DLA Piper acts as administrator in the bankruptcy of Psykoterapiakeskus Vastaamo Oy

We act as administrator in the bankruptcy of Psykoterapiakeskus Vastaamo Oy (“Vastaamo”). Vastaamo provided psychotherapy services for personal customers in 28 premises all over Finland. It employed over 200 employees, which were mainly psychoterapists.

Vastaamo was declared bankrupt on 15 February 2021 as a result of a data breach. The bankruptcy proceedings have involved specific issues regarding data protection and data security arising from the sensitive personal data processed by the company, as well as their resolution in accordance with data protection regulation and in a data-secure manner in cooperation with relevant authorities. We were involved in negotiations in which the business was sold to Verve Oy, that will continue the psychotherapy business.

So far, Vastaamo is the only Finnish company that has gone bankrupt as a result of a data breach. The matter is Finland's first GDPR precedent that deals with a company's liability for hacking.