Insolvency in Denmark

Bech-Bruun

As 'one of Denmark's leading law firms within insolvency and reconstruction', Bech-Bruun notably leverages a digital solution, insolvensportal.dk, allowing creditors to follow bankruptcy proceedings and file claims. Morten Krogsgaard leads the group, which regularly acts as trustee of bankruptcy estates, liquidator and restructuring administrator, and is also instructed on contentious insolvency proceedings, formal restructurings, acquisitions of distressed assets, and out-of-court restructurings. Troels Tuxen, who is particularly skilled in Nordic and international insolvencies, is a key member of the team, which added Anders Hoffmann Kønigsfeldt from Skau Reipurth & Partnere to its ranks in 2020.

Practice head(s):

Morten Krogsgaard

Other key lawyers:

Jørgen Hauschildt; Michael Serring; Troels Tuxen; Anders Hoffmann Kønigsfeldt; Anders Hauge Gløde; Søren Christensen Volder

Testimonials

‘BB is one of Denmark’s leading law firms within insolvency and reconstruction. They have great market activity and are visible in the market. They are extremely professional and competent in the field.’

‘Very pragmatic and business-minded team. Easy to work with and friendly.’ 

‘Anders Hoffmann Kønigsfeldt is very easy going and easy to work with and has a business-minded and pragmatic approach. He is very skilled and seasoned within restructuring.’

‘Anders Hauge Gløde is extremely professional and competent in insolvency and reconstruction. Looks for proactive opportunities and solutions for the benefit of the customer. At the same time, he is very socially gifted and outgoing.’

‘The partners at BB that I work with are all good at thinking outside the box and finding solutions in insolvency and reconstruction cases. They seek proactive solutions that are sustainable legally as well as financially.’

Key clients

Danske Bank A/S

Nordea Bank Denmark A/S

Nykredit A/S

Sydbank A/S

DnB NOR AS

Handelsbanken AB

The Danish Travel Guarantee Fund

DLF Trifolium A/S

Jyske Bank A/S

Sparekassen Kronjylland A/S

Skjern Bank

ATP

Lønmodtagernes Garantifond (The Employees Guarantee Fund)

Work highlights

  • Advising a consortium fronted by Norwegian entrepreneur Petter Stordalen on its purchase of Thomas Cook Airlines Scandinavia A/S and its sister companies, Spies A/S and Ving Resor AB; Thomas Cook Airlines Scandinavia entered into bankruptcy just before the completion of the transaction.
  • Assisting Daurehøj Erhvervsbyg A/S, a large construction company with 100 employees and numerous ongoing building projects, in relation to its bankruptcy.
  • Led the structured sales process of BMG’s assets, after BMG’s board of directors uncovered a massive multimillion fraud scheme set up by a CEO and part-owner and filed for bankruptcy,

DLA Piper Denmark

The 'very experienced' team at DLA Piper Denmark frequently acts for trustees, administrators and creditors, with a notable focus on cross-border financial and corporate restructurings, as well as insolvency disputes and distressed M&A deals. Henrik Sjørslev, who is Nordic practice head, specialises in insolvency matters arising from the real estate and aviation sectors, while Trine Hasselbalch focuses on mandates in the agriculture sector, which is an area of growth for the group. Other key sector specialisms include the insurance, financial services and retail industries.

Practice head(s):

Henrik Sjørslev

Other key lawyers:

Trine Hasselbalch; Per Buttenschøn; Per Astrup Madsen; Jørgen Flodgaard

Testimonials

‘Always very solution-oriented and thinks out of the box when it comes to commercial solutions. Very good theoretical skills.’

‘Per Astrup Madsen is always straight to the point and never accepts half a solution.’ 

‘DLA Piper has been involved in the insolvency/restructuring of businesses within the agricultural industry. The team appears well coordinated and professional and shows a high level of experience.’

‘DLA Piper Denmark has a unique insight in insolvency practices concerning the insurance field. The team is very experienced and are able to help with complex cases as well as practical issues.’

