Next Generation Partners

Firms To Watch: Insolvency and corporate recovery

With notable expertise in acting as administrators for bankruptcy estates, Bull & Co Advokatfirma AS has expanded its insolvency practice with the recruitment of Vegard Øien from Økland & Co in April 2023. Kristoffer Aasebø leads the team, and is particularly active in real estate-related matters.

Insolvency and corporate recovery in Norway


BAHR fields a practice with particular expertise in the corporate restructuring market, and the team frequently acts for Norwegian bondholders. Practice head Richard Sjøqvist is an expert in international financing work and restructurings, while Magnus Tønseth specialises in restructurings in the shipping and offshore markets and Jon Christian Thaulow is an insolvency litigator. The group also includes Daniel Jovanovic and Kristine Hjertenæs, who both act in complex multi-jurisdictional restructurings, as well as Steffen Rogstad, who frequently assists with complex negotiations and cross-border matters.

Practice head(s):

Richard Sjøqvist

Other key lawyers:

Magnus Tønseth; Jon Christian Thaulow; Steffen Rogstad; Daniel Jovanovic; Kristine Hjertenæs


‘The firm has legal and commercial competence.’

Key clients

Nordea Bank Norge ASA

DNB Bank

Nordic Trustee ASA

Credit Agricole Corporate

Skandinaviska Enskilda Banken AB


Swedbank AB


Danske Bank (Norwegian branch)

Export Finance Norway (Eksfin)

Citibank N.A (London Branch)

ABN Amro Bank N.V. (Oslo Branch)

Global Loan Agency Services Limited

Golden Energy Offshore Management AS

Work highlights

  • Acting as Norwegian legal adviser and global legal coordinator to the seismic vessel operator PGS ASA on the successful financial restructuring and refinancing of its financial commitments.
  • Acting as joint lead restructuring counsel for a coordination committee of creditors representing lenders under 12 credit facilities with Seadrill Limited subsidiaries as borrowers, comprising credit funds, bank lenders and Norwegian, Korean and Chinese ECAs representing approximately $5.7bn of secured debt in negotiations relating to the restructuring of Seadrill Limited’s capital structure.
  • Acted as Norwegian counsel for the secured lenders in connection with six credit facilities amounting to approximately $1.44bn of debt, in the context of the restructuring of Altera Infrastructure L.P. and its subsidiaries.

Kvale Advokatfirma DA

Kvale Advokatfirma DA's fully specialised insolvency and restructuring practice is ‘highly competent‘ and particularly sought after by clients for advice on bankruptcy and judicial restructuring proceedings; the team also assists banks with securing and recovering funds from customers in financial distress. Leading the practice, Stine Snertingdalen is an expert in insolvency and insolvency-related banking and finance mandates. The group also includes Tom Hugo Ottesen, who assists companies and banks with restructuring and refinancing matters; Thomas Piro, who advises on bankruptcy issues; and distressed M&A expert Anne Kjølseth Ekerholt. Bjørn Løtveit, who joined the firm in January 2023 and specialises in financing and collateral issues, and insolvency specialist Erik Torjusen, are also key contacts.

Practice head(s):

Stine Snertingdalen

Other key lawyers:

Tom Hugo Ottesen; Thomas Piro; Anne Kjølseth Ekerholt; Erik Torjusen; Bjørn Løtveit


‘By far the best insolvent capabilities in Norway.’

‘Great team and great members. Well organised, informed and go the extra mile to resolve cases.’

‘All the partners involved have shown good abilities to prioritise the most important issues, give concrete and clear advice, and make the necessary risk assessments during the project.’

‘I have worked with Kvale’s insolvency and restructuring team for several years, and have been assisted by a small but highly competent team, mainly consisting of three partners and one associate. I am very impressed with their ability to be quick, precise and cost-effective in their advice. Our case has not been very large or high-profile, but I have always felt prioritised and well taken care of. I am particularly impressed by the availability of the partners.’

‘Stine Snertingdalen is probably the best within her field of expertise. A pleasure to work with, provides high-quality advice and is easy to communicate with.’

‘Tom Hugo Ottesen is still active and plays an important role with his vast experience.’

‘Erik Torjusen and Stine Snertingdalen are both highly skilled, always positive and ready to assist both in small and big cases. Great people skills combined with high quality work make them great in their field.’

