International Law

Swedish Law ? Company Reorganisation ? Administrator Appointed

Posted on February 23, 2009
As a very short update about the SAAB Automobile AB reorganisation I can tell you that the Swedish lawyer Guy Lofalk of Lofalk Advokatbyrå in Stockholm has been appointed administrator of the SAAB reorganisation by the City Court of Vänersborg.The creditors meeting will take place in Vänersborg on April 6, 2009...

Swedish Law ? Company Reorganisation

Posted on February 20, 2009
In view of today?s decision by the Swedish car manufacturer SAAB, belonging to the General Motors Group, to apply for company reorganisation according to the Swedish Company Reorganisation Act (1996:764), in Swedish only, it may be interesting to provide some information about the Swedish company reorganisation procedure...

Swedish Law ? Aval

Posted on February 19, 2009
I was recently asked by a client what ?aval? or ?avalize? meant. A foreign manufacturer had asked his customers for ?avalized banker?s drafts?. From my legal studies ? in a long distant past ? I seemed to remember that it had something to do with guarantees of drafts or checks...

Swedish Law - Civil limitations/ "preskription"

Posted on January 15, 2009
The rules on civil limitation/"preskription" are found in the Swedish Limitations Act/"Preskriptionslag (1981:130)". I can not find any English translation of the act on the internet. It can be found as a part of "Swedish Commercial Legislation" available here...

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Swedish Bankruptcy Law ? Employee Claims

Posted on December 10, 2008
An employment contract does not automatically terminate because the employer is declared bankrupt. The receiver has to decide whether or not to give notice of termination. An employee?s salary claim is considered as a general preferential status. Unpaid salaries due within three months before and within one month after the bankruptcy decision have such preferential status...

Floating charges

Posted on December 05, 2008
The most common form of general preferential claims is a floating charge (?företagsinteckning?). It is a security which covers all business assets with certain exceptions e.g. liquid funds. However, creditors with a special preferential claim to a certain asset have, of course, priority before the holder of a floating charge...

Swedish Bankruptcy Law ? Preferential claims (claims with ?förmånsrätt?)

Posted on December 01, 2008
Creditors who have a security with a special preferential claim are entitled to receive payment out of the assets of the bankruptcy estate so secured before other creditors. This may be the case, for example, where a certain asset has been pledged in security...

Swedish Bankruptcy Law ? Creditor?s Set-off Rights

Posted on November 26, 2008
A creditor who has a claim against the bankrupt is allowed to a set-off against a claim which the bankrupt may have against the creditor, provided ? in general terms - that the claims are of the same type (e.g. that they are both claims for money) and that the creditor?s claim has arisen prior to the date specified in the bankruptcy decision as the prior date when the bankruptcy should be considered effective (?fristdag?).

Swedish Bankruptcy Law ? Lodging of Creditors? Claims

Posted on November 24, 2008
If the assets are sufficient for full or part payment to the creditors who do not have a preferential claim, a proof of claim procedure is initiated by the receiver, who then applies to the court for such a procedure to start. The court decides on whether to grant the application and also on the length of time the procedure will last, which must be at least four but no longer than ten weeks...

Swedish Bankruptcy Law - Creditors

Posted on November 20, 2008
The creditors, except the creditor who applied for bankruptcy, are informed of the bankruptcy through the publication of the bankruptcy decision in the papers. The bankrupt is obliged to tell the receiver, the court and the Supervisory Office who the creditors are...

Swedish Bankruptcy Law - Bankruptcy Estate Inventory Deed

Posted on November 18, 2008
The receiver will, based on information from the bankrupt, prepare and present to the court a bankruptcy estate inventory deed showing the assets and liabilities of the bankrupt. Thereafter a meeting is held in the court and the bankrupt is obliged to declare under oath before the court that the deed is correct...

Swedish Bankruptcy Law - Effects of the Initiation of Bankruptcy Proceedings (continued)

Posted on November 13, 2008
The bankrupt, and the directors in the case of a company, is obliged to cooperate with and provide information to the receiver, the court and the Supervisory Office (?Tillsynsmyndigheten?), which is a part of the Swedish Enforcement Authority (?Kronofogdemyndigheten?) and supervises the administration of the bankruptcy estate by the receiver.

Swedish Bankruptcy Law - Effects of the Initiation of Bankruptcy Proceedings

Posted on November 11, 2008
The bankrupt may not dispose of property which belongs to the estate and he is not entitled to engage in any business activities. If the bankrupt is a company all rights to represent the company transfer to the receiver upon the bankruptcy decision by the court...

Swedish Bankruptcy Law - Initiating Procedure

Posted on November 10, 2008
A debtor who is insolvent can be declared bankrupt. Insolvency is defined in the Swedish Bankruptcy Act (1987:672) as being unable to pay one?s debts in a proper manner where such inability is not temporary. This applies to natural persons as well as companies...

