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Einar Wanhainen: New Trustee in the Congrex Crash

Einar Wanhainen, from the law firm G Grönbergs Advokatbyrå in Stockholm, is the new trustee in the Congrex crash following the stepping down of Odd Swarting from the Settervalls law firm in Stockholm.

In a letter to the Stockholm District Court, Odd Swarting wrote:

"During the bankruptcy proceedings some creditors called for my disqualification on the grounds of the debtor company having been a client of Settervals. Therefore, I immediately requested the appointment of a co-trustee to manage the parts that could be considered questionable. Meanwhile, the creditors in question also called into question the selling of the Swiss subsidiary that I, in compliance with Chapter 7, Section 10 of the Swedish Bankruptcy Act, questioned them about in their capacity as creditors. As the present circumstances make it difficult for me to act efficiently, I have stepped down to allow a new trustee time to take over and oversee the proceedings.

Lars-Henrik Andersson is an excellent choice. He has lengthy Swedish and international experience and the resources required to become acquainted with all the parts of the proceedings quickly and efficiently. I have the full agreement of the SEB creditors on this. I also understand that Erik Selander was no longer available."

A meeting for the administration of oaths was held in Uppsala last week but the President of Congrex, Donald Hellstedt, and his vice-President daughter, Stephanie Hellstedt, failed to attend. So no administration of oaths took place and nobody could verify the economic circumstances. The meeting will be rearranged and a new summons circulated.

The lawyer representing the Uppsala company that is forecast to lose around SEK 10.5 million due to the bankruptcy proposed that Lawyer Lars-Henrik Andersson take over, which Odd Swarting also mentioned in his letter. But that did not materialise so Stockholm District Court instead appointed Einar Wanhainen.

According to the Grönbergs website, Einar Wanhainen has lengthy experience of business law with litigation and arbitration as his speciality fields.

Einar Wanhainen is listed as a recommended litigation lawyer and arbitrator in Chambers Global, Legal 500, PLC Which Lawyer, Best Lawyers and The Expert Guide to the World's Leading Litigation Lawyers. He is often engaged as an arbitrator in cases dealing with complex technical and economic issues.

Late last night we received an email reply to our questions from Einar Wanhainen:

Could you please update us on the current status of the Swiss subsidiary (previously AKM)?

– The subsidiary has been sold.

Our sources say it was a management buyout. Could you confirm that?

– It was a combination of investors and management buyout. They acquired it through a holding company.

What did they pay?

– The purchase price has not been made public. One should bear in mind that the subsidiary had used up its capital so the share value was insignificant.

When will the deal be signed off?

– It already is, and the shares have been transferred.

When do you expect the bankruptcy proceeding to conclude?

– I have no idea.