Trustee of Bankrupt Northvolt Unit Says Board Liability Unlikely

The trustee for a unit of failed Swedish battery maker Northvolt AB said there is little basis to hold board directors personally liable, even as supplier claims of about 6.8 billion kronor ($720 million) remain unpaid.

In a report to the Stockholm District Court, Northvolt Ett Expansion AB trustee Jonas Premfors found no unlawful value transfers, no breaches of statutory loan prohibitions, and no fraudulent accounting — conclusions that suggest creditors would face an uphill legal fight to recover their losses.

Northvolt, once one of Europe’s most prominent green-industrial bets, filed for bankruptcy court protection in November last year. The ...