Oscar Properties’ existence is, as you know, fragile. A possible straw to avoid bankruptcy, for the former luxury builder, is reconstruction. But the Stockholm District Court, perhaps not entirely surprisingly, pulled that rug away on Wednesday.
In a late press release, at 21:58, OP announces that the company intends to appeal the decision to the Svea Court of Appeal, with a request for urgent processing (before Monday).
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The tonality of the press release then changes to the more unconventional kind: CEO Richard Bagge believes that the Stockholm district court hangs up a little too much on the question of OP’s viability.
“They don’t understand that you can acquire a new, different business in an attractive shell. They seem to reason that the ‘shoemark’ should remain at its last’. No matter what.”
The result testifies to sheer ignorance, he says: “Not about law, but about how the world works outside the courthouse.”
Then it’s Brf Innovation’s turn: “At the same time, I have to hope that Brf Innovation is satisfied. They have achieved their goal, a probable bankruptcy on Monday. In the event of a bankruptcy, the outcome for them is zero, zilch as they say in English. I have tried to explain that to them so many times, both by phone and email”.
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Bagge further believes that it could be expensive for the condominium association, which requested OP in bankruptcy in June:
“Where do they stand with their lawyer’s bill that they hope the bankruptcy estate will pay, but they have to line up with all the other creditors. What they may not realize is that they may be liable to repay the SEK 3 million they received during the past year, through a so-called recovery where the bankruptcy trustee has the right to go back 12 months and demand what they received. So this driving us into bankruptcy – if it comes to that – could be a really expensive bill for our friends in one of the towers. Has the board told its members? It is one thing to write off a claim of SEK 15 million, but much more noticeable is having to fork out cash with SEK 3 million plus legal fees. So also for Brf Innovation’s part, I hope for a positive outcome from the Court of Appeal! Good evening!”
The Stockholm District Court states in its ruling that OP’s debt burden is “extremely significant”. In addition to a debt of 15 million to Brf Innovationen, 2 million kroner is required by the Tax Agency.
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Brf Innovation
Oscar Properties’ prestige project The northern towers at Torsplan in Stockholm were nominated in 2020 for The Kasper Salin prize. Brf Innovationen today owns one of the towers, which at 125 meters is one of Stockholm’s tallest buildings. The association consists of 182 condominiums and four commercial premises of approximately 378 square meters.
Source: allabrf.se
