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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 collapse.

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 students.
by Scancomark.com Team