Entrepreneur’s financial difficulties

Small entrepreneur's right to debt rescheduling

A private freelancer and businessman can seek private person’s debt rescheduling to arrange his/her debts, which is a lighter and cheaper procedure than company reorganization.

The requirement is that the small entrepreneur's business operations are fairly small-scale and that their reviving requires no arrangements related to the business operations. The business must be so profitable that the business costs can be handled in the future as well and that the debtor can pay his/her creditors at least part of the debts.

To be eligible to debt rescheduling, the small entrepreneur shall present a reliable expert’s account of the financial status of the business and how viably it could be continued.

If business operations have terminated, the entrepreneur's liability for debts can be arranged using a private person's debt rescheduling, if the general conditions are fulfilled and if there is no hinder to the debt rescheduling.

For more information, go to: the Finnish Competition and Consumer Authority’s (the FCCA) website.

Payment arrangements related to entrepreneur’s tax debts

An entrepreneur can apply for more time due to temporary payment problems.

See the instructions on the Tax Administration's website.

Support for entrepreneurs

  • Yrittäjän tukiverkko is a free-of-charge online service for entrepreneurs. The service helps in case of a company's financial problems and refers to peer support in case of stressful situations.
  • The Ministry of Employment and the Economy's Enterprise Finland website consists of materials and instructions for entrepreneurs experiencing payment difficulties.
  • Talousapu consultancy service’s trained experts provide free-of-charge counseling over the phone in issues related to businesses’ financial and payment problems in Finnish and Swedish.