Next Generation Partners

Firms To Watch: Insolvency

Finance boutique RE:FI STHLM was established in early 2024 by well-regarded practitioners Johan Lundberg and Svante Hultqvist; the pair were previously at Advokatfirman Cederquist KB.

Insolvency in Sweden

Cirio Advokatbyrå AB

Cirio Advokatbyrå AB handles a broad spectrum of insolvency-related matters, including financial workouts, refinancings of distressed debt, and solvent and insolvent liquidations. Lars-Henrik Andersson, who has over 30 years’ restructuring and insolvency experience, leads the team alongside Pierre Pettersson, who regularly advises both debtors and creditors on distressed debt and cross-border insolvency issues. Karl Björlin is often appointed by courts as a receiver in insolvency and restructuring proceedings, while Odd Swartling specialises in financial crises and formal restructurings.

Practice head(s):

Lars-Henrik Andersson; Pierre Pettersson

Other key lawyers:

Karl Björlin; Odd Swartling


‘Cirio is a team player and offers great leadership, including in tricky cases. This team is very highly qualified.’

‘Lars-Henrik Andersson is very experienced and likable, with a strong commercial understanding. He has a goal-oriented and no-nonsense approach.’

‘Both Pierre Pettersson and Karl Björlin are easy to work with and straightforward in their communication.’

‘Lars-Henrik Andersson is a very qualified and trusted contact.’ 

‘Pierre Pettersson has extensive experience of corporate restructurings, distressed debt and workouts. He is a solid lawyer, with a solution-oriented approach, and is a perfect partner in complex matters.’

‘Cirio’s insolvency practice is one of the strongest in Sweden. They have lawyers with vast experience as bankruptcy administrators. This, in combination with their strong banking and finance and M&A practices, makes them unique in the market.’

‘They are skilled in explaining complicated legal matters in a straightforward way.’

‘The practice has all the necessary qualifications for handling large insolvency cases.’

Key clients

Hisingens Industri & Skeppsservice AB and Ferm & Persson AB

RiVe Juridiska Byrå AB and AB C&P (formerly Compexia)

Petroswede Europe AB/Svenska Petroluem AB

BIG Travel Sweden AB (and Reseshopen i Norden AB)

Innovation Properties Sverige AB and Innovation Properties Holding 9 AB

Sushi Yama AB and Sushi centralen AB

Libro Stålteknik AB and Blixthuset Stålhallar AB

Inzile AB

Scotch & Soda Sweden AB

Nordic Netstores AB

Work highlights

  • Acted as administrator in Swedish PE-owned sushi restaurant chain Sushi Yama’s restructuring under the new Restructuring Act.
  • Appointed as official receiver in bankruptcy for Scotch & Soda Sweden AB as a part of an international work-out/restructuring of the international Scotch & Soda clothing retailer group.
  • Appointed as official receiver in several ongoing bankruptcies of Swedish steel construction companies – Libro Stålteknik AB and Blixthuset Stålhallar AB.

CMS Wistrand

CMS Wistrand’s insolvency group handles traditional insolvency work, regularly acting as court-appointed trustees, as well as debt restructuring work for banks and corporations. The team is well known for its expertise in insurance-related bankruptcies and liquidations as well as for acting in contentious bankruptcy cases generally. Fredrik Thor, who regularly acts as bankruptcy trustee, administrator in company reorganisations and liquidator, leads the Stockholm-based team, which focuses on matters in the financial services, insurance, IT and real estate spaces. With considerable creditor and debtor-side experience, Jörgen Wistrand heads up the Gothenburg team, which is especially active in the manufacturing and auto sectors. Christian Bergqvist‘s extensive experience includes handling international Chapter 11 cases. Anders Nilsson is a key contact, recently advising on several complex bankruptcies in a variety of sectors, while specialist counsel Nina Baecklund handles insolvencies.

Practice head(s):

Fredrik Thor; Jörgen Wistrand

Other key lawyers:

Anders Nilsson; Christian Bergqvist; Tove Rosén Johansson; Niklas Körling; Nina Baecklund


‘A very experienced team with in-depth expertise in insolvency litigation.’

‘Anders Nilsson is one of the most brilliant insolvency lawyers in the Swedish market. He is calm, easy to work with and has in-depth knowledge when it comes to insolvency-related litigation.’

‘Fredrik Thor has broad expert knowledge and applies a very pragmatic and commercial approach to insolvency advice.’

