Mr Stefan Magnusson

Stefan Magnusson

Updates

Insolvency & Restructuring

Super-priority claim on employment agreement entered into during reorganisation
Sweden | 04 July 2014

The Supreme Court recently decided that a claim for dismissal pay, based on an employment agreement having been entered into during reorganisation, constituted a super-priority claim in bankruptcy. The court concluded that a super-priority right exists if the claim is based on an agreement that the debtor entered into with the approval of the administrator during reorganisation.

Does personal liability for corporate debt apply to resigned board member?
Sweden | 14 February 2014

The Court of Appeal recently ruled on a director's personal liability for corporate debt which arose after she had resigned from the board. Although the defendant had sold her company to an unknown person, thus knowingly allowing an undercapitalised company obliged to undergo liquidation to continue business, the court decided that she was not to be held personally liable for the debts in question.

Restoring equity shortage exonerates directors from personal liability
Sweden | 08 February 2013

The Court of Appeal recently established that newly appointed directors were objectively liable for obligations which arose during a liability period. The court found that the directors had arranged an issue of new shares fully covering the company's equity shortage and had not acted negligently when the claim arose. The directors could therefore not be held personally liable and the claim was dismissed.