‘We have mainly been assisted by the partners Anne Ekerholt and Stine Snertingdalen and in this area, they have really impressed me. Their availability has been very good throughout the time we have received assistance with our case.’

Key clients

The bankruptcy estate of Flyr

The bankruptcy estate of AG Installasjon

The bankruptcy estate of A-K Maskiner and subsidiaries

Optin Bank (winding up)

The bankruptcy estates of Norske Skogindustrier and other companies in the Norske Skog company group

The bankruptcy estates of the Vita company group

Collector Bank

Danske Bank

DNB Bank

Eksfin/Eksportfinansiering Norge (formerly GIEK)

Sparebank 1 SR-Bank

The bankruptcy estate of IMSK

Contexo reconstruction

Axxis Geo Solutions reconstruction

The bankruptcy estate of Aker Brygge Trading

The bankruptcy estate of Top-Toy Norge (Toys ‘R Us retail chain)

The bankruptcy estate of ØPD

The bankruptcy estate of Norhard and other group companies

The bankruptcy estate of NP Group

The bankruptcy estate of Miris

The bankruptcy estate of Jisco Alumina Norway

The bankruptcy estate of REC Wafer Norway

Nordic Trustee

Collector Bank

Work highlights

  • Handling the bankruptcy estates of Norske Skogindustrier and several of its subsidiaries in a large and complex bankruptcy.
  • Handled the bankruptcy estate of Flyr and advised on its agreement with leasing companies from the UK, the US and Ireland, which required the estate to engage several employees from the company and approval from the Norwegian Civil Aviation Authority.
  • Handling the bankruptcy estate of A-K Maskiner and its subsidiaries, appointed by the court as bankruptcy trustee in June 2022.

Ro Sommernes Advokatfirma DA

Ro Sommernes Advokatfirma DA's ‘very skilled‘ practice specialises in insolvency, restructuring and debt negotiations, and the team frequently advises debtors, creditors and mortgagees on corporate recovery matters. Practice head Håvard Wiker is a ‘new leading light‘ in the fields of restructurings, debt negotiations and bankruptcies. The group also includes ‘super adviserErik Sandtrø and the ‘drivenNils Holger Koefoed, who both advise on general business law with a focus on acquisitions, debt negotiations and bankruptcy proceedings. Thomas Monsen and Harald Sommernes are also key contacts.

Practice head(s):

Håvard Wiker

Other key lawyers:

Erik Sandtrø; Nils Holger Koefoed; Thomas Monsen; Harald Sommernes


‘The uniqueness at Ro Sommernes is the leading partners ability to combine academic excellence with being the definite go-to firm for the practical execution of any major or complicated reconstruction or liquidation process.’

‘The team is agile and business-minded. They are always looking for solutions.’

‘Smart, knowledgeable, trustworthy, fast and furious; the best in the country.’

‘The team of lawyers at Ro Sommernes are among the best you can find in Norway within restructuring and insolvency. They are very skilled, pragmatic in their approach and pleasant to work with.’

‘Håvard Wiker is the new leading light. He is academically strong as well as effective and hands-on, and commands the respect of all others in this jurisdiction.’

‘Erik Sandtrø is the partner that makes all the wheels turn and provides a 100% guarantee for delivery.’

‘Nils Holger Koefoed is hardworking and driven. Has the ability to think outside the box to achieve solutions. ’

‘Håvard Wiker is an excellent and experienced adviser and a pleasure to work with. Erik Sandtrø is super adviser and also a pleasure to work with. Nils Holger Koefoed is technically very strong.’

Key clients

Hammerfest Industriservice AS

Golden Energy Offshore Management AS

Termowood AS

The bankruptcy estate of Viking Holding Eiendom AS

The bankruptcy estate Brunbjørn AS

Champagneria AS

Pocos Holding AS m.fl.

The bankruptcy estate of Egge Gård AS

The bankruptcy estate of Scotch & Soda Norway AS

The bankruptcy estate of Georg Andresen & Sønner AS

Airwing AS

The bankruptcy estate of Norwegian Cargo AS, Norwegian Ground Handling AS, NAS Invest AS and Norwegian Training Academy AS

Work highlights

  • Assisted Pocos Holding AS, which holds the franchise rights to The Body Shop in Norway, with the successful restructuring of its debt.
  • Appointed trustee of the bankruptcy estate of Georg Andresen & Sønner AS, a large construction company in Norway.
  • Advised on the restructuring of Golden Energy Offshore Management AS.

