Swedish companies finance their operations with a mixture of equity and debt. When several lenders have lent money to the same company, it is common for the lenders to enter into agreements between themselves about which claims are to be prioritized and which are to be subordinated. Such agreements, usually called "intercreditor agreements", have not yet been addressed in Swedish legislation, court practice or legal research. It is not clear how a bankruptcy administrator in the borrower's bankruptcy should act when faced with such agreements. At the same time, they are regularly entered into in larger financings.

While differentiation of risk through contractual ranking of claims is a given in corporate finance, the legal situation in Sweden is such that we lack tools to assess and enforce agreements in this area in accordance with the parties' intentions. Subordination as a phenomenon is also of great importance for financial institutions in relation to regulatory requirements.

The purpose of my work is to contribute to greater predictability regarding the conditions for ranking claims within the same preferential category. This would benefit legal certainty and predictability both in terms of the conditions for corporate financing and the compliance of financial institutions. The study will be carried out from each of the perspectives of claims law, insolvency law, comparative law and commercial law.