‘Tove Rosén Johansson has a balanced and professional perspective and a structured approach to protecting businesses, providing advice relevant to the situation and needs of clients.’

‘Niklas Körling is commercial and attentive. Nina Baecklund is service minded and professional.’

‘A strong team with good lawyers that are used to handling big cases.’

‘Wistrand’s insolvency team is efficient and effective.’

‘They are very knowledgeable regarding bankruptcy and insolvency matters, with a lot of experience in handling such cases.’

Key clients

Detur Group

Kungsörs Hem AB

Quinn Investments Sweden AB

Gigstr AB in bankruptcy

Aros Bygg & Förvaltning AB

Hungry Kitchens Sweden AB

Future Dining AB


Maderna Fonder AB

Society Icon AB

Food For Progress Group

Spacem2 For Smart Living AB

Work highlights

  • Advising Maderna Fonder AB in relation to security and tailored finance documentation.
  • Appointed as bankruptcy trustee to Kungsörs Hem AB, a real estate company with rental housing properties located in Kungsör, Sweden.
  • Represented Food For Progress Group in bankruptcy proceedings.

DLA Piper Sweden

DLA Piper Sweden’s restructuring and insolvency team focuses on cross-border matters, including a high volume of financial restructurings across the Nordic region in the real estate, energy and infrastructure sectors. The group has notable experience handling restructurings and wind-ups of bond structures. Practice head Jonas Premfors has considerable experience acting as an administrator in bankruptcy estates as well as advising on high-level company reorganisations. Erik Selander, who advises banks on a wide range of insolvency-related matters, oversees the firm’s Nordic restructuring group. Joakim Hedström is often appointed as an administrator in bankruptcy proceedings in Swedish district courts, while senior associate Sandra Andersson focuses on formal and informal winding-up procedures.

Practice head(s):

Jonas Premfors

Other key lawyers:

Erik Selander; Joakim Hedström; Sandra Andersson


‘A competent and experienced team of highly qualified lawyers.’

‘Jonas Premfors is a pragmatic and solution-oriented lawyer providing a high-level service.’ 

‘The firm is big enough to handle large matters.’

‘The team stands out for its competence, which is based on practical experience and academic capability, both Swedish and international.’

Key clients

Kaupthing ehf

Aligera Holding including Aligera Wind Group

Componenta Främmestad

Official Committee of Unsecured Creditors of SAS

RE Education

Trinitas Fastigheter group of companies

Bergvik Skog


It’s Re:leased AB


Azelio AB

Work highlights

  • Acting as local counsel to the Official Committee of Unsecured Creditors of SAS, the well-established leading Scandinavian airline company, on the legal matters in Sweden, Norway and Denmark in connection with SAS’ Chapter 11 process.
  • Appointed as bankruptcy trustee for the multinational solar energy company Azelio AB, which has developed a sustainable way of storing renewable energy.
  • Acted as administrator in the bankruptcy of Componenta Främmestad AB.

Gernandt & Danielsson Advokatbyrå

Gernandt & Danielsson Advokatbyrå’s restructuring and insolvency practice focuses on high-end work, including cross-border contentious matters involving multi-layered capital structures. With a dedicated debt capital markets restructuring team, aided by experienced finance lawyers, the group is well known for its expertise handling distressed DCM transactions, particularly for bondholders. Björn Svensson and Sofie Viktorsson jointly lead on the debt/equity restructuring side, while Mikael Borg heads up the DCM restructuring department alongside Caroline Jägenstedt Wikman. Mikael Bolling plays a key role in the team, leveraging his expertise in high-yield bonds as well as leveraged, structured, and asset financings to advise on restructuring mandates.

Practice head(s):

Björn Svensson; Sofie Viktorsson; Mikael Borg; Caroline Jägenstedt Wikman

Other key lawyers:

Mikael Bolling


‘Mikael Borgs’ experience and expertise is invaluable.’

‘The team offers a very good combinations of skills, experience and expertise to give optimal guidance in difficult legal terrain.’

Key clients

Municipality of Nyköping

Intertrust (Sweden) AB

YA Holding AB




Svenska Nyttobostäder


Work highlights

  • Represented the municipality of Nyköping in issuing a guarantee related to the obligations of Stockholm Skavsta Flygplats AB (Stockholm South Airport) under a term loan.
  • Representing Intertrust (Sweden) AB and the noteholders’ committee for the SEK1.6bn hybrid capital securities in the ongoing Chapter 11 proceedings of SAS AB.
  • Advising YA Holding AB, a Swedish-based education company that offers training in various fields such as transport, business, industry, and service, in relation to liquidity shortages.

