Good practice
Finnvera, Finland The turnaround programme of the micro-credit institute Finnvera only applies to entrepreneurs with a loan that exceeds 200.000 €. If the internal rating shows that the future prospects of the company are not too good, the turnaround team of Finnvera will work out a detailed internal analysis of the client’s situation and an external consultant will establish an expertise on the condition of the enterprise at the premises of the client. Afterwards other experts (lawyers, tax advisors) are called in if necessary. If the company is likely to be saved, a stand still agreement during which all creditors will refrain from debt collecting is signed and the client has to agree on the to do’s for the next two years on a mutual consent contract. In the turnaround programme all parties are paying for their own costs. The external consultant for instance is either paid by the client or the creditors.