Does your company, which is profitable in itself, have overwhelming liquidity problems due to the corona epidemic, a large credit loss or some other more or less objective reason?
In Finland we have an opportunity to restore viable enterprises by applying in the district court to approve a debt restructuring procedure to the company. Based on the application, the court can decide, that a debt restructuring procedure will be started for your viable company. In this procedure unsecured, even overdue debts are partly cut and a long payment period is set for the remaining debts. Applying for a debt restructuring procedure requires however some quantity of preparing work, and the work of the procedure executing officer, appointed by the district court, is not especially cheap. Therefore, this procedure is not a solution for very small entrepreneurs. In our opinion – as a rule of thumb – the sum of unsecured debts should be at least 200,000 euros, otherwise this procedure is not motivated.
If you feel, that the debt restructuring procedure could possibly be helpful and possible for your company, contact our expert. He will help you to evaluate the possibilities of your company to get into this debt restructuring procedure and, if yes, then he can help you to prepare to court an application to get your company into this procedure. Contact: Senior Advisor Ari Huhtala, NordGuide Oy, tel. +358 40 0691 449, e-mail: ari.huhtala@nordconsult.fi, www.nordguide.fi.