Mannheimer Swartling

Mannheimer Swartling’s multidisciplinary restructuring and insolvency practice, led by Daniel Karlsson in Stockholm alongside Gothenburg-based Christoffer Monell, has considerable combined experience handling a wide range of matters, including out-of-court restructurings and workouts, preventative planning issues, distressed acquisitions and cross-border reorganisations. Karlsson has experience advising lenders, borrowers, arrangers, issuers and other stakeholders in domestic and cross-border restructurings, while Monell specialises in representing creditors and owners in relation to formal bankruptcy proceedings. Andreas Zettergren has over 15 years’ experience in the field.

Practice head(s):

Daniel Karlsson; Christoffer Monell

Other key lawyers:

Andreas Zettergren


‘This team is very competent, offering top-quality, tailored and commercial advice, typically delivered extremely quickly.’

‘Andreas Zettergren is a steady hand.’

‘Andreas Zettergren and Christoffer Monell are both very impressive lawyers combining industry experience in the energy sector with the an understanding of Swedish insolvency laws, including the new restructuring law.’

‘Christoffer Monell is very rational and communicative.’

Key clients

Trafikverket (Swedish Transport Administration)

Apikal Fastighetspartner AB and Apikal Fastighetspartner II AB

SAS AB / Scandinavian Airlines System Denmark-Norway-Sweden

Work highlights

  • Advised SAS in connection with its Chapter 11 and restructuring cases.
  • Advised Trafikverket (Swedish Transport Administration) in connection with the restructuring of one its larger contractors.
  • Advised a real estate finance company on the bankruptcy proceedings of one its debtors (including proof of claim proceedings).

Advokatfirman Vinge

Advokatfirman Vinge’s restructuring and insolvency practice has a strong presence across the country, with Albert Wållgren in Stockholm, Morgan Hallén in Gothenburg, and Henrik Ossborn in both Malmö and Helsingborg jointly leading the team, which is particularly strong in insolvency-related litigation and arbitration proceedings. Hallén has considerable experience acting as bankruptcy trustee and in winding up procedures and liquidations. Fabian Ekeblad’s broad practice covers compulsory liquidations, bond and loan restructurings, and complex deals with a restructuring element. Anna Palmérus in Gothenburg also plays a key role in the team, specialising in cross-border bankruptcy proceedings.

Practice head(s):

Albert Wållgren; Morgan Hallén; Henrik Ossborn

Other key lawyers:

Anna Palmérus; Fabian Ekeblad


‘Morgan Hallén and his team are fantastic to collaborate with. They are experienced, work quickly and with the kind of business sense that is needed to make good things great.’

‘Morgan Hallén is the key person in this team.’

Key clients

Invacare Corporation

Work highlights

  • Advised Invacare Corporation and the Swedish management of the Swedish subsidiaries in relation to the impact of the opening of Chapter 11 Bankruptcy proceedings with respect to the US parent company.

Advokatfirman Fylgia KB

Advokatfirman Fylgia KB’s insolvency and restructuring practice has considerable experience handling domestic and international matters, including actions for recovery and disputes concerning liability of payments. The team is particularly strong in the aviation and medtech sectors. With nearly two decades of experience in the field, including as a bankruptcy administrator, Jakob Callmander leads the group; he has recently advised several creditors in relation to defaults, the acceleration of bonds and the enforcement of pledges. Mathias Winge offers considerable expertise in cross-border matters, both in and out of court, to secured and unsecured creditors; he also specialises in assisting overseas clients with the liquidation of Swedish subsidiaries.

Practice head(s):

Jakob Callmander

Other key lawyers:

Mathias Winge; Thomas Ehrner


‘This is a large and experienced team, well known to the market. They are mostly active in domestic and local cases.’

‘Mathias Winge has a strong commercial sense and always tries to find a solution.’

‘Jakob Callmander is easy to work with and pragmatic.’

‘Thomas Ehrner and Mathias Winge are highly experienced and competent lawyers.’

‘Mathias Winge is an experienced bankruptcy administrator with special knowledge of real estate insolvency.’