Advokatfirmaet Simonsen Vogt Wiig

Advokatfirmaet Simonsen Vogt Wiig's ‘high quality‘ insolvency practice frequently acts for bankruptcy estates and is appointed as administrator on matters; it also advises banks and financial institutions on restructurings within the shipping, oil, offshore and aviation industries. Peter Aall Simonsen heads up the restructuring and insolvency department in Oslo and is a trusted adviser for banks, bondholders and creditors across a variety of industries. The group also includes Bjørn Åge Hamre, who leads the Bergen office and is an experienced court-appointed administrator; and Kristiansand-based practice head Asbjørn Breistein. Per Christian Eriksen, who is a well-regarded insolvency and restructuring practitioner with extensive experience in restructurings and bankruptcies, is another key contact.

Practice head(s):

Peter Aall Simonsen; Bjørn Åge Hamre; Asbjørn Breistein

Other key lawyers:

Per Christian Eriksen


‘Good local presence.’

‘Professional team.’

‘Up front and quick and at the same time at a high quality level.’

‘Peter Aall Simonsen is very experienced. He responds immediately. I would like to highlight his precise, strategic and tactical legal knowledge and experience in this field.’

‘Bjørn Åge Hamre does a good and effective job.’

‘They have knowledge and competency.’

Key clients


DNB Bank

Nordea Bank Abp

ING Bank N.V.

Eksfin (Norwegian Export Finance)

The bankruptcy estate of Kleven Verft AS

The bankruptcy estate of Norske Skogindustrier ASA

The bankruptcy estate of Nordic Personell AS (IMO Offshore AS)

The bankruptcy estate of Bergen Bunkers AS (a subsidiary of O.W. Bunkers)

Hordaland tingrett (Court appointed trustees)

Agder tingrett (Court appointed trustees)

Air Lease Corporation

Bank of America Leasing Limited

Standard Chartered Bank

The Norwegian Advisory Council on Bankruptcy

The bankruptcy estate of Verada Marine AS

The bankruptcy estate of Dale Fabrikker AS

Fosen Seafarm Construction AS

Termowood AS

Curida AS

Vestafjell AS

The bankruptcy estate of Teknobad AS

Work highlights

  • Acting as Norwegian law expert on behalf of the bankruptcy estate of Norske Skogindustrier ASA in complex insolvency proceedings before the United States Bankruptcy Court Southern District of New York.
  • Advised Nordea Bank in connection with the second restructuring of Seadrill.
  • Appointed administrator for the highly publicised bankruptcy estate of Kleven Verft AS.

Advokatfirmaet Thommessen AS

Advokatfirmaet Thommessen AS fields a ‘uniquely qualified‘ practice, advising on financial restructurings, especially in the offshore, oil services and shipping industries. Practice head Kristoffer Hegdahl is an ‘extremely capable restructuring lawyer‘ with particular expertise in financial restructurings, financially distressed scenarios and workouts. Other notable practitioners include Halvor Mansåker, who works primarily with debt capital market transactions; Ellen Teresa Heyerdahl, who focuses on matters relating to bank and bond financings; and Frida Stene-Slotte, whose practice centres on debt capital market transactions and financial restructurings. Faraz Ahmed Ali, who ‘stands out and is always on top of all details’, primarily handles restructuring and insolvency matters within the shipping and offshore industries.

Practice head(s):

Kristoffer Hegdahl

Other key lawyers:

Halvor Mansåker; Ellen Teresa Heyerdahl; Frida Stene-Slotte; Faraz Ahmed Ali


‘Very strong team. Clearly one of the best in Norway on large scale restructurings.’

‘The Thommessen team is uniquely qualified and positioned to take on and tackle complex restructuring cases both on a national and international level. The team is large and diverse enough to entertain all aspects of a restructuring or an insolvency. The team co-operates seamlessly among themselves and with other Thommessen lawyers. The client responses are immaculate and always timely.’

