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.
MARTIN HIRVOJA AS AN EXPERT SPEAKER AT THE ST. PETERSBURG INTERNATIONAL LEGAL FORUM
Martin Hirvoja, attorney-at-law from Magnusson Tallinn Office, participated as an expert on the panel on How to Make Government Oversight Amiable yet Effective: Presentation of a New Draft Bill on State Control and Supervision of Russian Federation.read more
MAGNUSSON WARSAW ADVISES VASTINT ON SALE OF THREE OFFICE BUILDINGS IN WROCŁAW
Magnusson Warsaw represented Vastint Poland in the process of selling three office buildings being a part of Business Garden Wrocław. The property was purchased by the Philippine fund ISOC Group.read more
MAGNUSSON FINALISES ONE OF SWEDEN'S LARGEST REAL ESTATE LAWSUITS
The case concerned the termination of a site leasehold right concerning Berg's oil port located in Nacka. Oil depot activities have been conducted on the property since 1959. Nacka municipality has during the last twenty years planned to create a denser and more mixed urban development on western Sickla island, where the property is located.read more
MAGNUSSON WINS IN SWEDEN’S ENVIRONMENTAL COURT
Magnusson has successfully represented Varbergs Bostadsaktiebolag in the Environmental Court in a case concerning exemption from the prohibitions in the biotope protection provisions in the Environmental Code.read more