‘Samson’ Studio Liquid Swords Declared Bankrupt

Liquid Swords, the Swedish studio behind the action game Samson, has been declared bankrupt. The Stockholm District Court issued the ruling on October 12, and Karl Björlin was appointed as official receiver. The law firm Cirio is handling the case and has begun soliciting bids for the company’s assets.

The studio was founded in 2020 and is headquartered in Nacka, near Stockholm. It assembled a team that included developers with experience at well-known Swedish and international companies, among them DICE, Rockstar, Starbreeze and Avalanche Studios. Earlier in 2026 it released Samson, its debut title, an action game that the bankruptcy documents describe as having a strong visual identity and clear market potential.

The numbers behind the collapse

According to the preliminary bidding documents, Samson has sold approximately 151,900 copies across PlayStation, Xbox and Steam, generating net revenue of about 24.1 million Swedish kronor as of mid-October. The company reported a loss of roughly 39.3 million kronor in its 2024 financial year, when it was still in development on its first game, and its equity ratio stood at 43.3 percent at the end of that year.

Those figures sketch the difficulty of launching a new studio in a crowded market. Even a debut title with a distinct look and a reasonable sales figure may not be enough to cover the cost of years of development, particularly for a team built around experienced, and therefore expensive, talent.

What is for sale

The bankruptcy estate’s assets consist mainly of intellectual property tied to Samson, along with trademarks, domain names and development materials such as source code, tools, graphics, audio and documentation. The estate also holds rights to other names, including “StoryDeck,” “Criminal Justice” and “Tyndleston.”

One complication is that some of the Samson assets are subject to security held by NetEase. A buyer who wants those assets free of the encumbrance would need to negotiate with NetEase as the pledgee, or obtain its consent to transfer them. That adds a layer of complexity to any deal and could shape how the sale is structured.

The bidding process and the wider picture

The estate invited written, indicative bids for the business as a whole or for parts of the assets, with a deadline of noon Central European Summer Time on October 21. The administrator said the process aims to maintain continuity of operations around Samson, including support and patches, while a sale is pursued. Assets are offered on an “as is” basis, and the estate reserves the right to complete a sale before the deadline.

The bankruptcy is part of a difficult stretch for the games industry, which has seen a wave of layoffs, closures and consolidations in recent years as costs have risen and competition for players’ attention has intensified. For Liquid Swords, the immediate question is whether a buyer emerges for Samson and the studio’s other holdings, and whether the game continues to receive support. What happens to a well-reviewed debut title after its maker fails is a question the industry has confronted repeatedly, and the answer here will depend on the bids the receiver receives.

Sources

Cirio, “Preliminary bidding documents — Liquid Swords AB in bankruptcy”; and GameTalk, “Liquid Swords declared bankrupt; administrator seeks buyer” (October 2026).