Key clients

Jet Time A/S

Tribe Hotel Management Denmark A/S

B. Nygaard Sørensen A/S

Anker Hansen & Co. A/S

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 Invest, SEB Invest, Danske Invest among others

Rikki Tikki Company A/S

Davai A/S

Cimber Sterling

The ATP Group

PFA Invest

SEB Invest

Danske Invest

The Danish Guarantee Fund for non-life Insurance Companies

Work highlights

  • Advising Jet Time on a restructuring process during a Covid-19-caused distressed financial situation and acting as court-appointed trustee of the bankruptcy estate.
  • Acting as the sole court appointed trustee of the bankruptcy estate of Tribe Hotel Management Denmark A/S, a subsidiary of Nordic Maribel Group, operating three major hotels in Copenhagen, Odense and Aalborg.
  • Representing a group of more than 25 institutional investors in a law suit against the now bankrupt OW Bunker A/S, its management and its owners.

Gorrissen Federspiel

Gorrissen Federspiel’s substantial expertise across Danish and international insolvency and restructuring law is underpinned by its frequent handling of high-profile bankruptcy and restructuring cases, as well as other creditor arrangements and debt work-outs. The group often acts as trustee and restructuring administrator, including in litigation and out-of-court restructurings. John Sommer Schmidt primarily handles compulsory liquidation proceedings, Morten Hans Jakobsen attracts praise for his asset finance, aviation and shipping practice, and Lars Grøngaard is a noted restructuring administrator. Another key name is Preben Jakobsen, whose practice also encompasses distressed M&A work.

Practice head(s):

John Sommer Schmidt; Morten Hans Jakobsen; Lars Grøngaard

Other key lawyers:

Preben Jakobsen

Key clients

Thomas Cook Airlines Scandinavia

OW Bunker A/S

TOP-TOY A/S

Dominos Pizza Denmark

Primera Air

Dyrberg Kern

Cardlab ApS

CNS Group A/S

Norwegian Pilot Services Denmark ApS

Dalum Papir A/S

DEFCO A/S

Work highlights

  • Advised the Thomas Cook Scandinavian Group on its successful restructure in late 2019.
  • Appointed as trustee on mandate from the financial creditors on the bankruptcy restructuring of a large Danish shopping centre consisting of a number of retail shops, a fitness centre and 120 rental living apartments.
  • Appointed as restructuring administrator and subsequent trustee in the bankruptcy of TOP-TOY.

Horten

Divided between the firm’s Aarhus and Copenhagen offices, Horten’s restructuring and insolvency expertise runs the gamut of complex restructurings, distressed M&A and non-performing loan matters, creditor work, compulsory liquidations and bankruptcy matters. The team is led by Piya Mukherjee, who, as president of INSOL Europe, is particularly skilled at handling cross-border insolvency proceedings. Other key lawyers include Nicolai Dyhr, Ulrik Holsted-Sandgreen and Bo Christensen. Jan Bech, who is a permanent trustee at the Bankruptcy Court of Aarhus, also joined the department in late 2019 from DLA Piper Denmark.

Practice head(s):

Piya Mukherjee

Other key lawyers:

Bo Christensen; Nicolai Dyhr; Ulrik Holsted-Sandgreen; Jan Bech

Testimonials

‘Very solution-oriented team and always finds very good commercial solutions for both creditors and clients.’

‘Bo Christensen is extremely collegial and pleasant to work with. He always responds very fast and it is always a pleasure to work on the same case as him. He combines a good commercial sense with good theoretical skills.’

‘Horten are extremely professional in the field of insolvency and reconstruction.’

‘Piya offered a calm and pragmatic voice, helping to cut through complications and plan a way forward.’

Key clients

GE Capital

ING Bank N.V.

Gable Insurance AG

Nykredit Bank

Nordea Bank

Jyske Bank

Vækstfonden

Sydbank

Arbejdernes Landsbank

Sparekassen Sjælland

Spar Nord Bank

Vestjysk Bank

Ringkjøbing Landbobank

Finansiel Stabilitet A/S

Danske Bank

Work highlights

  • Appointed as ad hoc trustee on behalf of LEGO System A/S and other suppliers to TOP-TOY A/S, to investigate potential management liability and the role of the syndicated banks as well as the administration of the €100m floating charge prior to the bankruptcy of TOP-TOY.
  • Acted as trustee in the bankruptcy estate of the restaurant chain Kadeau, which has two Michelin starred restaurants.
  • Acted as administrator for MPNM Byggeri ApS on its restructuring, involving a large disputed claim concerning major construction works in Copenhagen.

