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The Bankruptcy Ombudsman: Challenges of today and tomorrow Bankruptcy Ombudsman of Finland Helena Laine Pärnu 7.5.2014.

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Presentation on theme: "The Bankruptcy Ombudsman: Challenges of today and tomorrow Bankruptcy Ombudsman of Finland Helena Laine Pärnu 7.5.2014."— Presentation transcript:

1 The Bankruptcy Ombudsman: Challenges of today and tomorrow Bankruptcy Ombudsman of Finland Helena Laine Pärnu

2 1. The Office of Bankruptcy Ombudsman (BO) The Office was founded on March 1st, 1995 An independent authority, attached to the Ministry of Justice Impartial approach in all actions All funding from the Government, no fees or levies Two insolvency proceedings: 1. Bankruptcy and 2. Reorganization of Enterprises (> 600 administrators) Case figures 2013 Bankruptcy Reorganization Applications Proceedings commenced Bankruptcy Ombudsman Helena Laine

3 2. Duties of BO Bankruptcy 1.To monitor and supervise the administering of bankruptcy estates; advice and instructions 2.To develop the proper practice of administering bankruptcy estates 3.To audit the accounts and activities of the debtor 4.To undertake necessary measures to correct default 5.To see to the public receivership (2013: 92 estates) Reorganization of Enterprises 6. To supervise ”to a necessary extent” Bankruptcy Ombudsman Helena Laine

4 3. Means for actions Large-scale right to get information State funds for special audits and public receivership –Strong public interest –BO’s annual budget for its activities is 1,8 million € (incl € for auditing) plus € for public receivership Right to turn to court –To get the administrator to fulfill his duties –To dismiss the administrator –To reduce the administrator’s remuneration decided on by the creditors Bankruptcy Ombudsman Helena Laine

5 4. Challenges of today / Bankruptcy To combat economic crime –New duty 1 March 2013  : Administrators are to make a report to police on suspected business-related crimes of the debtor –In assetless estates the state pays admistrators 600 euros / report To deal with environmental risks –For instance chemical safety might be compromised: soil contamination or toxic tanks in back yard –Case Avilon Fibres: 520 tns of carbon sulfide CS 2 in factory area –Who is paying for the cleaning? Bankruptcy Ombudsman Helena Laine

6 5. Challenges of tomorrow / Bankruptcy EU proposals towards harmonization –Each substantive insolvency legislation is based on national jurisdiction  EU should regulate only cross-border situations –Commission recommendation of on a new approach to business failure and insolvency More cooperation between different operators nationally and EU-/worldwide –Different authorities involved, cross-border cases / groups of companies Bankruptcy Ombudsman Helena Laine

7 Insolvency legislation in Finland – Finlex-links Bankruptcy Act Restructuring of Enterprises Act Act on the Adjustment of the Debts of Private Individuals Act on the Supervision of the Administration of Bankruptcy Estates (legislation on the Bankruptcy Ombudsman) Bankruptcy Ombudsman Helena Laine

8 Contact details The Office of Bankruptcy Ombudsman - Bankruptcy Ombudsman Helena Laine -puh Bankruptcy Ombudsman Helena Laine


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