Expert: Tax debt became the trigger for the board of Northvolt
When Northvolt filed for bankruptcy on his own in bankruptcy, Stockholm District Court will probably be stamped through the bankruptcy application today on Wednesday.
This means that the designated bankruptcy manager Mikael Kubu immediately takes over the company's assets. He is then responsible for selling these in order for as many of the creditors as possible to get paid, which is done in a predetermined order of priority.
– It is about a very included bankruptcy, a prestige assignment, especially considering how much money has been invested and how large facilities are actually about, says Hans Andersson.
The most priority for the bankruptcy trustee now is to handle the employees who will be terminated because their employers have gone bankrupt.
For them, the state wage guarantee enters. They can receive a maximum of 215,000 as compensation for accomplished salary and holiday allowance. The salary guarantee also applies to foreign employees.
– One guess is that several will hit that ceiling, says Hans Andersson.
The next step will be That bankruptcy manager Mikael Kubu will tooth Hans about the bankruptcy estate, inventory assets and liabilities. There may be prerequisites for pursuing some production, just as it did when one of Northvolt's company, Northvolt Expension AB, went bankrupt last year.
The most likely, however, is that there is no money left – then it remains to be explored whether there are any buyers to all or part of the companies.
The creditors (who are Northvolt are owed money) must then be paid in priority. Those who have collateral or company mortgages in real estate and production facilities have the first right to get paid.
In second place Getting paid comes the costs for the bankruptcy itself and some wage feeds.
The rest of the debts are non -priority – for example, the tax liabilities.
– It will take several years for this bankruptcy to be completed. There may be disputes, questions about the Board's responsibility and a wide range of other issues.
According to Hans Andersson, the reconstruction processes according to Chapter 11 on the United States will not affect the bankruptcy procedure in Sweden. However, he cannot answer exactly what happens to them.
How much costs the bankruptcy will be for taxpayers are difficult to estimate at the moment.
– It all depends on the outcome of sales. But probably it will be about the tax debt of 291 million plus the cost of the state wage guarantee that will be paid out, says Hans Andersson.
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