Swedish Bankruptcy Law

Posted on November 04, 2008
As I received a question relating to Swedish Bankruptcy Law recently, I have decided to write a series of short posts on the Swedish bankruptcy rules. Unfortunately, I cannot find an English translation of the Swedish Bankruptcy Act anywhere on the net...

Access to Internet Information about Danish Companies

Posted on November 13, 2007
I have a new post today on this subject at my blog, Swedish Corporate Law

Access to Internet Information about Swedish Companies

Posted on November 09, 2007
I have a new post today on this subject at my blog, Swedish Corporate Law

Purchasing Real Estate in Sweden - Notes on Purchase of Commercial Real Estate including Tenement Buildings - Signatures

Posted on March 20, 2007
It should be kept in mind that the managing director of a selling company normally would not be authorised to sign the purchase agreement in his capacity as managing director.The agreement should be signed by authorised signatories as stated in the registration certificate...

Purchasing Real Estate in Sweden - Notes on Purchase of Commercial Real Estate including Tenement Buildings ? Guarantees related to Tenants

Posted on March 16, 2007
Normally a purchase agreement for tenement building should include guarantees in respect of the rent level, the payment discipline of the tenants and any disputes with tenants. All tenement contracts should also be made available to the purchaser prior to signing.

Purchasing Real Estate in Sweden - Notes on Purchase of Commercial Real Estate including Tenement Buildings - Environmental issues

Posted on March 14, 2007
As a purchaser of commercial real estate, you acquire the risk of being liable for any necessary clean-up and after-treatment measures; provided that the previous owners conducting an environmentally hazardous activities causing pollution are not able to pay for these measures...

Purchasing Real Estate in Sweden - Notes on Purchase of Commercial Real Estate including Tenement Buildings

Posted on March 13, 2007
In addition to what is applicable to private homes / villas certain points need to be considered if the object of a purchase is a commercial real estate or a tenement building. Certain issues have already been mentioned such as permits but the following should also be kept in mind...

Purchasing Real Estate in Sweden - Registration of new owner

Posted on March 05, 2007
The buyer should register his title to the real estate within three months of completing the transfer. However, failure to register the title within the stipulated time will not make the purchase invalid. The registration in the Land Register is important for many reasons; mainly because it gives the buyer ? in good faith ? priority to title from the day of application for registration...

Competitor to Swedish Law Blog???

Posted on March 01, 2007
A friend of mine alerted me to a site called swedishlaw.com Interesting! So off I went to the site. The first thing I noted was that the left side links seemed a bit curious for a site devoted to ?Swedish law? e.g. Swedish Bitters, Sweden Travel, Sweden Hotel, Swedish fish, Swedish food, Flight to Sweden...

Purchasing Real Estate in Sweden - Activities in connection with the Take-Over

Posted on February 28, 2007
When all the necessary permits have been obtain and the transfer date has arrived the parties normally hold a closing meeting at the buyer?s bank to exchange money and documents. Present at such a meeting usually are the parties, the real estate agent and a representative of the buyer?s bank...

Purchasing Real Estate in Sweden - Permits in connection with purchases of commercial real estate /commercial property

Posted on February 26, 2007
As mentioned in an earlier post the municipality within whose borders the real estate is situated may have a right to step in as buyer on the same terms and conditions as the buyer who entered into the purchase contract with the seller. Also mentioned earlier here purchases of tenement buildings may require separate approval according to the Act on Acquisitions of Tenement Buildings (I have not found any English translation)...

Purchasing Real Estate in Sweden - Permits in connection with purchases of non-commercial real estate, private homes / villas

Posted on February 19, 2007
As mentioned in an earlier post here the Swedish Pre-emption Act (I have not found any English translation) gives municipalities a right to exercise a right of pre-emption. The municipality within whose borders the real estate is situated may have a right to step in as buyer on the same terms and conditions as the buyer who entered into the purchase contract with the seller...

Purchasing Real Estate in Sweden - The Purchaser?s Obligation to Investigate the Real Estate

Posted on February 14, 2007
The seller should inform the buyer of the condition of the real estate including any known defects. According to Swedish law the seller is responsible for all defects. However, this responsibility is balanced by exclusion of all defects that were possible to discover with a careful examination of the real estate...

Swedish Civil Code?

Posted on February 12, 2007
I have received a question about the Swedish Civil Code in English. There is no such translation. The fact is that Sweden does not have a Civil Code Already in 1734 the Swedish Parliament approved a new enactment for the Realm of Sweden (?Sveriges Rikes Lag?)...

Purchasing Real Estate in Sweden - Financing of the Purchase

Posted on February 12, 2007
It is not often that someone will purchase real estate with the full sum up front and most purchasers will have to acquire some sort of real estate financing. The buyer will normally be able to secure a first mortgage loan up to 80 or 85 per cent of the appraised value of the real estate...

Squidoo Lense, Swedish Law

Posted on February 08, 2007
I have just updated my Squidoo Lense, Swedish Law. Check it out!

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