‘Available for new projects on short notice. Good project management that secures progress. Precise legal advice. Must-have sense of humour.’

‘They are available and quickly get up to speed on ongoing cases. They secure progress and follow-up on projects. Advice is operational, and they are nice people.’

‘Thommessen covers all aspects of banking and finance, which is practical for us. They have some strong partners, but also some very, very strong senior lawyers and managing associates that really stand out and makes the team complete.’

‘Kristoffer Hegdahl is always on top of any matter he handles. He is very quick to grasp the issues and the strategic possibilities. Apart from the legal issues, he generally has a full understanding of the financial “puzzle” and develops sound and smart strategies. An extremely capable restructuring lawyer, in a class of his own in Norway.’

‘Frida Stene-Slotte is very smart, and handles both the legal and strategic sides of a restructuring/insolvency superbly. She is an invaluable part of the team, from the client perspective, due to her responsiveness and client follow up.’

‘Faraz Ahmed Ali stands out and is always on top of all details in a restructuring. He seems to be a key factor in the success of the Thommessen restructuring team and I hope we will see much more of him in the future.’

Key clients

Nordic Trustee (and bondholders committees)


Nordea Bank

Danske Bank


ABN Amro


The Export-Import Bank of China (CEXIM)


Export Finance Norway

Eksportfinans ASA



Danish Ship Finance

SpareBank 1 SR-Bank

Sparebank 1 Søre Sunnmøre

Sparebanken Møre

Skandinaviska Enskilda Banken (SEB)

MPC Containerships ASA




Recreate ASA

Volstad Maritime

Work highlights

  • Advising secured lenders of Solstad Offshore relating to a $1.5bn debt refinancing.
  • Advising Recreate ASA, a Norwegian retail company, on its restructuring process.
  • Advising a consortium of Norwegian banks in connection with the restructuring efforts of a listed Norwegian oil service company.

Wikborg Rein

The ‘dedicated and skilled insolvency team’ at Wikborg Rein has expertise in both restructuring and insolvency mandates, and is particularly sought after for restructurings in the energy, shipping and offshore sectors. Practice head Kaare Christian Tapper has ‘an eye for details‘ and is a highly experienced practitioner in the insolvency and restructuring fields. The group also includes Stian Tande Mortensen, who specialises in debt financings with a focus on high yield bonds, direct lending transactions and financial restructurings; and Leif Petter Madsen, who is a competent litigator specialising in bankruptcies. The ‘experienced and solution-orientedSofie Vikse is a key practitioner in bankruptcy cases and advises companies and creditors on financial restructurings and insolvency issues, while Mira Levand Bergsland, who assists with bankruptcy and restructuring matters, is also recommended.

Practice head(s):

Kaare Christian Tapper

Other key lawyers:

Stian Tande Mortensen; Leif Petter Madsen; Sofie Vikse; Mira Levand Bergsland


‘Dedicated and skilled insolvency team.’

‘Wikborg Rein’s restructuring team is one of the very best in the Norwegian market, and they are highly competent in international work.’

‘Very strong team with great capacity to handle large and detailed restructurings.’

‘The team seem to work very well together and Wikborg is excellent at having a small and tight team. ’

‘We worked well with the entire team, but we would like to highlight Kaare Christian Tapper who had an impressive overview and control and managed to navigate different interests in an excellent manner. Further, we were impressed that he takes responsibility and is not afraid to express his views, even though his view might deviate from the clients.’

‘Kaare Christian Tapper has an eye for details while at the same time managing the commercial interests at stake.’

‘Sofie Vikse is experienced and solution-oriented.’

‘Sofie Vikse is an up-and coming and highly skillful lawyer that I have had the pleasure of cooperating with on insolvency related matters over the last couple of years. She is very solution oriented and efficient, and regularly solves matters before she is expected to. I recommend her services for anyone searching for a skilled lawyer within her field of expertise.’