Kromann Reumert

Kromann Reumert fields a well-respected group of insolvency, restructuring and estate administration specialists, as well as generalists with experience in M&A and financing matters, particularly distressed M&A transactions and distressed debt transfers. Søren Aamann Jensen leads the team, which is best known for advising major Danish banks, as well as large international banks, private equity firms, hedge funds and creditors. Teis Gullitz-Wormslev regularly acts as trustee and restructuring administrator, and the ‘very efficientChristian Jul Madsen has a track record in out-of-court restructuring proceedings, compulsory composition matters and voluntary credit arrangements.

Practice head(s):

Søren Aamann Jensen

Other key lawyers:

Christian Jul Madsen; Teis Gullitz-Wormslev; Thomas Kaas

Testimonials

‘Efficient, knowledgeable, experienced, strong negotiation skills.’

‘Christian Jul-Madsen and Thomas Kaas are both very efficient with swift turn-around times. There are very knowledgeable with strong negotiation skills.’

Key clients

Danske Bank

Nordea

Nykredit

Jyske Bank/BRF Kredit (Jyske Realkredit)

Finansiel Stabilitet

Sydbank

SparNord Bank

Work highlights

  • Represented a large ad hoc group of RCF lenders and bondholders exposed to the Nordic business of the Thomas Cook group, including the Danish airline company, Thomas Cook Airlines Scandinavia A/S.
  • Appointed as ad hoc liquidator by Danske Bank to undertake claw-back actions against the junior lender to K/S Mørkhøjvej and its owners/limited partners.
  • Advised CS&P Aviation Fund B A/S on a structured sales process and on a subsequent redemption process, where the shareholding was liquidated with a total value for the creditors of $8.25m.

Poul Schmith

Poul Schmith is ‘especially experienced in advising government institutions’, which it assists with a range of debt collection proceedings, bankruptcy administrations and debt restructurings; it also displays ‘impressive knowledge and competence relating to complex court proceedings’. Practice head Boris Frederiksen handles 'complex litigation across multiple jurisdictions’, namely administration, reorganisation, liability assessment and guarantee scheme claims. Skilled in fraud investigations and asset recovery disputes, clients praise Cathrine Wollenberg Zittan as an ‘excellent communicator with an in-depth knowledge of insolvency law’.

Practice head(s):

Boris Frederiksen

Other key lawyers:

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

Testimonials

‘Very hard-working and dedicated lawyers with a good eye for both the details and the big picture. A pleasure to work with.’

‘Boris Frederiksen has an impressive command of the most complex situations, able to focus on the essentials.’ 

‘Cathrine Wollenberg Zittan is an excellent communicator with an in-depth knowledge of insolvency law.’

‘Top-notch quality of lawyers with impressive knowledge and competence relating to complex court proceedings. Amazing ability to manage enormous court proceedings involving several parallel cases with a huge number of claimants and defendants, and extreme amounts of documents. Very structured and very analytic.’ 

‘They are not afraid to approach global litigation aggressively to ensure their client’s position is protected and enforced in any jurisdiction.’

‘Boris Frederiksen is very calm and collected when under pressure. He is thoughtful, precise and not afraid to be bold and fight the client’s case, in any jurisdiction.’ 

‘Catherine Zittan is a great team leader and a true advocate for her business, her people and the law. She is has a brilliant memory and always has an eye on the detail.’

‘The legal team is especially experienced in advising and assisting government institutions and they solve each presented case in a legal and societal context and always with the highest legal standards. The team consists of highly skilled lawyers with a solid understanding and knowledge of the rules that apply to the public sector and different government-related issues.’ 

‘Boris Frederiksen is an excellent lawyer and is able to manage complex litigation across multiple jurisdictions. He is an outstandingly effective leader who works seamlessly with his team and global litigation counterparts.’ 

‘Cathrine Wollenberg Zittan displays thoroughness of knowledge and provides insightful advice along with a practical solution-oriented approach for the client. She is quick-thinking and is highly adept at coordinating cross-jurisdictional litigation for her clients.’

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

  • Representing Amagerbanken in large bankruptcies, with recent work including a case concerning prospectus liability relating to a capital increase in late 2010.
  • Advising the Danish tax authorities on the cross-border recovery of DKK12.7bn in unjustified refunds for withheld dividend tax.
  • Advising Tønder Bank on the prospectus liability regarding the subscription of hybrid core capital prior to Tønder Bank’s bankruptcy, which began in late 2012.

