Services

Restructuring & Insolvency

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.

References

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.

Jan Lilius

Jan Lilius

Counsel | Helsinki
jan.lilius@hannessnellman.com
Markus Bremer

Markus Bremer

Partner | Helsinki
markus.bremer@hannessnellman.com
Heikki Majamaa

Heikki Majamaa

Counsel | Helsinki
heikki.majamaa@hannessnellman.com

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.

Jan Lilius

Jan Lilius

Counsel | Helsinki
jan.lilius@hannessnellman.com
Markus Manninen

Markus Manninen

Partner | Helsinki
markus.manninen@hannessnellman.com
Olli Mäkelä

Olli Mäkelä

Associate | Helsinki
olli.makela@hannessnellman.com

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.

Jan Lilius

Jan Lilius

Counsel | Helsinki
jan.lilius@hannessnellman.com
Heikki Majamaa

Heikki Majamaa

Counsel | Helsinki
heikki.majamaa@hannessnellman.com

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.

Jan Lilius

Jan Lilius

Counsel | Helsinki
jan.lilius@hannessnellman.com
Olli Mäkelä

Olli Mäkelä

Associate | Helsinki
olli.makela@hannessnellman.com

Acted as public receiver nominated by the Bankruptcy Ombudsman in the bankruptcy of Kromipinta

Jan Lilius

Jan Lilius

Counsel | Helsinki
jan.lilius@hannessnellman.com
Olli Mäkelä

Olli Mäkelä

Associate | Helsinki
olli.makela@hannessnellman.com

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.

Jan Lilius

Jan Lilius

Counsel | Helsinki
jan.lilius@hannessnellman.com
Henrik Mattson

Henrik Mattson

Partner | Helsinki
henrik.mattson@hannessnellman.com
Heikki Majamaa

Heikki Majamaa

Counsel | Helsinki
heikki.majamaa@hannessnellman.com
Lotta Hemmi

Lotta Hemmi

Senior Associate | Helsinki
lotta.hemmi@hannessnellman.com

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. 

Rankings

  • ‘Clients highlight the lawyers' expertise and experience, adding that they are "very quick and accurate in their responses, and always available."’
  • ‘Sources further appreciate the team's "holistic view" of mandates.’
  • 'Interviewees acknowledge the department's "long-term experience and great ability to focus on the relevant matters."
  • ‘Another client appreciates the team's "deep knowledge of insolvency law and good cross-border connections."'
  • 'One client declares that the "insolvency team is effective and reliable with cross-border capabilities."'
  • 'Another source appreciates the "no-nonsense, straight answers" and the "good-quality legal advice" provided by the firm.'
  • '"The team is very good. The lawyers do what they promise and are experts at what they do.", "The lawyers provide sound legal advice, are detailed and don't create issues where there aren't any."'
  • 'Highly skilled team recently active on a number of significant restructurings. Notably experienced in advising clients in the financial services sector. "They are high-class lawyers with high-class clients. It is one of the best practices in this area." "This is the firm I go to for big matters."'
  • 'Interviewees report that Jan Lilius '...is precise and skilled and a great negotiator. He takes care of his clients and is very flexible.' According to sources, Henrik Mattson is 'a multi-talented person who really understands insolvency - if there is a barrier he is able to overcome it.' He is also strong on restructuring, owing to his banking expertise.'

Main Contacts

David Ackebo

Partner | Stockholm
david.ackebo
@hannessnellman.com

Antti Alanko

Partner | Helsinki
+358 9 2288 4307
antti.alanko
@hannessnellman.com

Markus Bremer

Partner | Helsinki
+358 9 2288 4267
markus.bremer
@hannessnellman.com

Jan Lilius

Counsel | Helsinki
+358 9 2288 4229
jan.lilius
@hannessnellman.com

Fredrik Olsson

Managing Partner | Stockholm
fredrik.olsson
@hannessnellman.com

Carolina Wahlby

Specialist Partner | Stockholm
carolina.wahlby
@hannessnellman.com

Other Contacts

Paula Röttorp

Partner | Stockholm
paula.rottorp
@hannessnellman.com

Team

David Ackebo

David Ackebo

Partner | Stockholm
david.ackebo@hannessnellman.com
Antti Alanko

Antti Alanko

Partner | Helsinki
antti.alanko@hannessnellman.com
Markus Bremer

Markus Bremer

Partner | Helsinki
markus.bremer@hannessnellman.com
Eric Brinck

Eric Brinck

Associate | Stockholm
eric.brinck@hannessnellman.com
Minja Jantunen

Minja Jantunen

Associate | Helsinki
minja.jantunen@hannessnellman.com
Andreas Johard

Andreas Johard

Managing Associate | Stockholm
andreas.johard@hannessnellman.com
Laura Kotilainen

Laura Kotilainen

Senior Associate | Helsinki
laura.kotilainen@hannessnellman.com
Jan Lilius

Jan Lilius

Counsel | Helsinki
jan.lilius@hannessnellman.com
Heikki Majamaa

Heikki Majamaa

Counsel | Helsinki
heikki.majamaa@hannessnellman.com
Henrik Mattson

Henrik Mattson

Partner | Helsinki
henrik.mattson@hannessnellman.com
Olli Mäkelä

Olli Mäkelä

Associate | Helsinki
olli.makela@hannessnellman.com
Fredrik Olsson

Fredrik Olsson

Managing Partner | Stockholm
fredrik.olsson@hannessnellman.com
Aina Renström

Aina Renström

Associate | Stockholm
aina.renstrom@hannessnellman.com
Paula Röttorp

Paula Röttorp

Partner | Stockholm
paula.rottorp@hannessnellman.com
Panu Siitonen

Panu Siitonen

Partner | Helsinki
panu.siitonen@hannessnellman.com
Janne Veneranta

Janne Veneranta

Senior Associate | Helsinki
janne.veneranta@hannessnellman.com
Carolina Wahlby

Carolina Wahlby

Specialist Partner | Stockholm
carolina.wahlby@hannessnellman.com
Johan Wahlund

Johan Wahlund

Associate | Stockholm
johan.wahlund@hannessnellman.com