Swedish biggest school bankruptcy went down with more that a billion Swedish Krona in debt
Monday, 05 August 2013
The Swedish free school idea being emulated by the likes of the UK have
something more to teach them about how to run a free school. It should
not be too big.
The Swedish biggest school company, the John Bauer Group which recently
went bankrupt did not just go down slowly. It fell with a very large
debt of more than a billion Swedish Krona.
As its estate in being examined to determine how its debts will be
paid, its debts were first assessed by the administrators / receivers.
They were staggered as to the size of the debts.
The bankruptcy estate clearly stressed that the company made over a
billion kronor in debts thus becomes Sweden's largest school business
Overall, it was eleven different companies that made up the group with
over 30 schools that were declared bankrupt in June. Debts totalling to
Skr1.15 billion which liquidator finally compiled.
The largest debts were bank liabilities followed by consolidated
liabilities. They represent more than Skr300 million each. Wage
guarantee debt Skr139 million. The state will thus start by trying to
manage the salaries of the employees.
Once the assets have been deducted there will be a shortage of
Skr1.03 billion. How a school business came to make up to a billion
kronor remains a mystery. Some authorities argued that it was the
largest independent schools in Sweden so it's a big business. Secondly,
the problem in the industry was that there are fewer and fewer students
seeking vocational training and not the line the schools were tailoring
by Scancomark.com Team