Insolvency in Denmark

Bech-Bruun

Bech-Bruun acts as trusty of bankruptcy estates, liquidator and restructuring administrator. The practice assists with negotiations with banks and other creditors, verifies charges and prepares restructuring plans. The firm assists with tax aspects and carries out distressed M&A transactions. The team is also experienced in advising creditors on the recovery of lent capital. Troels Tuxen is experienced in advising on cross-border insolvencies. The firm also advises on new business management and ownership structures and acts for insolvent companies in court cases regarding liquidation. Practice head Morten Krogsgaard is the practice head.

Practice head(s):

Morten Krogsgaard

Other key lawyers:

Jørgen Hauschildt; Michael Serring

Testimonials

They are professional and know our business

Excellent knowledge of Insolvency regulations and practices in Denmark. Swift relationships with trustees, good access to relevant information and appropriate anticipation for strategy decision-making

Troels Tuxen is clever, fast and gives the advice and help needed in a very efficient way

Key clients

Danske Bank

Nordea

Nykredit

Sydbank

DnB NOR

Handelsbanken

The Danish Tra Fund

DLF Trifolium A/S

Jyske Bank

Sparekassen Kronjylland

Work highlights

  • Acting for Jysk Maskincenter A/S and Sparekassen Kronjylland as trustee to analyse and suggest a model for restructuring and safeguarding the assets primarily for the owners and secondarily for the major creditors, leading to the selling of Jysk Maskincenter A/S in a structured process shortly after the bankruptcy
  • Acting for Gibson Innovations Denmark A/S as a trustee, which includes the organisation of insolvency proceedings and the filing of financial claims
  • Represents former members of the Board of Directors of Burmeister & Wain Energy A/S in a litigation concerning potential liability towards the bankrupt estate

DLA Piper Denmark

The practice at DLA Piper Denmark has expertise in cross-border financial and corporate restructuring, which includes the representation in insolvency disputes and assistance with distressed M&A transactions. The firm handles liquidations and regularly acts as trustee and administrator. Henrik Sjørslev  is the Nordic practice head and has specialist knowledge in the sectors real estate and aviation industry. The practice also advises on insolvencies in engineering, banking, retail and agriculture.

Practice head(s):

Henrik Sjørslev

Other key lawyers:

Per Buttenschøn

Testimonials

It is an efficient team and the communication with related parties is very informative.

I think the team is very service-minded, always willing to help and adjust, so that our customers can get the best help.

Key clients

Copenship Group

Top-Toy A/S

Informationsteknik Scandinavia A/S

Primera Air Scandinavia A/S

Kids Multibrands of Denmark ApS

E. Pihl & Søn A/S

The ATP Group

PFA

Rikki Tikki Company A/S

Davai A/S

Cimber Sterling

Balslev A/S

Work highlights

  • Acting as restructuring co-administrator of Kids Multibrands of Denmark ApS.
  • Acting as co-trustee of the airline company Primera Air Scandinavia A/S.
  • Acting as ad hoc administrator in the restructuring of Top-Toy.

Gorrissen Federspiel

Gorrissen Federspiel assists with domestic and cross-border bankruptcy and restructuring cases as well as with other creditor arrangements. The practice also represents in compulsory liquidation proceedings. Morten Hans Jakobsen has expertise in distressed asset finance and jointly heads the practice with John Sommer Schmidt, who regularly acts as liquidator and is one of the appointed trustees of the bankrupt OW Bunker Group. Lars Grøngaard is an experienced restructuring administrator. The firm handles insolvency cases in sectors including real estate, finance, energy, shipping, retail and agriculture.

Practice head(s):

John Sommer Schmidt; Morten Hans Jakobsen

Testimonials

Morten Hans Jakobsen provides an outstanding service, with deep insight and knowledge. Both Morten and his team are client-oriented, and available for the client at all times

Act with highest efficiency, with the client’s interest on top of mind. Super strong team, easy spoken and accessible

Key clients

Danske Bank A/S

Nordea Bank Denmark A/S

Finansiel Stabiliet A/S

Ringkjøbing Landbobank A/S

HSH Nordbank AG

Nykredit A/S

Sydbank A/S

Jutlander Bank A/S

Realkredit Danmark A/S

Vækstfonden A/S

SEB Denmark A/S

Swedbank AS

Intertrust A/S

Spar Nord A/S

Sparekassen Kronjylland A/S

Jyske Bank A/S

DNB Bank A/S

Work highlights

  • Acting as trustee of the furniture manufacturer Tvilum.  
  • Acting as trustee of OW Bunker Group . 
  • Acting as trustee of Dominos Pizza Denmark.