Accura Advokatpartnerselskab

With 'extensive experience in insolvency and restructuring’, Andreas Kærsgaard Mylin heads up Accura Advokatpartnerselskab’s practice, which handles a wide variety of restructuring and insolvency proceedings. Adept at acting as trustee on matters, Mylin also has considerable expertise acting in insolvency cases before the Supreme Court including avoidance proceedings and litigation, as well as turn-around and refinancing matters. The group primarily assists Danish banks, accounting companies and pension and private equity funds, with additional expertise in advising directors and management.

Practice head(s):

Andreas Kærsgaard Mylin

Testimonials

‘Andreas Mylin is very hands-on and has extensive experience within insolvency and restructuring.’

Key clients

Danske Bank A/S

Sparekassen Kronjylland

Finansiel Stabilitet

Skandinaviska Enskilda Banken (SEB)

Nordea Bank A/S

Jyske Bank A/S

Situs Nordic Services

Nykredit Bank A/S

Sydbank A/S

PWT Group A/S

Work highlights

  • Acting as co-trustee of the bankruptcy of B. Nygaard Sørensen; the matter involves a number of ongoing construction sites, sale of construction projects, and more than 100 employees.
  • Appointed as restructuring administrator of PWT Group A/S in the process of restructuring.
  • Advising financial creditors Danske Bank, Realkredit Danmark, Nykredit, Nordea Bank Danmark and Sparekassen Sjælland on the sale of real estate in the amount of €150m and shares in Hans Probst A/S with a balance sheet total of €20m.

Bruun & Hjejle

Noted for its experience in matters involving real estate assets, the team at Bruun & Hjejle is spearheaded by Henrik Selchau Poulsen, who has ‘deep knowledge of all aspects relating to insolvency and restructurings’ and has ‘proven himself on some of the most complicated and high-profile bankruptcies’ in the Danish market. The team is particularly active in bankruptcy litigation proceedings, as well as mandates concerning the suspension of payments and bankruptcy compositions. Rasmus Moliin specialises in advising on distressed real estate properties.

Practice head(s):

Henrik Selchau Poulsen

Other key lawyers:

Rasmus Moliin

Testimonials

‘The team, especially Henrik Selchau Poulsen, are always reachable and very well prepared.’

They have very good market knowledge and manage to handle both legal and financial issues.’

‘Henrik Selchau Poulsen is excellent and he involves the whole team whenever necessary.’

‘Henrik Selchau Poulsen has a deep knowledge of all aspects relating to insolvency and restructurings. Very responsive and pleasant to work with. Forthcoming and solution-oriented. Has proven himself on some of the most complicated and high-profile bankruptcies over recent years.’

Key clients

Thomas Cook Airlines Scandinavia A/S

Hesalight

House of Amber

Nørholt Holding ApS and Nordic Development Finance ApS

BIOS Ambulance Service A/S

Kirsten Søndergaard Larsen real estate portfolio

Facility Management ApS

Intrinsic ApS / Siesby & Partners ApS /Ejendomsselskabet

Notlim A/S

Labogene ApS

Gobike A/S / Bikeshare Denmark A/S

K/S Christian X’s Vej 1-3, Haderslev

Jurainstituttet ApS

Spar Nord Bank

K/S Ribevej 39, Varde

Work highlights

  • Appointed sole administrator in the Hesalight bankruptcy – a high-profile bankruptcy case.
  • Appointed administrator in the complex Thomas Cook Airlines Scandinavia A/S bankruptcy, and responsible for looking into potential liability for management and potential avoidance claims examining filed claims.
  • Appointed administrator in the House of Amber bankruptcies with flagship stores in Copenhagen, subsidiary companies and shops in Shanghai, Beijing, Hong Hong, Macau, Dubai and Japan.

Lund Elmer Sandager

Lund Elmer Sandager’s team assists clients with a broad mixture of restructuring, insolvency and bankruptcy matters, with particular expertise acting as administrator and trustee to private bankruptcy estates. Christian B. Elmer and Nete Weber jointly lead the department, which also advises creditors, insolvent corporations and financial institutions on creditor arrangement mandates, particularly loan facility negotiations. Both Elmer and Weber hold permanent positions as administrators with the Maritime and Commercial Court; Weber is also a member of the Danish Ministry of Justice's Bankruptcy Council.

