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1. The Office of Bankruptcy Ombudsman (BO)

The Bankruptcy Ombudsman: Challenges of today and tomorrow Bankruptcy Ombudsman of Finland Helena Laine Pärnu 7.5.2014. 1. The Office of Bankruptcy Ombudsman (BO). The Office was founded on March 1st, 1995 An independent authority , attached to the Ministry of Justice

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1. The Office of Bankruptcy Ombudsman (BO)

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

  2. 1. The Office of Bankruptcy Ombudsman (BO) • The Office was founded on March 1st, 1995 • An independentauthority, attached to the Ministry of Justice • Impartialapproach in allactions • Allfundingfrom the Government, no feesorlevies • Twoinsolvencyproceedings: 1. Bankruptcy and 2. Reorganization of Enterprises (> 600 administrators) • Case figures 2013BankruptcyReorganization Applications 3 131 571 Proceedingscommenced2 245 382 Bankruptcy Ombudsman Helena Laine

  3. 2. Duties of BO Bankruptcy • To monitor and supervise the administering of bankruptcy estates; advice and instructions • To develop the proper practice of administering bankruptcy estates • To audit the accounts and activities of the debtor • To undertake necessary measures to correct default • 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-scaleright to getinformation • State funds for specialaudits and publicreceivership • Strongpublicinterest • BO’sannualbudget for itsactivities is 1,8 million € (incl. 800 000 € for auditing) plus 400 000 € for publicreceivership • Right to turn to court • To get the administrator to fulfill his duties • To dismissthe administrator • To reduce the administrator’sremunerationdecided on by the creditors Bankruptcy Ombudsman Helena Laine

  5. 4. Challenges of today / Bankruptcy • To combateconomiccrime • New duty 1 March 2013 : Administratorsare to make a report to police on suspectedbusiness-relatedcrimes of the debtor • In assetlessestates the statepaysadmistrators 600 euros / report • To deal with environmentalrisks • For instance chemical safety might be compromised: soil contamination or toxic tanks in back yard • Case AvilonFibres: 520 tns of carbonsulfide CS2 in factoryarea • Who is paying for the cleaning? Bankruptcy Ombudsman Helena Laine

  6. 5. Challenges of tomorrow / Bankruptcy • EU proposalstowardsharmonization • Eachsubstantiveinsolvencylegislation is based on national jurisdiction  EU should regulate only cross-border situations • Commissionrecommendation of 12.3.2014 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 http://www.finlex.fi/fi/laki/kaannokset/2004/en20040120.pdf • Restructuring of Enterprises Act http://www.finlex.fi/fi/laki/kaannokset/1993/en19930047.pdf • Act on the Adjustment of the Debts of Private Individuals http://www.finlex.fi/fi/laki/kaannokset/1993/en19930057.pdf • Act on the Supervision of the Administration of Bankruptcy Estates (legislation on the Bankruptcy Ombudsman) http://www.finlex.fi/fi/laki/kaannokset/1995/en19950109.pdf Bankruptcy Ombudsman Helena Laine

  8. Contact details The Office of BankruptcyOmbudsman - www.konkurssiasiamies.fi BankruptcyOmbudsman Helena Laine • helena.laine@oikeus.fi • puh. + 358 2956 65102 Bankruptcy Ombudsman Helena Laine

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