Horten

Horten is specialised in the negotiation of financial and operative restructuring proceedings, creditor representation in lawsuits against bankrupt estates and compulsory liquidations. The firm also advises on digitally based debt collection and the collection of claims secured by mortgage in the real estate sector. Clients include banks, investment funds and leasing companies as well as insolvent clients. Piya Mukherjee is the practice head and is experienced in cross-border insolvency proceedings and the handling of IP rights in insolvency.      

Practice head(s):

Piya Mukherjee

Other key lawyers:

Nicolai Dyhr; Ulrik Holsted-Sandgreen

Key clients

Nykredit Bank

Nordea Bank

Vækstfonden

BNP Paribas

Arbejdernes Landsbank

Sparekassen Sjælland

Spar Nord

Ringkjøbing Landbobank

Tvilum

Skykon

Silvatec Skovmaskiner A/S

Stof 2000 A/S

Gable Insurance AG

ING Bank N.V.

Active Sportswear Int. A/S

Work highlights

  • Advised the bankrupt furniture manufactuer Tvilum on the selling of estates worth €10m
  • Advised the shareholders of Selskabet af 29. oktober 2018 in a financial restructuring of the company through contribution of equity and debt to equity swaps
  • Acted as trustee of Active Sportswear Int. A/S, which involved the transferring of the entire business to a buying syndicate

Kromann Reumert

Kromann Reumert possesses expertise in insolvency proceedings, restructuring and estate administration as well as in distressed M&A and financing. The firm also regularly assists with the assessment of potentially voidable transactions and the filing of claims against company managements and third parties. Søren Aamann Jensen is the practice head and has expertise in the renegotiation of contractual relationships regarding the financing of credit arrangements as well as in the reorganisation and restructuring of business operations. Clients include banks and creditors, private equity firms and hedge funds.

Practice head(s):

Søren Aamann Jensen

Other key lawyers:

Christian Jul Madsen; Teis Gullitz-Wormslev

Testimonials

I value the firm’s knowledge, commercial insight, and efficiency

Key clients

Danske Bank

Nordea

Nykredit

Jyske Bank/BRF Kredit (Jyske Realkredit)

Finansiel Stabilitet

Sydbank

Work highlights

  • Advised Stelrad Radiator Group on the acquisition of the radiator business Hudevad from the bankrupt Ribe Jernindustri A/S
  • Advised Top-Toy A/S and the owners on the negotiation of an increase of a revolving credit facility, originally amounting to $120m
  • Advising the largest single creditor and floating charge holder Nordea and acting as trustee in the bankruptcy of the debtor group Total Wind Group A/S

Plesner

Plesner regularly acts as insolvency administrator and advises on the renegotiation of contractual arrangements and funding agreements. The firm also has expertise in the representation in cross-border disputes and the recovery of claims arising from contentious bankruptcy cases. Lars Skanvig heads the practice and has experience in handling distressed financial arrangements. Pernille Bigaard has experience in assisting with distressed M&A transactions and acts as one of the trustees in the OW Bunker bankruptcy case.

Practice head(s):

Lars Skanvig

Other key lawyers:

Michala Roepstorff

Testimonials

Strong knowledge and legal capabilities

Pernille Bigaard has strong knowledge within bankruptcy law

Key clients

O.W. Bunker A/S and subsidiaries in bankruptcy

O.W. Cargo Denmark A/S in bankruptcy

Burmeister & Wain Energy A/S in bankruptcy

F Group A/S / FONA

Hellerup Finans A/S in bankruptcy

Europharma.DK ApS in bankruptcy

Arbejdsmarkedets Erhvervssikring (AES)

Skatteverket

Work highlights

  • Acting as one of the trustees of O.W. Bunker A/S and representing the firm in various disputes as a consequence of the client’s bankruptcy
  • Representing Burmeister & Wain Energy A/S in bankruptcy in a disqualification case against a number of former board members
  • Assisted Top-Toys A/S in bankruptcy with the DKK200m takeover by Salling Group A/S of substantial parts of Top-Toy’s business activities after its bankruptcy

Law Firm Poul Schmith

Poul Schmith advises on debt collection proceedings, bankruptcy administration and debt restructuring. The firm also negotiates standstill agreements and advises on distressed M&A. Boris Frederiksen is the practice head and has experience in advising both public and private sector clients on the protection of creditor interests via the administration of contracts, corporate reorganisation and the establishment of guarantee schemes. The firm also represents in contentious insolvency proceedings arising from bankruptcies related to fraud.