Practice head(s):

Christian B. Elmer; Nete Weber

Other key lawyers:

Torsten Vagn Hansen

Key clients

Kærhøj ApS

Swiss Clinic Denmark ApS

ARBAT PRESTIGE HOLDING ApS

Danton Projekt A/S

Danton Invest ApS

Lundgrens

Kristian Gustav Andersson, who provides 'straight-to-the-point advice on complicated insolvency matters', leads the team at Lundgrens, which primarily assists financial institutions and large domestic corporations, with particular expertise in restructuring proceedings, divestments and reorganisations, debt recovery issues, bondholder matters and distressed M&A. The firm also acts in contentious bankruptcy proceedings. Anne Hansen-Nord made an internal move from the firm’s M&A department, bolstering the insolvency team’s experience in out-of-court restructurings.

Practice head(s):

Kristian Gustav Andersson

Other key lawyers:

Anne Hansen-Nord; Jesper Freinsilber

Testimonials

‘Small and effective team. Top availability.’

‘Great team. Kristian Gustav Andersson and Jesper Freinsilber are available, very skilled lawyers who give straight-to-the-point advice on complicated insolvency matters.’

‘Very pleasant to work with.’

‘Kristian Andersson is diligent and pleasant to work with.’

Key clients

Sydbank A/S

Danske Bank A/S

Jyske Bank A/S

Lollands Bank A/S

The Danish Debt Collection Agency

Grant Thornton

Vækstfonden

Indkøb DK A/S

PL 2020 A/S (formerly Tømrerfirma Bjørn Svendsen A/S)

Nordic Trustee & Agency AB

PWT Holding A/S

Dalle Valle

Trend Accessories ApS

Goshawk Aviation Limited

Viking One ApS

Macquarie Aircraft

Hines Interests Limited Partnership

Beierholm Statsautoriseret Revisionspartnerselskab

Capital InvestmentA/S

DEAS A/S

Nordea Bank Danmark A/S

Tryg Garanti

LêLê ApS

Work highlights

  • Advised Nordic Trustee & Agent as agent for the bondholders in PWT Holding A/S and largest creditor in PWT Group A/S on the reconstruction of PWT Group A/S (Tøjeksperten).
  • Appointed trustee to the bankruptcy estate of Dalle Valle involving 13 cafes and restaurants.
  • Appointed trustee to the large bankrupt estate of Tømrerfirma Bjørn Svendsen A/S, previously a major carpentry business with a wide range of creditors.

Mazanti-Andersen

Instructed on some of Denmark’s first Covid-19-related bankruptcies, Mazanti-Andersen is experienced in the full spectrum of insolvencies and liquidations, leveraging Bankruptcy Estate Lawyer’s Legal Assistant (BELLA), a system that digitises bankruptcy estate work and provides automated status updates to creditors. Practice head Peter Wedel Ranch Krarup and Henrik B. Sanders regularly act on behalf of the Maritime and Commercial Court of Copenhagen as permanent trustees and official receivers, while Lars Rasmussen has a track record in bankruptcy cases, reconstructions and non-contentious creditor issues.

Practice head(s):

Peter Wedel Ranch Krarup

Other key lawyers:

Lars Rasmussen; Henrik B. Sanders

Key clients

Nykredit A/S

Danske Bank A/S

The Maritime and Commercial Court of Copenhagen

Arnold Busck

Quint ApS

Nomess Copenhagen ApS

Ejendomsselskabet Sandgården ApS

PASPX ApS

The Roll Group

Work highlights

  • Appointed as receiver of the 124 years old bookshop Arnold Busck, the first substantial retail bankruptcy in Denmark owing to the Covid-19 outbreak.
  • Appointed as co-trustee of the estate of Jet Time A/S, the first Covid-19 related airline bankruptcy in Denmark.
  • Handled the bankruptcy of a property developer and their conglomerate of companies, which had assets totalling DKK3.5 bn.

Plesner

Plesner is a key name for high-profile and complex domestic bankruptcies and restructurings, exemplified by its work in the OW Bunker bankruptcy case. In order to provide forensic accounting and digital tracing advice on matters, the department recently added an accountant to its ranks. While Michala Roepstorff is ‘very knowledgeable regarding Danish insolvency law,' practice head Lars Skanvig has additional experience in distressed financial arrangements. In late 2019, Pernille Bigaard departed the group to join Sundgaard Advokater.