Key clients

Nordea Bank Abp, filial i Norge

Nordic Trustee AS

PB Norge AS, its estate in liquidation

K Ekrheim AS

Rørosrein AS

Apollo Management Holdings, L.p

Latina Offshore Limited

Telford Offshore Limited

Lorentzen & Co AS, its bankruptcy estate

IOG plc

Solstad Offshore ASA


Danske Bank, Norwegian Branch

Eksportfinansiering Norge


Cross Ocean


Danmarks Skibskredit A/S

Deutsche Bank AG

J.P. Morgan SE

Sculptor Investments S.a.r.l

Sparebanken Møre

Sparebanken Vest

SpareBank 1 SR-Bank ASA

BNP Paribas

Work highlights

  • Assisted the senior secured lenders to the DOF group in the complex financial restructuring of the group’s debt.
  • Advised Nordic Trustee AS and an ad hoc committee of the bondholders of the 10.25% $300m senior secured bonds issued by Mime Petroleum AS, in relation to a comprehensive restructuring of the issuer.
  • Assisting Solstad Offshore ASA with refinancing discussions with its secured and unsecured lenders and other stakeholders, and, as part of such refinancing, also assisted the company with the sale of its PSV fleet consisting of 37 vessels.

Advokatfirmaet Haavind AS

Advokatfirmaet Haavind AS assists with the full range of insolvency and distressed situations in a manner that is ‘efficient, hands-on and client oriented’. ‘Very skilled‘ practice head Ellen Schult Ulriksen is an insolvency specialist with particular expertise in restructurings, bankruptcy proceedings and creditor negotiations. Hans-Christian Donjem leads the banking and finance team at the firm, and is also active in the restructuring and insolvency space. Other notable practitioners include the ‘up-and coming and highly skillfulKarianne Evje Skiaker, who is frequently appointed as trustee of bankruptcy estates; and Christoffer Baisgård, who regularly assists with debt recovery work, debt negotiations and enforcement proceedings.

Practice head(s):

Ellen Schult Ulriksen

Other key lawyers:

Hans-Christian Donjem; Karianne Evje Skiaker; Christoffer Baisgård


‘Haavind is very efficient, hands-on, client oriented and easy to deal with.’

‘Haavind’s team stands out for its high level of expertise within insolvency related matters. They have impressive capacity, always available and fast to turnaround to assist. The team has a great combination of experience and talent.’

‘The team is highly skilled and professional and provides very concise advice and practical solutions.’

‘I know the team, led by Ellen Schult Ulriksen and Karianne Evje Skiaker, as highly skilled and efficient lawyers. It is my impression that Haavind’s restructuring team is one of the very best in the Norwegian market, and that they are highly competent in international work.’

‘Ellen Schult Ulriksen is very knowledgeable and pragmatic.’

‘Ellen Schult Ulriksen is very skilled within insolvency law, and will always seek to find smart solutions. She is fast to respond, and an expert in providing tailor made, easy to understand solutions to very complex issues.’

‘Karianne Evje Skiaker is an up-and coming and highly skilled lawyer that I have had the pleasure of working with on several insolvency related matters over the last couple of years. She has demonstrated that she is very good at finding good practical solutions in an efficient manner. I recommend her services for anyone searching for a skilled lawyer within her field of expertise.’

‘Karianne Evje Skiaker is very skilled within insolvency law, always hands on. In addition, she has great negotiation skills and always a friendly tone. ’

Key clients

J. Choo Norway AS

Champagneria AS

Agrinos AS

Migaya Retail Norway AS / Picard

Fresher Approach AS / Mor Holding AS / Club Aldri AS

Smestad Arkitektkontor AS / Solsiden Entreprenør AS / Satell Eiendomsutvikling AS

Santander Consumer Bank AS

Nbygg AS

Work highlights

  • Handled the complex bankruptcy proceedings of Champagneria AS, a restaurant and bar in Oslo which had to file for bankruptcy in October 2022.
  • Handled the forced liquidation of J. Choo Norway AS, the Norwegian subsidiary of the global luxury brand Jimmy Choo.

Advokatfirmaet Schjødt

Advokatfirmaet Schjødt AS fields a ‘highly experienced and professional‘ practice, which frequently assists banks, financial institutions and bondholders with domestic and cross-border restructuring and insolvency matters. Practice head Egil Horstad is an insolvency and restructuring expert and litigator and has ‘excellent legal skills’. The team also includes Peter Bugge Hjorth, who specialises in out-of-court proceedings and complex distressed situations, as well as cross-border matters; and Siv Sandvik, who has expertise in the international insolvency field. Johan Henrik Nossum, who advises distressed companies in out-of-court restructuring proceedings and also acts as administrator for bankruptcy estates, is another key practitioner.