Practice head(s):

Boris Frederiksen

Other key lawyers:

Jesper Saugmandsgaard Øe; Rune Tandgaard Derno; Morten Plannthin; Cathrine Wollenberg Zittan

Key clients

The Danish tax authorities

The Employees’ Guarantee Fund

ATP

The Commissioners for Her Majesty’s Revenue & Customs

Jyske Bank

BRF Kredit

Nykredit Bank

Work highlights

  • Advising Amagerbanken on negotiations and court cases concerning financial contracts, cooperation agreements and the financial regulation governing the bankruptcy.
  • Advising the Danish Tax Authorities on the recovery of unjustified refunds of withheld dividend tax for an amount of total DKK12.7bn.
  • Acted for Tønder Bank in a liability case against the former management and accountants for an amount of approximately DKK180m.

Accura Advokatpartnerselskab

The practice at Accura Advokatpartnerselskab advises board of directors, management of insolvent companies, banks and creditors on restructuring,  insolvency proceedings and regularly acts as trustee. Andreas Kærsgaard Mylin has experience in insolvency litigation before the Supreme Court, which includes disputes regarding the distribution of assets and general litigation. The practice also assists with distressed M&A and real estate transactions, as well as with the renegotiation of business contracts.

Practice head(s):

Andreas Kærsgaard Mylin

Testimonials

Andreas Kærsgaard Mylin is highly experienced and straightforward

Key clients

Jyske Bank

Sydbank

Nordea Bank Danmark

Skandinaviske Enskilda Banken

TimeTax A/S

Danske Bank A/S

Reviva Capital

Finansiel Stabilitet

Arbejdernes Landsbank

Vækstfonden

Nykredit A/S

Beierholm

Work highlights

  • Advising the financial creditors Danske Bank, Realkredit Danmark, Nykredit, Nordea Bank Danmark and Sparekassen Sjælland with regard to a sale of real estate in the amount of approximately €150m and shares in Hans Probst A/S with a balance sheet total of €20m
  • Initiating and closing the sale of all townhouses as trustee of the bankrupt AB Kærskifte on behalf of Jyske Bank A/S
  • Acting as trustee of the Marienholm Group in bankruptcy

Andersen Partners

The Kolding-based practice at Andersen Partners has expertise in corporate restructuring, insolvency proceedings against companies and persons, distressed M&A transactions and solvent liquidations. The firm also advises managements and creditors on credit protection, the renegotiation of loan facility agreements, as well as on the transfer of assets. Jan Bruun Jørgensen is the practice head, regularly liaises with the Danish Debt Collection Agency and acts as a trustee of estates in bankruptcy.

Practice head(s):

Jan Bruun Jørgensen

Other key lawyers:

Rikke Licht Bøtcher; Anders Hvidberg Plum

Testimonials

Perhaps the leading insolvency practice in the southern part of Jutland. Solid reputation.

I can always get in touch with someone who know my case.

Jan Bruun Jørgensen stands out compared to his competitors in southern Jutland.

Jan Bruun Jørgensen always greetsyou with great hospitality and every effort is made to find a good solution for all parties involved.

Work highlights

  • Acting as one of the trustees of AC Farming Gesten A/S and AC Farming Frørup A/S on behalf of Nordea Bank
  • Acting as trustee of Jeppe Vestergaard Christensen in bankruptcy
  • Acting as trustee of  Varmodan A/S in bankruptcy

Bruun & Hjejle

The practice at Bruun & Hjejle handles insolvency disputes over the recovery of assets brought before the Supreme Court and has expertise in advising as administrator on distressed M&A and real estate transactions. The firm regularly acts as trustee and assists with corporate and financial restructuring. The firm also regularly assists with liquidation matters Practice head Henrik Selchau Poulsen has expertise in the suspension of payments and bankruptcy compositions.

