Office of the Bankruptcy Ombudsman P.O Box HELSINKI, Finland International conference Tallinn University 8-9 November 2012 Main functions and problems of the Bankruptcy Ombudsman, including supervision Eeva Arko-Koski, Bankruptcy Ombudsman
8-9 November The Bankruptcy Ombudsman in Finland –Founded in 1995 (Act on the supervision of the Administration of Bankrupt Estates 109/1995) –An independent authority –Attached to the Ministry of Justice –Staff: -Bankruptcy Ombudsman Ms. Eeva Arko-Koski -Head of Office -Six Senior Bankruptcy Lawyers -Two secretaries –Budget: 1.5 MEUR/year
8-9 November Main functions Developing of good practice of administering bankruptcy estates –Day-to-day contact with administrators –Training and counselling of administrators and creditors –Issuing of written guidelines on the good practice of administering bankruptcy estates together with the Advisory Board for Bankruptcy Affairs –Making initiatives
8-9 November Main functions Supervision of administrators –Basic supervision by the documents brought to BO’s office –Inspection of bankruptcy estates documents –Complaints –Participation in creditor’s meetings –BO’s legal opinions to court –Applications for court orders –Negotiations with administrators and creditors
8-9 November Main functions Role in combating financial crime -Auditing the accounts and activities of the debtor -Public receivership in assetless bankruptcies -Co-operation in preventing grey economy and white- collar crime with other authorities
8-9 November Main functions Monitoring proceedings related to reorganisations of companies -Counselling and training of administrators -Issuing of written guidelines on good practice of administering reorganisation cases
8-9 November Challenges of supervision -Achieve and maintain good expertise in insolvency legislation and practice -Keep trust and authority among insolvency players (administrators, creditors, business life) -Remember objectivity -Have co-operating skills -Control of administrators fees -Use of guidance and sanctions