Practice head(s):

Egil Horstad

Other key lawyers:

Peter Bugge Hjorth; Siv Sandvik; Johan Henrik Nossum


‘Highly experienced and professional legal service in a very particular legal matter. They meet and to some extent exceed client expectations.’

‘Egil Horstad has excellent legal skills in a very complex manner. He is able to deal with complex legal matters in a professional and practical way.’

‘Peter Hjorth is razor sharp and able to comprehend and turn the tables on any complex negotiation.’

‘The diversity of the team allows it to excel.’

Key clients


Nordea Bank Abp

SAS AB and SAS Norge AS

Prosafe SE

Nordic Trustee AS

Archer Ltd

Mime Petroleum

Bardin Hill Investments LLC

Altera Infrastructure Holdings LLC

The Norwegian Banks Guarantee Fund

Work highlights

  • Acted as administrator in the reconstruction proceedings in DOF ASA, and later as administrator in the bankruptcy estate of DOF ASA, where the DOF group had a debt of approximately NOK23bn, and DOF ASA separately had a debt of approximately NOK11bn.
  • Advising as local counsel for the listed company SAS AB in connection with its financial restructuring and ongoing Chapter 11 process in the US.
  • Assisted Archer Limited, a Norwegian oilfield services company, with completing its overall distressed refinancing and recapitalisation.


Wiersholm frequently assists debtors, banks and bondholders with restructurings in an ‘outstanding‘ manner, with sector-specific knowledge of the shipping, offshore and aviation industries. Group head Ståle Gjengset focuses his practice on advising industrial companies, financial institutions and investment banks on matters relating to financial restructurings, M&A and capital markets transactions. The team also includes Kristine Hasle, who is highly experienced in finance transactions and restructurings; debt financing expert Atle Gabrielsen; and Petter Thomren Moltu, who focuses on debt capital markets, banking and finance, and restructuring mandates. Ingrid Tronshaug joined the team in 2023 from Kvale Advokatfirma DA, and brings with her expertise in insolvency and restructuring law with a focus on bankruptcies.

Practice head(s):

Ståle Gjengset

Other key lawyers:

Kristine Hasle; Atle Gabrielsen; Petter Thomren Moltu; Ingrid Tronshaug;


‘Wiersholm’s merits, in particular with larger Norwegian companies, in out-of-court restructurings is outstanding. Ståle Gjengset has extensive experience in larger financial restructurings.’

‘Ingrid Tronshaug is experienced and very skilled.’

‘Ingrid Tronshaug just moved to Wiersholm, which represents added strength to Wiersholm’s already strong insolvency team.’

‘Responsiveness and can do attitude.’

Key clients

The Ministry of Trade, Industry and Fisheries/The Kingdom of Norway

Nordic Trustee AS

Siem Offshore Inc.


Sparebank 1 SR-Bank ASA

Altor Equity Partners

Olympic Subsea ASA

Polarcus Limited

SFL Corporation Ltd.

Archer Limited

The bankruptcy estate of Major57 AS

The bankruptcy estate of Råholt Hageby AS

Work highlights

  • Assisted Nordic Trustee AS and an ad-hoc group of bondholders with the restructuring of the DOF ASA group.
  • Assisted the Norwegian government with establishing a state guaranteed individual loan programme to support the airlines in the Covid-19 downturn, and in the restructuring of Norwegian Air Shuttle ASA.
  • Acted for DNB Markets (lead arranger) and Nordic Trustee AS (bond trustee) in connection with the comprehensive refinancing of Archer Limited, including a $100m private placement and a 2nd lien bond issuance.

Arntzen de Besche

Arntzen de Besche assists with a variety of insolvency and corporate restructuring matters, and has ‘excellent‘ sector-specific knowledge in the banking and finance, real estate, construction and media and entertainment industries. Practice head Trond Kildal is an insolvency and corporate recovery expert, and frequently acts for Norwegian and international banks, financial institutions and brokers. The ‘problem-solving and activeStein Knut Tonning focuses on corporate restructurings, debt settlements and bankruptcy proceedings; and Vidar Løhre is highly experienced in matters relating to companies operating on the Norwegian continental shelf. Joar Grimsbu, who focuses on debt settlements, bankruptcy law and corporate restructurings, is also a key contact.

