David AckeboPartner | Stockholm
Hannes Snellman has extensive experience in both domestic and cross-border restructuring and insolvency matters and provides a broad range of legal, strategic, and commercial advice involving financially distressed companies. We act as trustees and administrators and represent debtors, creditors, bondholders, investors, boards of directors, auditors, and creditors' and equity holders' committees in complex corporate restructurings, bankruptcies, pre-insolvency workouts, and in bankruptcy planning, negotiations, and litigations. Our Helsinki and Stockholm offices work in close collaboration with our M&A, finance, tax, IP and tech, employment, and litigation practices to provide a complete and comprehensive service to the firm’s clients.
The Supreme Court decided the question of whether the bankruptcy estate is obligated to prepare an account to the mortgagee without delay after the sale of a parcel of real property registration unit, or alternatively, only after the real property registration unit is sold in its entirety under circumstances where allegedly the sold part could be of more value than the whole unit if sold unparcelled. Upholding the decisions of the lower courts, the Supreme Court came to the conclusion that the account and related payment must be made immediately after the sale of any part of the pledged property.
Counsel to an Asian based company in a complex cross border arbitration proceedings against a Finnish company undergoing liquidation proceedings conducted under the Arbitration Rules of the Finland Chamber of Commerce.
Counsel to a Finnish bank in a series of litigation against a company and the owner of the company in connection with collection of receivables, bankruptcy filing and enforcement of court judgements.
Counsel to a major foreign bank in an insolvency related complex cross border dispute against foreign companies regarding enforcement of secured assets located in Finland in accordance with the Finnish Enforcement Act.
Acted as public receiver nominated by the Bankruptcy Ombudsman in the bankruptcy of Kromipinta
Counsel to an international bank syndicate as a member of Creditors' Committee in an unique and complex cross border restructuring of a group of companies undergoing simultaneous formal restructuring proceedings in Finland and Sweden.
Counsel to a bankruptcy estate of a limited liability company in its pending claims against the managing director, Board members and auditors of the company regarding compensation for losses caused by the respondents.
Acted as the sole administrator for more than 10,000 creditors in the first large bankruptcy procedure under the new Finnish bankruptcy law, Töölö Travel Agency Ltd.
Acted as the administrator for more than 200,000 creditors in the largest-ever restructuring of a Finnish conglomerate, Eka Corporation.
Counsel to lessor creditors as the chairman of the creditors’ committee in one of the largest and most complex ongoing bankruptcy proceedings in Finland.
Administrator of Moventas Santasalo Oy, a large Finnish manufacturer of industrial gears. The administrator's proposal for restructuring programme was exceptionally based on a sale of debtor company's shares and it was approved in a path breaking expedited proceedings. The mandate of the administrator was followed by that of a joint supervisor for Moventas Wind Oy and Moventas Santasalo Oy.
Acted as the restructuring administrator of Finndomo Oy, a major manufacturer of prefabricated houses. The mandate of the administrator was followed by that of a supervisor for the observance of the restructuring programme verified by the court.