Finnish insolvency legislation currently provides for two formal main insolvency regimes for financially distressed companies: bankruptcy (Fi: konkurssi) under the Finnish Bankruptcy Act (2004 as amended Fi: konkurssilaki) and company reorganisation (Fi: yrityssaneeraus) under the Finnish Company Reorganisation Act (1993 as amended Fi: laki yrityksen saneerauksesta). Bankruptcy is a creditor-driven liquidation proceeding: its primary objective is to realise the assets of the insolvent debtor and distribute the proceeds to the debtor’s creditors. Company reorganisation in turn is intended for debtors that are in financial difficulties but have the potential for viability in the longer term and seeks to enable the debtor to continue its operations by rehabilitating the debtor’s viable businesses and making an arrangement of debts with the debtor’s creditors. This briefing focuses on company reorganisation proceedings and particularly on...