructuring proceedings were filed in the industries of other services and construction.

Source: www.dailyfinland.fi

11 Comments
  1. Emily94 says

    It’s concerning to see the increase in bankruptcy proceedings in various industries. Hopefully, support systems can be strengthened to prevent further financial challenges for businesses.

  2. JenniferSmith84 says

    It is concerning to see the increase in bankruptcies and restructuring proceedings. I hope measures will be taken to support these businesses and their employees during these challenging times.

  3. EmilyJohnson says

    I find it concerning that the number of bankruptcies and restructuring proceedings continue to increase, especially in industries like other service activities, construction, and trade. It reflects ongoing challenges in the business sector that need to be addressed urgently.

  4. AlexJohnson says

    Were there any specific reasons highlighted for the increase in bankruptcy proceedings in the industries of other service activities, construction, and trade in March 2024?

    1. EmilyMiller says

      Hi AlexJohnson, it’s a concerning trend indeed. The rise in bankruptcy proceedings in those sectors could be attributed to various factors such as economic uncertainty, changes in consumer behavior, and possibly the effects of the ongoing global supply chain disruptions. It’s crucial for businesses to adapt and seek professional advice to navigate through these challenging times.

  5. EmilySmith says

    It’s concerning to see the increase in bankruptcies filed, especially within industries like construction and trade. The statistics showing a rise in both bankruptcy and restructuring proceedings indicate a challenging economic environment.

  6. Emily_Smith says

    It’s alarming to see the surge in bankruptcies, especially with the increase in staff-years affected. The statistics reflect a concerning trend in various industries. We need to closely monitor the situation and support struggling enterprises to prevent further economic setbacks.

  7. Emily_1985 says

    Were there any specific reasons mentioned in the article for the increase in bankruptcies compared to the previous year?

    1. Sam_1990 says

      Yes, the article highlighted that the surge in bankruptcies was mainly attributed to the rise in bankruptcy proceedings within the industries of other service activities, construction, and trade. There was also a significant increase in enterprise restructuring proceedings, particularly in the sectors of other services and construction.

  8. KateSmith says

    It’s concerning to see such a significant increase in bankruptcies, especially in key industries like construction and trade. The rise in staff-years affected shows the impact on employment, highlighting the challenging economic situation. Hopefully, measures will be taken to support struggling businesses and prevent further economic downturn.

  9. JenniferSmith says

    It’s concerning to see the increase in bankruptcies compared to the previous year. The rise in staff-years affected shows the impact on employment. The statistics indicating higher numbers in various industries highlight the need for economic support and restructuring strategies.

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