Practice head(s):

Henrik Selchau Poulsen

Testimonials

Professional, in-depth expertise, fast and trustworthy

Ongoing discussion of options  

Key clients

Pensam

PensionDanmark

Danske Capital

Danske Markets/Wealth Management

Nordic Trustee

CAPTAR

Bios Ambulance Service

Saxo Privatbank

Realkredit Danmark

Danske Bank

Alm. Brand Bank

Spar Nord Bank

Work highlights

  • Acting as administrator in the Hesalight bankruptcy
  • Acting as administrator in the Bios Ambulance Service bankruptcy
  • Acting as administrator in the Saxo Privatbank bankruptcy

Lund Elmer Sandager

Lund Elmer Sandager regularly acts as trustee and administrator. The firm also assists creditors and financial institutions with the recovery of assets and on the renegotiation of loan facilities, which involves expertise in financial and corporate restructuring. The practice handles insolvencies in the agricultural, human resources, real estate and hospitality sectors. Christian B. Elmer leads the team and has experience in acting for both creditors and insolvent corporations.

Practice head(s):

Christian B. Elmer

Other key lawyers:

Nete Weber; Torsten Vagn Hansen

Testimonials

Solid and experienced team, easy to talk to and corporate with, pragmatic and good at finding solutions 

Mazanti-Andersen Korsø Jensen

Mazanti-Andersen Korsø Jensen is experienced in handling insolvency matters on behalf of the tax authority, which includes assistance with the renegotiation of loan agreements. The co-heads Henrik B. Sanders and Peter Wedel Ranch Krarup act as permanent trustees and official receivers on behalf of the Maritime and Commercial Court of Copenhagen, while Odense-based co-head Lars Rasmussen joined as a result of the merger with Bonnesen Lawfirm in January 2019 and possesses expertise in the liquidation of insolvent companies and in the representation of creditors in contentious and non-contentious insolvency cases.

Practice head(s):

Henrik B. Sanders; Peter Wedel Ranch Krarup; Lars Rasmussen

Key clients

Nykredit A/S

Danske Bank A/S

The Maritime and Commercial Court of Copenhagen

Work highlights

  • Acted as trustee for Nykredit A/S and handled the estate of Duegården A/B in bankruptcy, including the sales process with respect to the property
  • Acting as trustee for Nykredit A/S and handling the estate of Thyra Danebod in bankruptcy during bankruptcy proceedings initiated as a result of irregularities
  • Acted as trustee for Danske Bank A/S and handled the estate of The Roll Group ApS  in bankruptcy, including a short continuation of the operation and the following realisation of the assets

Elmann

Elmann has expertise in acting for creditors on debt recovery and the financial and corporate restructuring of distressed and insolvent companies. The firm also represents in winding-up procedures, litigation and arbitration, including cases regarding avoidance and managerial liability. Finn Lynge Jepsen and Christian Tornvig Jensen jointly head the practice and regularly advise on the purchase and sale of insolvent companies and their assets, as well as on acting as trustees.

Practice head(s):

Finn Lynge Jepsen; Christian Tornvig Jensen

Testimonials

Possesses a very thorough expertise within the complex field of insolvency. A key strength compared with other practices is their agility and speed.

Finn Jepsen is probably the best administrator in Copenhagen and the one who demonstrates speed and execution abilities to ensure cases can be brought to an end within a reasonable time frame.

Key clients

Creditors of Vacasol International A/S

Creditors, lease companies and 250 employees from Primera Air Scandinavia A/S

Creditors of Nordic Ventilation ApS and Omnivent Finance A/S and Danish Tax authorities

House owner – lender – Holberg Fenger Invest A/S in the case of the cinema VB Administration ApS

Creditors of Selskabet at 30. August 2017 A/S in bankruptcy, including investors Andersen Advisory Group A/S

Nordea Bank and The Danish Growth Fund

Creditors of Haxholm VVS og Kloak ApS

Jyske Bank A/S and Nykredit Bank A/S

Arbejdernes Landsbank and AL Finans A/S

Danish Growth Fund

Employees from Bach-Dalin

Work highlights

  • Advised the Danish Growth Fund on the successful restructuring of Vacasol.
  • Acting as liquidator for creditors in the case of the bankruptcy of Primera Air Scandinavia A/S.
  • Acting for creditors of Nordic Ventilation ApS and Omnivent Finance A/S as well as for the Danish Tax authorities as liquidator, which involves investigations of potential fraud and the filing of a notice to the Danish criminal prosecutor.