Practice head(s):

Trond Kildal

Other key lawyers:

Stein Knut Tonning; Vidar Løhre; Joar Grimsbu


‘Best in the business when it comes to contentious insolvency matters. The team combines in-depth insolvency legal expertise with strong litigation skills. They are able to provide small and lean teams that can handle large and complex matters. Their pragmatism and commercial mindset makes them great sparring partners in every case. We always feel that we get great value for the work done.’

‘Large team with excellent professional and sector-specific knowledge.’

‘Arntzen de Besche has for many years specialised in insolvency cases and has experienced lawyers, specialists and a back office function. They have traditionally worked on the biggest cases in the region and have a good reputation with the district courts concerned.’

‘They are very solution-oriented and come up with good input for proposed solutions.’

‘Arntzen de Besche is one of the leading law firms in this field in central Norway.’

‘Stein Knut Tonning is an experienced bankruptcy trustee with a pragmatic approach.’

‘Stein Knut Tonning is a very experienced lawyer who mainly works with insolvency cases. He is active and problem-solving in his way of working.’

Key clients

Reinertsen AS, the bankruptcy estate

If P&C Insurance

JP Morgan AG

Nordea Bank Abp, Norwegian Branch

Orkla ASA

Air Montasje, the bankruptcy estate

Hugaas Entreprenør AS, the bankruptcy estate

Wie Montasje AS, the bankruptcy estate

Bygg Design AS, the bankruptcy estate

Fearnley Securities AS

Arctic Securities AS

Hugaasgruppen AS

Stålsystemer AS

Work highlights

  • Assisting Orkla ASA with the reorganisation of the group to establish an industrial investment company consisting of 12 individual portfolio companies with its own dedicated organisation.
  • Assisting the bankruptcy estate of Reinertsen AS in a complex debt restructure and bankruptcy proceedings.
  • Administering the bankruptcy estate of Hugaas Entreprenør AS, a Norwegian construction company specialising in building sports halls and arenas all over Norway. About 320 creditors and submitted claims of NOK526m.

DLA Piper

DLA Piper advises on a wide range of issues relating to insolvencies and restructurings, and is notably assisting the unsecured creditor committee for the Chapter 11 restructuring process of Scandinavian Airlines. Practice head Egil Hatling has extensive expertise in all aspects of restructuring and insolvency law, while Johan Ratvik is highly experienced in litigation and restructurings, as well as regularly acting as a court-appointed administrator in bankruptcies.

Practice head(s):

Egil Hatling

Other key lawyers:

Johan Ratvik

Key clients




Sichuan Road & Bridge (Group) Corporation

Betonmast Hæhre



Danske Bank

Zurich Insurance

Aegis/C.J. Coleman, Lloyd’s Syndicate


Cyrus Capital

Oslo City Court (for bankruptcy proceedings)


The Norwegian Cosmetics Association

BNS Holding/BNS Container


Harald A. Møller

Romerike og Glåmdal District Court (for bankruptcy proceedings)

Sparebanken Øst


EU Commission

Global Eagle Entertainment


Hydrokraft Glomfjord



Reitan convenience Norway


King Food

Conluo Facility Services

Work highlights

  • Advising the parties in relation to SAS’ filing for Chapter 11 protection in the US Bankruptcy Court for the Southern District of New York in July 2022 to assist in the resolution of SAS’ financial difficulties and help accelerate the implementation of SAS’s restructuring plans.
  • Administrating the bankruptcy proceedings of Maribel Hotel Group.
  • Advising Aegis on various professional liability claims against members of the Norwegian Institute of Public Accountants/Auditors Association, arising in connection with a range of insolvency situations.


Selmer advises on a range of issues relating to insolvencies and restructurings, particularly in the shipping and offshore sectors. Team leader Tor Herdlevær is a financial restructuring specialist; Per Morten Christiansen focuses on financing, restructuring, securities and financial regulatory matters; and banking and finance practitioner Erica Blakstad is particularly strong in restructuring and insolvency matters relating to the bank and bond market.

