Court declares two property companies bankrupt over €23m debt

South Ostrobothnia District Court has declared Fisyr Vuokra-asunnot Oy and Armas Palvelukiinteistöt Oy bankrupt, Yle reports.

The companies were petitioned into bankruptcy by Oma Säästöpankki, which is seeking more than €5.3 million from Fisyr Vuokra-asunnot and more than €17.9 million from Armas Palvelukiinteistöt.

The bankruptcy decision states that both companies are insolvent. Attorney Klaus Majamäki has been appointed administrator for their bankruptcy estates.

The companies were previously owned by Seinäjoki businessmen Janne Kotamäki and Raimo Sarajärvi.