Practice head(s):

Lars Skanvig

Other key lawyers:

Michala Roepstorff

Testimonials

‘The insolvency team is deservedly well known for taking appointments in some of the largest cases.’

‘Michala Roepstorff is very approachable and commercial; very knowledgeable regarding Danish insolvency law.’

‘The insolvency team has strong knowledge and experience in high value/key capabilities.’

Key clients

O.W. Bunker A/S, O.W. Bunker & Trading A/S, O.W. Supply & Trading A/S, O.W. Tankers A/S, Wrist Marine Suppliers A/S, Dynamic Oil Trading Holding A/S, Remote Fuel Services ApS and O.W. Global Trading A/S

Burmeister & Wain Energy A/S

Europharma.DK ApS

Incentive A/S

Danske Bank

Nordea Bank

Jyske Bank

Nykredit Bank

Hellerup Finans A/S

Work highlights

  • Involved in the bankruptcy of the OW Bunker Group, one of the most significant and largest cross-border bankruptcy estates in Denmark in recent years; including legal issues on third party rights on assignments, pledge on fungible assets and voidable transactions.
  • Acted for Burmeister & Wain Energy A/S in estate proceedings, involving a liability case initiated by the estate against former board members for having acted with gross negligence among other things by lending money to its Italian parent company.
  • Assisting Incentive A/S with the winding-up of cross-border activities through bankruptcy proceedings of the topco company as well as solvent liquidation of certain group companies.

Skau Reipurth & Partnere

Skau Reipurth & Partnere frequently represents creditors, particularly financial institutions, in insolvency proceedings, distressed M&A, and pre-insolvency restructurings. The team, which assumes the role of a permanent trustee for many clients, includes the ‘razor-sharpAnders Ørskov Melballe, who has particular expertise in the restructuring of non-performing loans and creditor rights matters. Expanding partly due to the Covid-19 crisis, the firm added Thomas Heering to its ranks from Gorrissen Federspiel and former bankruptcy court assistant judge Louise Krarup Simonsen, who are ‘both very experienced attorneys and well established within the industry’. Pernille Bigaard  also joined from Sungaard Advokarter in 2021.

Practice head(s):

Anders Ørskov Melballe; Thomas Heering; Louise Krarup Simonsen

Other key lawyers:

Pernille Bigaard 

Testimonials

‘Anders Melballe is to-the-point and focuses on solutions, rather than complicating things.’

‘Very skilled and with a good commercial understanding.’

‘Anders Melballe is a remarkable insolvency practitioner and has great experience.’

‘SR&P’s Insolvency and Restructuring Practice is headed by the talented Anders Melballe.’

Key clients

Danske Bank A/S

Sparekassen Vendsyssel A/S

Handelsbanken A/S

Jyske Bank A/S

Vækstfonden

The Danish Debt collection Agency

Finansiel Stabilitet

Work highlights

  • Appointed trustee of Strander A/S in bankruptcy; the administration covers ongoing building projects, guarantees, employees etc.
  • Assisting Vækstfonden and Nordea Denmark regarding sales of Swarovski jewellery from Crystal Retail ApS in bankruptcy stock.
  • Appointed trustee of My Poke in bankruptcy; the company had several take-away stores in Copenhagen and, after the bankruptcy, managed to sell all of the stores.

Andersen Partners

Under the leadership of Jan Bruun Jørgensen, the team at Andersen Partners is instructed on a wide range of restructuring, bankruptcy and insolvency matters. Key areas of strength for the Kolding-based practice include corporate reconstructions, insolvency proceedings, reorganisations, debt restructurings, compulsory dissolutions and solvent liquidations. It also regularly liaises with the Danish Debt Collection Agency and acts as a trustee of estates in bankruptcy cases.

Practice head(s):

Jan Bruun Jørgensen

Other key lawyers:

Rikke Licht Bøtcher; Anders Hvidberg Plum

Testimonials

‘Splendid teamwork; high legal capabilities; high performance.’

Elmann

Elmann's insolvency team is headed up by Finn Lynge Jepsen and Christian Tornvig Jensen; Jepsen is a permanent trustee with the Copenhagen Maritime and Commercial Court and is a go-to lawyer for insolvency cases involving housing co-operatives, while Jensen is particularly active in restructuring mandates, acting for distressed companies. Other areas of strength include debt recovery work, winding-up procedures, and litigation and arbitration proceedings.