‘As a firm they are among those in Sweden with the most official receivers in terms of sheer numbers.’

‘Fylgia is quick to take relevant actions when needed. They have a pragmatic approach to solving problems.’

‘Their lawyers have a down-to-earth and hands-on approach.’

Key clients

Scandinavian Credit Fund I AB

Intertrust AB (Sweden)

Fudd Finans AB

Finserve Nordic AB

Work highlights

  • Appointed official receiver to Campadre Scandinavia AB, an online dealership for consumer goods.
  • Appointed official receiver to Best of Brands Scandinavia AB, an online retail dealership for high-end fashion.


Roschier’s finance and restructuring team handles a wide range of restructuring and insolvency-related matters, specialising in out-of-court restructurings and distressed debt trading. The team has a strong reputation for handling debt restructurings across all debt tranches as well as for advising bond-financed companies in relation to bond restructurings. Practice head Johan Häger leverages his expertise in LBO financings and high-yield bonds to advise on cross-border restructurings and reorganisations. Senior adviser Carl Brodén boasts extensive restructuring and insolvency experience.

Practice head(s):

Johan Häger

Other key lawyers:

Carl Brodén; Harem Mahir


‘The team has a creative approach and offers smart solutions in out-of-court restructurings.’

‘Carl Brodén and Harem Mahir are smart and creative. Roschier has a good senior team when it comes to restructurings.’

‘Johan Häger is one of the most professional insolvency lawyers around.’

‘They have highly qualified people in all departments.’

Key clients

Cyrus Capital Partners Europe LLP

Davidson Kempner European Partners

Danske Bank

Houlihan Lokey


JOOL Markets AS

Nordic Trustee & Agency AB


Ziton AS

Work highlights

  • Advising the trustee for the bondholders and an ad hoc bondholder committee regarding the bankruptcy of, a Danish auction company with shares listed in Sweden and which has issued bonds under Swedish law.
  • Advised an ad hoc bondholder committee and the trustee regarding the financial restructuring of bonds issued by Swedish Electromagnet Invest AB.
  • Advised Ziton A/S, active in the offshore windfarm service industry, regarding its financial restructuring, involving amendments of the terms for its different bond financings and a change of majority ownership.

Advokatfirman Schjødt

With notable experience acting as receiver in bankruptcy proceedings as well as in out-of-court restructurings, Emma Berglund Uväng leads Advokatfirman Schjødt‘s restructuring and insolvency team. Hans Renman has over 30 years’ experience advising insolvency practitioners, auditors, commercial lawyers, banks, and other professionals on a wide range of matters and is regularly involved in domestic and cross-border insolvency-related litigation. Johan Hörnberg is regularly instructed by financially distressed companies, creditors, and debtors. Lars Eric Gustafsson left the firm in March 2023 to start his own firm, while Hedvig Mårstad joined Lindskog Malmström Advokatbyrå in September of the same year.

Practice head(s):

Emma Berglund Uväng

Other key lawyers:

Christofer Hemsedahl; Johan Hörnberg; Johan Linder; Hans Renman


‘The team is dedicated to its task, highly professional, and proficient in communication.’

‘Hans Renman and Emma Berglund Uväng both have long experience in insolvency matters which shows in their work. They are practical and find solutions.’

‘Johan Linder always quickly gives good and correct advice.’ 

‘Emma Berglund Uväng is an experienced lawyer in the field. She is calm, pragmatic, and knowledgeable. She is also trustworthy and client focused and has really good connections within the insolvency field in Sweden. Hans Renman is considered an academic in the field and provides the team with an intellectual edge.’

‘Emma Berglund Uväng and Hans Renman are outstanding lawyers. They are fun to work with and they have good theoretical and practical knowledge. Johan Hörnberg and Johan Linder are also very good at what they do.’

‘Johan Hörnberg is very pragmatic, sharp and easy going.’

‘The firm is very strong within the insolvency field both with regard to legal analysis and to commercial aspects of cases.’

‘Schjødt has an effective team of insolvency lawyers. They are thorough, work methodically and have a calm approach with a clear focus on good results.’

