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FOR TRANSLATORS 1.3.2017 (some minor stylistic changes may still be done)

FOR TRANSLATORS 1.3.2017 (some minor stylistic changes may still be done) The Bankruptcy Ombudsman in Finland – Both Supervision and Guidance Insolvency Administration’s 15th Anniversary Conference 9th – 10th March 2017 Riga, Latvia. 1. Statistics (1/2) Bankruptcies 2011–2016.

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FOR TRANSLATORS 1.3.2017 (some minor stylistic changes may still be done)

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  1. FOR TRANSLATORS 1.3.2017 (some minor stylistic changes may still be done) The Bankruptcy Ombudsman in Finland – Both Supervision and Guidance Insolvency Administration’s 15th Anniversary Conference 9th – 10th March 2017 Riga, Latvia The Bankruptcy Ombudsman Helena Kontkanen, Finland

  2. 1. Statistics (1/2)Bankruptcies 2011–2016 The Bankruptcy Ombudsman Helena Kontkanen, Finland

  3. 1. Statistics (1/2) Restructuring of Enterprises 2011– 2016 The Bankruptcy Ombudsman Helena Kontkanen, Finland

  4. 2. The Bankruptcy Ombudsman in Finland • Founded in 1995 (Act on the Supervision of the Administration of Bankrupt Estates 109/1995) • Supervises bankruptcy and restructuring procedures • An independent authority • Affiliated with the Ministry of Justice • Staff (10): • Bankruptcy Ombudsman, Head of Office, Senior Bankruptcy Lawyers (6), Administrative staff (2) • Funded by the state: no fees • www.konkurssiasiamies.fi The Bankruptcy Ombudsman Helena Kontkanen, Finland

  5. 3. Reasons for introducing the Bankruptcy Ombudsman in the 1990s • Social and economic significance of bankruptcies • No formal supervision by authorities • Creditors’ control and supervision by the Finnish Bar Association was regarded as insufficient • Increased discussion regarding misuse of estates’ assets • Decreased activity by public creditors resulting from abolition of creditors’ priorities The Bankruptcy Ombudsman Helena Kontkanen, Finland

  6. 4. Duties of the Bankruptcy Ombudsman (1/2) • Developing good practice in administering bankruptcy estates by giving advice and issuing guidelines • Supervision of the administering of bankruptcy estates • Auditing the accounts and activities of the debtor • Undertaking the necessary measures as regards negligence and abuse that have come to light cont… The Bankruptcy Ombudsman Helena Kontkanen, Finland

  7. 4. Duties of the Bankruptcy Ombudsman (2/2) • Responsible for Public Receivership which is an alternative to lapse (total discontinuation) of assetless bankruptcies • Monitoring proceedings related to restructuring (to the extent necessary) • Providing expert opinions to court on issues regarding bankruptcy and restructuring The Bankruptcy Ombudsman Helena Kontkanen, Finland

  8. 5. The Role of the Bankurptcy Ombudsman (1/2) • Coreprinciples: Independent Impartial Influential improvement • Main focus: insolvencypractitioners (IPs) whohaveduty to co-operate • Day-to-daycontactwiththeparties of the proceedings • Administrators • Creditors, Debtors • Courts cont… The Bankruptcy Ombudsman Helena Kontkanen, Finland

  9. 5. The Role of the Bankruptcy Ombudsman (2/2) • Advisory Board for BankruptcyAffairs • Recommendations • Cooperation • Ministry of Justice / Employment and Economy / Environment • Differentauthorities: Taxauthorities, Prosecutors, Police, Enforcement • Finnish Bar Association and Disciplinary Board • The Federation of Finnish Enterprises, TurnaroundBodies / agencies • Statements / legislativeinitiatives The Bankruptcy Ombudsman Helena Kontkanen, Finland

  10. 6. Examples of the powers of the Bankruptcy Ombudsman • Right to information • Inventory lists, minutes from meetings, annual reports; including confidential information • Right to participate in creditors’ meetings and take follow up action (but cannot substitute decisions, only the court can do this) • The Ombudsman can apply for a court order that: • Imposes a fine on an IP who has neglected duties; • Dismisses an IP if he or she has neglected his or her duties or for other weighty reasons; • Reduces the IP's fee because of essential negligence of duties or if the fee is clearly above a reasonable level. The Bankruptcy Ombudsman Helena Kontkanen, Finland

  11. 7. The Advisory Board for Bankruptcy Affairs • An advisory body that assists the Bankruptcy Ombudsman by drafting guidelines on the best practice in administering bankrupt estates • 18 detailed recommendations so far • Chairman, vice chairman and seven other members, who must be proficient in bankruptcy affairs • Members represent the Ministry of Justice, courts, advocates, important public and private creditors and enterprices • The Bankruptcy Ombudsman participates in the meetings, and the guidelines are drafted in the Ombudsman’s office The Bankruptcy Ombudsman Helena Kontkanen, Finland

  12. 8. Budget 2017 The Bankruptcy Ombudsman Helena Kontkanen, Finland

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