Practice head(s):

Tor Herdlevær

Other key lawyers:

Per Morten Christiansen; Erica Blakstad

Key clients

SpareBank 1 SMN

Sparebanken Vest

Export Finance Norway

Nordic Trustee

Sparebanken Møre

Sparebank1 Sogn og Fjordane

Convene Holding

Eidesvik Offshore

Work highlights

  • Acted for Convene Holding in connection with a complex financial restructuring of bond debt.
  • Advised Eidesvik Offshore on a complex refinancing of its entire group and fleet.

CMS Kluge

Advising both domestic and international clients, CMS Kluge‘s team provides a wide range of legal services relating to bankruptcy and restructuring matters and ‘possesses a truly unique ability to quickly grasp the issues at hand’. Practice head Hans Ingvald Stensholdt is a competent litigator who assists creditors and debtors with restructuring and insolvency mandates, and Dag Thomas Hansson is a highly experienced financing and restructuring lawyer. Another key practitioner is Thea Killengreen, who has significant experience in corporate law, particularly capital markets work.

Practice head(s):

Hans Ingvald Stensholdt

Other key lawyers:

Dag Thomas Hansson; Thea Killengreen


‘I greatly appreciate the extensive expertise in contract law and the advisory role in cases where conflicts may arise.’

‘The team possesses a truly unique ability to quickly grasp the issues at hand, along with a legal depth and objectivity in responses that leave any opposing party at a disadvantage.’

Key clients

Fredrikstad Seafoods

Cool Company

Kraft Bank

Bluegreen Group

Work highlights

  • Advising Fredrikstad Seafoods on the BoD liability of the chairman of Gråkjær, a Norway-based construction company, in connection with its filing for bankruptcy.
  • Advised Cool Company in relation to the bankruptcy pleading filed against it by one of its creditors.
  • Advising Kraft Bank on a complex matter involving a default lending relationship with a customer, which has developed into a three-party dispute due to banks’ mortgage in property being exposed to third-party rights connected to historical joint ownership.

Ræder Bing

Ræder Bing has ‘strong professional knowledge‘ and advises on mandates relating to bankruptcies, restructurings and assets recovery work. Group head Anne Christine Wettre is singled out as an ‘outstanding‘ insolvency lawyer with specialist knowledge of monetary claims, regulations, and financial and debt collection company compliance. Erling Opdal is an experienced insolvency and restructuring lawyer, who frequently acts as trustee for bankruptcy estates, as does Anne Gro Enger, who is also an experienced tax lawyer.

Practice head(s):

Anne Christine Wettre

Other key lawyers:

Erling Opdal; Anne Gro Enger


‘Large team with long experience and strong professional knowledge.’

‘Combines a practical approach with high professional knowledge.’

‘The team has great knowledge of insolvency and the important processes that we need to follow. They suggest different solutions that we haven’t considered earlier.’

‘I have collaborated with Ræder Bing in several cases and experience them as forward-looking lawyers with commitment.’

‘Erling Opdal is an experienced insolvency practitioner and trustee that really knows how to realise the estate’s assets in the best interests of the creditors. He has got an extra gear in terms of commercial acumen. He is very trustworthy – not only in the eyes of the client but also in the eyes of the Court and the counterparty.’

‘Erling Opdal really stands out. He always finds solutions even in situations where others wouldn’t.’

‘Anne Christine Wettre is very dedicated and has great knowledge of bankruptcy and tax related issues.’

‘I recommend Anne Christine Wettre as an outstanding and qualified insolvency lawyer with broad competences and a skillful way of handling complex situations.’

Key clients

Oslo City Court

Euler Hermes Credit Insurance

Norges Blindeforbund

Ryde Technology AS

Norwegian Block Exchange AS (

Oslo Chambers of Commerce

Brødrene Ringstad

Vexta AS

Oslo Drosjeeieres innkjøpslag

Bo Klokt AS / BKH AS

Basal AS

Malmlaft Eiendom AS / CH Skog AS

Tinfos AS

Interimleder AS

Teko Trading AS

Enter Gruppen AS

Work highlights

  • Assisted Elivery Sport AS as one of a few companies being reconstructed through the courts.
  • Appointed as the administrator of the bankruptcy estate of Move About AS.
  • Assisted MY Bank ASA with recovering complex non-performing loans.