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Finland – November 2023
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LATEST AMENDMENTS TO THE FINNISH RESTRUCTURING PROCEDURE
In Finland the company restructuring procedure has been subject to multiple amendments in recent years. The first set of amendments to the Act on Company Reorganisation (47/1993 as amended) (Reorganisation Act) entered into force in July 2022 and were aimed primarily to align the Finnish legislation with the EU legislation and to inter alia introduce a new early restructuring procedure (in Finnish: varhainen saneerausmenettely) to which debtors can apply if they are not yet insolvent.1 Even at that time it was anticipated that further amendments would soon follow.2 This briefing will focus on the latest amendments to the Reorganisation Act which entered into force in June 2023. These amendments are more practical in nature with a primary aim to accelerate the company restructuring process improve the efficiency of the process enhance early access to the...
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