Key clients

Memmo Family AB

Airinum AB

Gotoga Group (Hope Stockholm AB and affiliated companies & Whyred AB and affiliated companies)

Goyada Aktiebolag

Adelsö Entreprenad & Transport AB

Constrera AB

Sea Life Group (Sea Life AB)

MI Andersson Fastighetsbolag AB

Applied Nano Surfaces Sweden AB

Metro Media House AB and Tidnings AB Metro

Hotell Norrtull i Vasastan AB

Box Play Alleato AB

Smart Living Group

Stureplans Tandläkarpraktik AB and affiliated legal person

Mälardalen projektering och entreprenad AB and affiliated companies

Scotch & Soda BV

Work highlights

  • Appointed as official receiver in the bankruptcy of Adelsö Entreprenad & Transport AB, a construction company working primarily in infrastructure projects.
  • Advised Goyada Aktiebolag CashCom i Sverige AB and affiliated companies in relation to their bankruptcy filings.
  • Appointed as official receiver in bankruptcy of Gotoga Group (Hope Stockholm AB, Whyred AB and affiliated companies).

White & Case Advokat AB

White & Case Advokat AB’s debt finance team assists domestic and international clients with a range of restructuring, workout and insolvency matters in Sweden, with particular strength in bond restructurings. Carl Hugo Parment, who has experience in formal and informal insolvency proceedings, the enforcement of security interests, and workouts of private equity-owned companies, leads the team alongside Magnus Wennerhorn, who specialises in bond restructurings. Debt capital markets expert Michael Bark-Jones handles liability management and debt restructuring mandates.

Practice head(s):

Carl Hugo Parment; Magnus Wennerhorn

Other key lawyers:

Michael Bark-Jones

Key clients

GLAS Trustees Limited

Goldman Sachs

Nordic City Properties AB

Microsoft Ireland Operations

Quant AB

Isadora Group

Work highlights

  • Represented GLAS Trustees Limited, a global independent provider of debt administration services, in connection with multiple bankruptcy proceedings in Sweden, including review of court documents and contacts with the administrator.
  • Advised Nordic City Properties AB on its financial restructuring.
  • Represented J. Aron & Company LLC, an affiliate of Goldman Sachs, on its entry into an oil inventory monetisation arrangement with Nynas.

Advokatfirman Cederquist KB

Advokatfirman Cederquist KB’s insolvency and restructuring team handles a wide range of matters, including complex workouts and restructurings. The department also often works closely with lawyers in the firm’s other departments, namely the banking, capital markets, and M&A teams, to advise on distressed transactions. Per Henriksson and Berndt Pettersson are the key contacts following the departures of Johan Lundberg and Svante Hultqvist in early 2024.

Other key lawyers:

Per Henriksson; Berndt Pettersson

Key clients

Nordea Bank Abp, filial i Sverige

European Investment Bank (EIB)

Skandinaviska Enskilda Banken AB

Swedbank AB

DNB Bank ASA, filial Sverige

Deutsche Bank

Hannes Snellman (Sweden)

Hannes Snellman (Sweden)’s finance and restructuring team, working closely with the firm’s M&A, tax, IP and disputes departments, handles a variety of domestic and cross-border restructuring and insolvency matters. Managing partner and practice head Fredrik Olsson specialises in private equity-related restructurings and has notable experience in the restaurant industry. Ola Åhman advises companies, creditors and suppliers in relation to insolvency proceedings and distressed situations, while newly promoted partner Carolina Wahlby has expertise in food, entertainment and hotel sector restructurings.

Practice head(s):

Fredrik Olsson

Other key lawyers:

Ola Åhman; Carolina Wahlby


Setterwalls’ restructuring and insolvency practice handles a range of debt restructuring matters, including loan restructurings, out-of-court refinancings, and distressed debt trading work. The team has notable combined experience representing lenders and syndicated lending groups, corporate debtors, private equity sponsors, distressed asset purchasers, and other interested parties. Mikael Magnusson in Stockholm leads the group along with Kenneth Nilsson and Christian Andersch, both in Gothenburg; Andersch is regularly appointed as receiver in bankruptcies.

Practice head(s):

Mikael Magnusson; Christian Andersch; Kenneth Nilsson


‘The team is easy to collaborate with.’

‘Christian Andersch is a very experienced insolvency lawyer with high integrity.’

‘They have expertise in all areas needed in an insolvency case.’

Key clients

Luftbehandlingskonstruktioner A&A AB

IV Väst AB

CraftCo. Sweden AB

Alberts Städservice AB

Alberts Personal AB

Kohool AB

Hotell Fars Hatt HFH AB

Föreningen Framstegsskolan i Göteborg