Page last updated at 16:29 GMT, Friday, 18 September 2009 17:29 UK

Pirate Bay buyer faces setbacks

Pirate bay logo, The Pirate Bay
No copyright content is hosted on The Pirate Bay's web servers

The sale of file-sharing site The Pirate Bay has been hit by a further setback after its potential buyer was served with a bankruptcy petition.

The document was filed with a Swedish court by a creditor of Global Gaming Factory (GGF), which outlined plans to buy the site in June.

The creditor - Advatar Systems - is claiming more than 1.3m kronor (£116,000) in unpaid debts.

It is the latest in a long series of hold-ups which have stalled the sale.

Trading in GGF's shares were suspended in August after an investigation was launched into financial irregularities.

The firm was also kicked off the Swedish Aktietorget exchange in September after regulators concluded that it had misled with its claims of buying The Pirate Bay.

Its shares are now traded on the smaller Mangold exchange.

In June this year, the firm announced that it would pay 60m kronor (£5.4m) to take over the site.

The Pirate Bay is the world's most high-profile file-sharing website and was set up in 2003 by anti-copyright organisation Piratbyran, but for the last five years it has been run by individuals.

Millions of files are exchanged using the service every day.

No copyright content is hosted on The Pirate Bay's web servers; instead the site hosts "torrent" links to TV, film and music files held on its users' computers.

In April the site's founders were found guilty of breaking copyright law and were sentenced to a year in jail and ordered to pay $4.5m (£2.8m) in damages to a coalition of media firms.

However, the site has remained open, prompting a series of further lawsuits and calls to have the site closed or blocked.

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