New record number of bankruptcy cases in August

New record number of bankruptcy cases in August

Last week, Helsingin Sanomat highlighted that the number of bankruptcy petitions in the month has been as high as seven times since 2003, with the record of 53 happening in February 2009.

Between January and August, bankruptcy proceedings against 294 building construction companies have been instituted, leaving the sector on track to experience its worst year since the early 2010s.

The difficulties in building construction have also rippled to staffing agencies providing workers for the sector. The company, Selekta Rakennus, reported last week that its revenue plummet in the first six months of the year due to the construction slowdown, with no indications of a quick recovery on the horizon.

The agency said it expects to report a drop of almost six million euros in annual revenue in 2022.

The number of new bankruptcy cases in August increased by more than 20 percent year-on-year, marking a new high since the eurozone crisis of 2013-2014.