Tomi Koski is faced with disappointment after discovering that the €550 gift card he purchased for his son has lost its value following the bankruptcy of Indoor Group, the parent company of Askon. Koski had bought the gift card a year prior for his son, who was preparing to move into a new apartment. When the son went to use the card after the bankruptcy announcement, he was informed that it could no longer be accepted as a form of payment due to the legal circumstances surrounding the bankruptcy proceedings.

According to the law governing bankruptcies, the bankruptcy estate is not obligated to accept gift cards purchased before the insolvency began. Kirsi Nummi, a special adviser at the Finnish Competition and Consumer Authority, has urged gift card holders like Koski to formally notify the bankruptcy estate by submitting a written claim for their losses. This emphasizes the vulnerability consumers face when businesses go under, as their pre-purchased gifts can become worthless almost overnight.

The situation raises concerns not only for those directly impacted, like Koski and his son, but also for consumers at large when relying on gift cards for purchases. As the liquidation of Askon and Sotka’s assets progresses, the knowledge of these risks prompts a reconsideration of the safe use of gift cards in retail environments, especially amid financial instability.