Insolvency Law

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Insolvency Law

Fylgia has one of Sweden’s largest insolvency law departments. We have seventeen bankruptcy administrators, seven associates handling ongoing cases and a further ten employees dealing with the administration of such cases. Fylgia has handled many large and complex bankruptcies in recent years.

The lawyers in the insolvency department also work with company reconstructions as well as liquidations on assignment from Boverket (Swedish Companies Registration Office).



Company Reconstructions

Company reconstructions is a relatively new development under Swedish law as it was first introduced in 1996. Reconstructions...

give companies the chance to clean up their finances and avoid bankruptcy.

By using an experienced lawyer appointed as an administrator to look through a company’s business situation, the company then has the opportunity to negotiate a composition – or enforce a compulsory composition. A composition means company debts can be negotiated down to a level which creditors and debtors can accept. A compulsory composition is enforced by a court order, regardless of whether a clear majority of creditors support it. A company in financial difficulties which contacts a lawyer early to see whether a reconstruction is possible increases its chances of saving itself from bankruptcy. The main precondition for a company reconstruction to be successful is contacting a lawyer with expertise in the field as early as possible.

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Bankruptcies

Fylgia has fifteen lawyers who are bankruptcy administrators appointed by the District Court. As a result you can say...

that Fylgia has the largest group of bankruptcy administrators in Sweden. We have a vast experience in the field, from listed companies to small companies, partnerships, limited partnerships and associations as well as private individuals.

Through our contact network, experience and the firm’s organisation we can ensure an efficient bankruptcy administration. We also support parties who form part of a bankruptcy administration.

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Liquidations

The liquidation of a company is a formalized affair whereby one must ensure the company’s debts are paid and thereafter...

any remaining property such as cash, securities, property or intellectual property are distributed to shareholders. During a liquidation, the liquidator acts as the company’s board, whilst shareholders retain their position as the chief decision-making body via the AGM or EGM.

The decision to liquidate a company maybe voluntary, or forced via a decision from the Swedish Companies Registration Office or a court

Our lawyers offer a vast experience in this field for all types of liquidation and all kinds of company.

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Creditors’ Rights

One of the most difficult aspects of insolvency is determining priority of creditors’ rights to repayment....

Our experience as bankruptcy administrators, liquidators and commercial lawyers gives us the unique ability to consider such issues from all angles and advise effectively on complex matters. Not least when a bankruptcy administrator demands payments from a bankruptcy estate, then our lawyers are experienced at representing those parties facing demands for payment.

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Execution Law

Fylgia assists clients with all questions regarding execution law, for example seizures of debts, provisional remedies...

and judicial assistance. Through our lawyers experience handling bankruptcies and administration, we can give excellent advice.

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Credit Law

We have extensive experience in assisting our clients with all questions regarding credit and claims law....

– Entering and drafting credit agreements
– Transfer of claims
– Pledge of credits
– Assistance in payment liability disputes
– Guarantee issues
– Leasing

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Wage guarantee

When an employer goes bankrupt or goes through a reconstruction, employees may have the right to receive parts of their...

pay claims paid by the state through the so called wage guarantee.

In short, the right to a wage guarantee includes salaries that have been earned within three months from the date of the application for bankruptcy or reconstruction and termination pay calculated in accordance with the rules in the Employment Protection Act. The right to wage guarantee also covers vacation pay that is earned during the current and last years’ earning year.

The compensation that can be granted through wage guarantee is limited to a maximum of four price base amounts.

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