Lundgrens

The practice at Lundgrens has expertise in creditor and security agent representation in debt recovery, bondholder representation, corporate restructuring, security reviews and security enforcements, as well as advising on distressed M&A transactions and the sale of assets. The firm also represents in contentious bankruptcy proceedings and claw-back litigation. Practice head Kristian Gustav Andersson is also experienced in arbitration and has expertise in company pledges and other types of securities.

Practice head(s):

Kristian Gustav Andersson

Other key lawyers:

Lars Krog

Key clients

Sydbank A/S

Danske Bank A/S

Jyske Bank A/S

Lollands Bank A/S

The Danish Debt Collection Agency

Grant Thornton

PKF Munkebo Vindelev

The Danish Growth Fund

Work highlights

  • Represented Pro Support Scandinavia AB in a claim against TOP-TOY.
  • Acted for Primera Air on a claim against PAS A/S.
  • Assisted Illum A/S in relation to the restructuring and purchase of the estate of Kids Multibrands of Denmark ApS.

Moalem Weitemeyer Bendtsen

Moalem Weitemeyer Bendtsen regularly assists insolvent corporations and creditors with financial and corporate restructuring. The firm also advises on distressed M&A transactions. The firm is also experienced in representing in insolvency disputes arising from contentious restructuring measures and bankruptcy quarantine. Name partner Thomas Weitemeyer acts as the practice head and has expertise in acting for managements in liability cases and representing creditors on the recovery of financial claims.

Practice head(s):

Thomas Weitemeyer

Testimonials

Very creative in their problem-solving

The firm replies fast and provides serious and useful feedback

They are very competent and work very hard

Thomas Weitemeyer has been outstanding in handling the acquisition and very creative in finding ways to meet the wishes of our counterparty

The personal approach is important, I have personally worked with Thomas Weitemeyer in many cases. . In some cases I have found it difficult to know whether I can handle the issue myself. In these cases Thomas gave me very good and constructive feedback

Thomas Weitemeyer is very competent and works very hard to reach the best result for the client

Key clients

Nordea Bank Danmark A/S

Danske Bank A/S

Hvidbjerg Bank Aktieselskab

Garmin Danmark A/S

Nomeco A/S

AKP Group A/S

Fashion Invest ApS

Sydbank A/S

Copenhagen Jade

Ride4Fun

Work highlights

  • Initiated litigation procedures for Sydbank A/S against one of the client’s former owners for the company’s repayment of debts
  • Acting for Nomeco A/S on a settlement regarding the estate of the pharmacy Råshusapoteket
  • Acting as trustee of Ride4Fun

NJORD Law Firm

NJORD Law Firm acts for creditors and distressed business in insolvency proceedings and assists with the drafting and renegotiation of creditors’ and loan facility agreements. The firm is frequently appointed as liquidator, organiser of creditor compositions and administrator. Malene Eigtved and Jørgen Erik Frandsen jointly head the practice and regularly advise managements and shareholders on restructuring measures.

Practice head(s):

Malene Eigtved; Jørgen Erik Frandsen

Skau Reipurth & Partnere

Skau Reipurth & Partnere represents banks and other creditors in insolvency proceedings and handles distressed M&A transactions and pre-insolvency restructurings. The practice is particularly experienced in advising limited partnerships in non-contentious insolvency matters and insolvency litigation, which includes litigation concerning voidable transactions. The team also assumes the role of a permanent trustee and assists with debt rescheduling cases. Anders Ørskov Melballe heads up the practice and regularly advises insolvent businesses and creditors on management liability.

Practice head(s):

Anders Ørskov Melballe

Testimonials

Hard-working and experienced team with focus on qualified and cost-effective solutions

Anders Ørskov Melballe is very skilled and pleasant to work with

Key clients

Arbejdernes Landsbank A/S

Danske Bank A/S

Skjern Bank A/S

Sparekassen Vendsyssel

Realkredit Danmark A/S

Handelsbanken A/S

Jyske Bank A/S

Nykredit Bank A/S

Vækstfonden

The Danish Debt collection Agency

Nordea Bank Danmark

Work highlights

  • Advising Danske Bank A/S as appointed trustee of Gravity4 and Euroads Group in bankruptcy
  • Advising Vækstfonden and Nykredit as appointed trustee of Daurehøj Erhvervsbyg A/S in bankruptcy
  • Advising Vækstfonden as appointed trustee of Strander A/S in bankruptcy