Practice head(s):

Finn Lynge Jepsen; Christian Tornvig Jensen

Testimonials

‘They conduct some very high profiled insolvency court cases.’

‘Christin Thornvig Jensen is a very pleasant and high skilled lawyer. You can always leave a client with him and trust that he will give them the right advice in a good and respectful way.’

‘The Elmann Insolvency team led by Finn Jepsen has its particular strength in insolvency-related litigation. The insolvency team is overall solid and respected in the Danish market.’

‘The key partner in the Elmann Insolvency team is Finn Jepsen. Finn Jepsen stands out as a highly regarded litigator in insolvency matters.’

‘Finn Jepsen and Christian Tornvig Jensen are good insolvency practitioners that give the client value for money. Finn Jepsen is also one of the best insolvency litigation specialists in Denmark.’

‘Elmann’s insolvency team shows a very high level of agility and speed when solving complex insolvency issues and is adept at resolving high conflict cases.’

‘Christian Tornvig Jensen has a high level of knowledge and experience with insolvency. He has a quick response time and cuts easily through complexity. With a high knowledge of adjacent legal areas he is a go-to advisor.’

‘Christian Tornvig Jensen is a very experienced insolvency practitioner. A key strength lies in his ability to quickly assess the client’s needs and solve them quickly and with excellent results.’

Key clients

Creditors, lease companies and 120 employees from Primera Air Scandinavia A/S

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

Jyske Bank A/S

Nykredit Bank A/S

The Danish Growth Fund

Nordea Bank Danmark

Arbejdernes Landsbank and AL Finans A/S

Deminor International SCRL including 21 institutional investors such as JP Morgan, Schroders etc

Danish Tax Authorities

Work highlights

  • Acted as liquidator in the bankruptcy of Primera Air Scandinavia A/S, which had around eight airplanes and around 120 employees; deal involved lease contracts with aeroplanes and was part of an international group with companies in Latvia and Iceland.
  • Acted as trustee for Jyske Bank A/S and Nykredit Bank A/S in the case of housing co-operative A/B Nordre Fasanvej 271 + 271 A (under bankruptcy); the case involved handling complex law on rent-related issues.
  • Acted as trustee for Arbejdernes Landsbank and AL Finans A/S in a case which involved handling the ongoing business with more than 35 employees working on more than ten different construction sites in Denmark; a transfer of the company’s activities and assets including 15 employees was successfully completed to the benefit of the main creditors.

Haugaard | Braad

Haugaard | Braad is a key name in the Danish market for bankruptcies, restructurings, compulsory liquidation proceedings and other creditor arrangements in the agricultural sector. Though the group, which is led by Anders Braad, specialises in assisting large-scale agricultural entities including pig farms, dairy farms and biogas companies, it also has experience in insolvent liquidations involving construction companies.

Holst, Advokater

Holst, Advokater is praised as 'one of the most specialised insolvency teams in Denmark when it comes to restructuring and other insolvency proceedings in the construction sector'. Henrik Steen Jensen's group also has experience on the debtor side of restructurings, particularly those involving out-of-court solutions to avoid formal bankruptcy proceedings. Agriculture companies, construction companies and other financial creditors are among its key clients.

Practice head(s):

Henrik Steen Jensen

Other key lawyers:

Søren Skov

Testimonials

‘Has vast knowledge within the building industry and has handled many insolvency cases regarding construction companies.’

‘Søren Skov has extremely high theoretical skills and is one of the most pleasant people to work with. You never really doubt his judgement and he always finds the right solution.’ 

‘The team is one of the most specialised insolvency teams in Denmark when it comes to restructuring and other insolvency proceedings in the construction sector. Henrik Steen Jensen has over the last 10 years been involved in most of the major insolvencies within the Danish construction sector.’

‘Henrik Steen Jensen is the key figure in the Holst insolvency team. He has for years been advising construction companies and the financial creditors in these companies on insolvency matters.’ 

Key clients

Atradius, Filial af Atradius Crédito y Caución S.A. de Seguros

y Reaseguros, Spanien

Djurslands Bank A/S

Euler Hermes Danmark, Filial af Euler Hermes S.A, Belgien

Jyske Bank A/S

Nordea Danmark, Filial af Nordea Bank Abp, Finland

Spar Nord Bank A/S

Tryg Garanti

Vestjysk Bank A/S

Work highlights

  • Acting as trustee of the Anker Hansen & Co. A/S bankruptcy estate.
  • Acting as trustee of the B. Nygaard Sørensen A/S bankruptcy estate.

