Hannes Snellman acted as counsel to NYAB Finland Oy in court proceedings to contest the termination of two construction contracts, relating to construction of a water treatment facility, where NYAB Finland Oy was the contractor and the City of Mikkeli was the employer. Mikkeli terminated the contracts mid-construction in March 2020. In December 2022, the Etelä-Savo District Court ruled that Mikkeli had no grounds for termination and awarded NYAB Finland Oy EUR 8.8 million (out of a claimed EUR 9.3 million) in damages, unpaid work, and costs, plus interest. Following the District Court ruling, the parties agreed on a settlement, whereby Mikkeli does not appeal and pays NYAB Finland Oy the sums awarded by the District Court plus interest up to a total of EUR 9.2 million.

Parties: 

Eltel AB

Transaction:

Eltel AB’s EUR 25 million issue and listing of sustainability - linked hybrid capital securitie

Deal value:

EUR 25 million

Role:

Counsel to Eltel AB

Acted as Mash Group Oyj’s interim restructuring administrator.

The Supreme Court decided the question of whether the bankruptcy estate is obligated to prepare an account to the mortgagee without delay after the sale of a parcel of real property registration unit, or alternatively, only after the real property registration unit is sold in its entirety under circumstances where allegedly the sold part could be of more value than the whole unit if sold unparcelled. Upholding the decisions of the lower courts, the Supreme Court came to the conclusion that the account and related payment must be made immediately after the sale of any part of the pledged property.

Administrator of Moventas Santasalo Oy, a large Finnish manufacturer of industrial gears. The administrator's proposal for restructuring programme was exceptionally based on a sale of debtor company's shares and it was approved in a path breaking expedited proceedings. The mandate of the administrator was followed by that of a joint supervisor for Moventas Wind Oy and Moventas Santasalo Oy.

Acted as the restructuring administrator of Finndomo Oy, a major manufacturer of prefabricated houses. The mandate of the administrator was followed by that of a supervisor for the observance of the restructuring programme verified by the court. 

Counsel to an Asian based company in a complex cross border arbitration proceedings against a Finnish company undergoing liquidation proceedings conducted under the Arbitration Rules of the Finland Chamber of Commerce.

Counsel to a Finnish bank in a series of litigation against a company and the owner of the company in connection with collection of receivables, bankruptcy filing and enforcement of court judgements.

Counsel to a major foreign bank in an insolvency related complex cross border dispute against foreign companies regarding enforcement of secured assets located in Finland in accordance with the Finnish Enforcement Act.

Acted as public receiver nominated by the Bankruptcy Ombudsman in the bankruptcy of Kromipinta

Counsel to an international bank syndicate as a member of Creditors' Committee in an unique and complex cross border restructuring of a group of companies undergoing simultaneous formal restructuring proceedings in Finland and Sweden.

Counsel to a bankruptcy estate of a limited liability company in its pending claims against the managing director, Board members and auditors of the company regarding compensation for losses caused by the respondents.

Acted as the sole administrator for more than 10,000 creditors in the first large bankruptcy procedure under the new Finnish bankruptcy law, Töölö Travel Agency Ltd. 

Acted as the administrator for more than 200,000 creditors in the largest-ever restructuring of a Finnish conglomerate, Eka Corporation. 

Counsel to lessor creditors as the chairman of the creditors’ committee in one of the largest and most complex ongoing bankruptcy proceedings in Finland.

• "Hannes Snellman has a strong insolvency team with thorough knowledge and a hard-working ethos. The lawyers turn every stone in the interest of the client and are used to working particularly on complex matters."
• "Hannes Snellman has a very clear and structured way of proceeding. The team gives thorough advice and presents the different options."

• "Hannes Snellman's team has deep expertise, which is highly valued in the industry."
• "Hannes Snellman provides timely service and is always solution-oriented."

• 'Clients note that the lawyers provide"really defined solutions and are very business-minded in their advice."'
• 'Sources also highlight the team's "knowledge and responsiveness."'

• ‘Clients highlight the lawyers' expertise and experience, adding that they are "very quick and accurate in their responses, and always available."’
• ‘Sources further appreciate the team's "holistic view" of mandates.’

• 'Interviewees acknowledge the department's "long-term experience and great ability to focus on the relevant matters."
• ‘Another client appreciates the team's "deep knowledge of insolvency law and good cross-border connections."'

• 'One client declares that the "insolvency team is effective and reliable with cross-border capabilities."'
• 'Another source appreciates the "no-nonsense, straight answers" and the "good-quality legal advice" provided by the firm.'

• '"The team is very good. The lawyers do what they promise and are experts at what they do.", "The lawyers provide sound legal advice, are detailed and don't create issues where there aren't any."'

• 'Highly skilled team recently active on a number of significant restructurings. Notably experienced in advising clients in the financial services sector. "They are high-class lawyers with high-class clients. It is one of the best practices in this area." "This is the firm I go to for big matters."'

• 'Interviewees report that Jan Lilius '...is precise and skilled and a great negotiator. He takes care of his clients and is very flexible.' According to sources, Henrik Mattson is 'a multi-talented person who really understands insolvency - if there is a barrier he is able to overcome it.' He is also strong on restructuring, owing to his banking expertise.'