The COVID-19 pandemic has been cited as the primary reason for the increase in bankruptcies. Although bankruptcies did not increase significantly during the pandemic, many companies have now exhausted their reserves and are struggling to keep up with rising costs and falling demand. “In many companies, the buffers have been used up, and they are no longer able to respond to rising prices and falling demand. This drives even quite large companies into bankruptcy,” says Asiakastieto’s product owner Jaakko Nors.
The construction industry has suffered the most, where more than 150 construction companies went bankrupt during the first three months of the year, a third of which built houses. Among the companies that have gone bankrupt are several established construction companies with tens of millions of euros in turnover and tens of employees. The retail and restaurant sectors have also been significantly affected, as 86 retail companies and around 60 restaurants ceased operations.
The increase in bankruptcies is a worrying development that can have significant effects on the Finnish economy. Bankruptcies not only lead to job losses, but also affect the overall economic health of a region or country. It is important that government and businesses work together to find ways to support struggling businesses and industries in these challenging times.
In order to prevent new bankruptcies, it is essential that companies focus on maintaining a strong financial situation, seek expert help if necessary and find ways to adapt to changing market conditions. The state can also be involved by providing financial aid to companies in difficulty, promoting economic growth and implementing policies that reduce the risk of bankruptcy.
In summary, it can be stated that the increase in bankruptcies in Finland is a worrying trend that highlights the significant impact of the COVID-19 pandemic on the country’s economy. The government and businesses must work together to find ways to support struggling businesses and industries and prevent new bankruptcies. By doing this, the country can survive the pandemic stronger and more resilient.
Finland’s top 20 bankruptcies in the weeks 1-13/2023
| No. | Name | Area | Turnover (M€) |
| 1 | Saagatalot Oy (Sikla) | Residential construction and other construction | 28.3 |
| 2 | Rakennusliike Jusmar Oy | Residential construction and other construction | 27.5 |
| 3 | FM-Haus Oy | Other construction carpentry and carpentry work | 23.2 |
| 4 | Evesa Oy | Residential construction and other construction | 19.0 |
| 5 | Autohub Oy | Retail trade of cars and light motor vehicles | 19.0 |
| 6 | Oma Rakennus Oy | Other specialized construction activities | 16.0 |
| 7 | Transport AJA Oy | Road transport | 12.0 |
| 8 | Jatehuolto Laine Oy | Collection, processing and disposal of non-hazardous waste | 11.3 |
| 9 | Rakennusliike Karjaluoto Oy | Landscape service activities | 10.3 |
| 10 | JAM Trading Oy | Development of construction projects, construction of buildings | 9.2 |
| 11 | Arina Trio Oy | Electrical installation | 8.6 |
| 12 | Vujema Oy | Residential construction and other construction | 8.6 |
| 13 | Khimaira Oy | Manufacture of other furniture | 6.8 |
| 14 | Raita Sport Oy | Manufacture of sports equipment | 5.8 |
| 15 | Vahva Toimitilat Oy | Residential construction and other construction | 5.6 |
| 16 | SB Rakennus Oy | Residential construction and other construction | 5.3 |
| 17 | Meandi Oy | Industrial and technical design, etc. | 4.9 |
| 18 | Infraneliö Oy | Workplace preparation work | 4.8 |
| 19 | Scandiservice Oy | Other technical services | 4.5 |
| 20 | Walttia Oy | Residential construction and other construction | 4.4 |
| Source: Suomen Asiakastieto Oy |
Source: The Nordic Page