Moalem Weitemeyer

The restructuring and insolvency team at Moalem Weitemeyer provides advice to insolvent corporations and creditors on the full gamut of distressed M&A and dispute resolution matters. It is also experienced in insolvency disputes arising from contentious restructuring measures, bankruptcy quarantine issues and asset recovery mandates. The team is headed up by Thomas Weitemeyer, who also represents members of management in liability cases.

Practice head(s):

Thomas Weitemeyer

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

LLarsen Watches A/S

Presidents Institute

Work highlights

  • Represented a member of a company’s board of directors in a liability case that stems from one of Denmark’s big retail companies in bankruptcy.
  • Represented a member of management of a major fashion company in bankruptcy in a court case.
  • Acted for Nomeco A/S in bankruptcy proceedings.

NJORD Law Firm

Bolstered by its late 2020 merger with Silkeborg-based firm Brockstedt-Kaalund Advokatpartnerselskab, which brought Anders Hammer Hansen on board as the new insolvency and reconstruction group head, NJORD Law Firm advises its client base on a variety of insolvency and bankruptcy matters. Key areas of focus include acting as trustee for companies, filing petitions for bankruptcy and representing clients in legal proceedings.

Practice head(s):

Anders Hammer Hansen

Other key lawyers:

Malene Eigtved; Jørgen Erik Frandsen

Key clients

Jyske Bank

Jyske Finans

Nykredit

Sydbank

Vækstfonden

Work highlights

  • Appointed trustee by Vækstfonden in the bankruptcy of Conektcar ApS.
  • Appointed trustee for Deeds Capital ApS during its bankruptcy.
  • Appointed as trustees in several bankruptcy cases in connection with the public case of Operation Greed, where the Danish tax authorities were subject to massive fraud.

Sundgaard Advokater

Insolvency boutique Sundgaard Advokater was bolstered in 2020 with the arrival of Pernille Bigaard, who is widely considered 'one of the best in the market'. The group advises clients on a range of turnarounds, reconstructions, restructurings and also acts as trustee for bankruptcy estates, leveraging 'an exceptional combination of young talented lawyers and very skilled and experienced partners'.

Other key lawyers:

Pernille Bigaard; Gunvor Sundgaard Happe; Agnete Brus Krusell; Thomas Torré Christiansen

Testimonials

‘Sundgaard Advokater is a fairly new but strong and extremely able player in the market. Young and dynamic but still very experienced from the partners’ participation in the largest cases and projects since 2008. Superb commercial overview combined with the mastering of details.’ 

‘Pernille Bigaard has for decades been a leader in the market. A second to none personality with a strong business sense and network. Gunvor Sundgaard Happe is a strong lawyer and experienced player with a very pleasant attitude and a high “likeability” which open doors for effective negotiations and dealmaking. Agnethe Brus Krusell is a young yet experienced partner.’

‘Pernille Bigaard is one of the best in the market. Pleasant to work with and she has experience within all aspects of insolvency.’

‘An exceptional combination of young talented lawyers and very skilled and experienced partners.’

‘Sundgaard Law Firm is recognised for its specialisation in bankruptcy law. The leading partners of the firm have all worked on some of the biggest bankruptcy estates in Denmark for many years and are all respected by their peers in the industry.’

Key clients

ACT.Global A/S

Selskabet af 27.04.2020 (formerly Arnold Busck A/S)

SDK Installation ApS

Advokatfirmaet C.S.C.R. ApS

Abildhill ApS

MONT DOR ApS

Protesekompaniet A/S

Electro-Energy A/S

Selskabet af 31. maj 2017 (formerly Kurbad by Ilse Jacobsen ApS)

Work highlights

  • Appointed as trustee for the bankruptcy estate of Arnold Busck A/S, the well-known Danish family-owned business;  transferred most of the business to three different buyers resulting in the transfer of 16 stores.
  • Acting as reconstructor for ACT.Global A/S, a Copenhagen-based company focusing on sustainable disinfection and air purification.
  • Appointed as trustee for SDK Installationer ApS.