MAGNUSSON ADVISES ON A MATTER OF AN AUDITOR'S LIABILITY
The question was if a careless audit can lead to that board members who have asserted joint liability according to the rules on lack of capital in Chapter 25 of the Swedish Companies Act may be compensated by the auditor according to the provision in Chapter 29, Section 2.
The Supreme Court found that the question regarding liability is determined by whom the applicable liability rule is intended to protect. The Supreme Court emphasized that the protection purpose of the rules on auditing of the company’s bookkeeping does not include the board members whom are responsible for it. The board can thus not blame the auditor for actions they are responsible for. Therefore, the auditor was not liable. The Supreme Court consequently affirmed the judgment of the Court of Appeal.
It is positive that the Supreme Court clarifies the boundaries for how far the liability according to Chapter 29, Section 2 of the Swedish Companies Act stretches, says Maria Nisell and Per Magnusson. It would be unreasonable if board members could lay their own responsibility on the auditor in such a way as attempted in this case. After many years of dispute, it is gratifying that the case had the desired outcome, says the two counsels.
MAGNUSSON WARSAW ADVISES ON PURCHASE OF LARGE POULTRY PROCESSING PLANT
Magnusson Warsaw has advised on the acquisition of a controlling interest in the Polish company L&B Wyrębski by Plukon Food Group, based in the Netherlands. The transaction was finalised in July 2018.read more
MAGDALENA MITAS FROM MAGNUSSON WARSAW AMONG ENERGY SECTOR’S DISTINGUISHED EXPERTS
Magdalena Mitas, who heads up the Energy and Infrastructure Practice at Magnusson Warsaw, took part in a debate concluding this year’s – 7th edition of the Energy Academy.read more
NEW SWEDISH ACT ON THE PROTECTION OF TRADE SECRETS
On 1 July 2018, the new Swedish Act on the Protection of Trade Secrets enters into force. It is based on an EU directive and follows the principles in the previous law, with some adjustments and adaptions. The government underlines that an overall purpose with the new law is the importance of securing competitiveness and improve the conditions for innovation and knowledge transfer.read more
MAGNUSSON WARSAW WELCOMES A NEW MEMBER TO ITS BANKING AND FINANCE PRACTICE
Magnusson Warsaw strengths its Banking and Finance Practice with the arrival of new advocate Paulina Kotecka.read more