September 6, 2010 - Assignment

Compulsory liquidation and subsequent sale of HQ Bank to Carnegie

On 28 August 2010 the Swedish Financial Supervisory Authority (“Finansinspektionen”) revoked all licenses from HQ Bank and announced that it intended to submit an application for compulsory liquidation of the business. The decision was a consequence of earlier deficiencies that Finansinspektionen had identified, primarily associated with HQ Bank’s now closed trading operations.

On 30 August 2010 the Stockholm District Court appointed Biörn Riese liquidator of HQ Bank, effectively replacing both the bank’s board and CEO. With the support of a team of lawyers from Mannheimer Swartling, Biörn Riese and a number of other advisers, have worked intensively to ensure the orderly liquidation of the bank’s operations in order to safeguard the bank’s customers. This effort culminated in a sale of HQ Bank to Carnegie on 3 September 2010. As a result of the transaction, HQ shall be able to fulfill its commitments to customers and staff.

HQ Bank will now be merged with Carnegie. Until the merger is completed, Biörn Riese will continue in his role as liquidator and, in consultation with the buyer, be responsible for the bank’s operations.

Mannheimer Swartling’s team, led by Biörn Riese (liquidator), included André Andersson, Martin Ericsson, Eva Hägg, Tom Wehtje and Thomas Pettersson, assisted primarily by Martin Fagerlund, Elisabet Dahlman Löfgren, Andreas Stéen and many others working across a number of the firm’s practice groups.