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 COPENHAGEN ATTRACTS ANOTHER SENIOR IN-HOUSE COUNSEL
Magnusson Copenhagen has once more hired a real capacity from the ranks of senior in-house counsel with Tom S. Froberg joining Magnusson today 22nd October 2018.read more
MAGNUSSON APPOINTS SAM JALAEI AS NEW HEAD OF MIDDLE EAST GROUP
The international law firm Magnusson has appointed partner Sam Jalaei as the new Head of Middle East Group, effective as of 1st November 2018.read more
MAGNUSSON WARSAW SHORTLISTED FOR THE CEE INVESTMENT AWARDS 2018
Magnusson’s Warsaw office is shortlisted for the 8th annual EuropaProperty CEE Investment Awards in the category “Law Firm of the Year” and “Tax & Financial Provider”.read more
MAGNUSSON AT IBA ANNUAL CONFERENCE IN ROME
At the IBA Annual Conference in Rome, Magnusson was represented by a strong team of partners representing six countries of the Baltic Sea Region.read more