Insolvency and corporate recovery in Norway


BAHR‘s restructuring group is highly regarded for its ‘legal and strategic understanding, coupled with commercial acumen‘. The department has a solid track record in acting for bondholders and banks, with cross-border restructuring work and prominent insolvency matters acting as core areas of instruction for the team. Richard Sjøqvist is highly regarded for his expertise in handling high-profile restructurings, and the ‘outstandingMagnus Tønseth advises on international restructuring mandates. Managing associates Steffen Rogstad and Daniel Jovanovic are also key names to note.

Practice head(s):

Richard Sjøqvist

Other key lawyers:

Magnus Tønseth; Steffen Rogstad; Daniel Jovanovic


‘Magnus Tønseth is on top of the game.’

‘Diverse expertise, ranging from national to international practices such as capabilities in Chapter 11 processes.’

‘Magnus Tønseth’s dedication and drive to get things done promptly truly stands out.’

‘Legal and strategic understanding, coupled with commercial acumen. Best team in Norway.’

Key clients

Aker Group

Nordea Bank Norge ASA


Nordic Trustee ASA


Norwegian Air shuttle ASA

Norvestor VI L.P.


Swedbank AB

Work highlights

  • Acted as joint lead restructuring counsel for a coordination committee of creditors, representing lenders under 12 credit facilities, holding approximately $5.7bn of secured debt concerning the restructuring of an offshore company.
  • Advised Nordea Bank Norge ASA, as agent for a syndicate of lenders, in connection with the refinancing of Prosafe SE and its subsidiaries.

Kvale Advokatfirma DA

Insolvency expert Stine Snertingdalen heads up Kvale Advokatfirma DA‘s practice, which is home to a team of ‘very experienced insolvency lawyers with a great sense for practical solutions‘. Tom Hugo Ottesen is a key figure in the team for assisting banks with restructurings and refinancings, and is well known for his established track record in acting as a court-appointed administrator. Large-scale, cross-border bankruptcy mandates are prominent in Thomas Piro‘s workload, while the ‘highly competentRobert Jensen acts for creditors, shareholders, boards of directors and investors on insolvency mandates. Jon Skjørshammer is a highly regarded practitioner in the space, and senior lawyers Ingrid Tronshaug and Erik Torjusen are also active in the space.

Practice head(s):

Stine Snertingdalen

Other key lawyers:

Tom Hugo Ottesen; Jon Skjørshammer; Robert Jensen; Thomas Piro; Ingrid Tronshaug; Erik Torjusen


Good expertise, fast delivery.’

‘Tom Hugo Ottesen and Thomas Piro are both very “on the ball”. In bankruptcies where operations continue under the bankruptcy estate, they both show great business and leadership abilities on top of their legal competence.’

‘Good skills, good availability, quick responses, pro active attitude.’

‘Robert Jensen: highly competent, responds quickly, good with people.’

Key clients

Optin Bank

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

Bank 2

Danske Bank

DNB Bank

The bankruptcy estate of REC Wafer Norway

Sparebank 1 SR-Bank

The bankruptcy estate of IMSK


Axxis Geo Solutions

The bankruptcy estate of Aker Brygge Trading

The bankruptcy estate of Top-Toy Norge

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 A-K Maskiner and subsidiaries

Ro Sommernes Advokatfirma DA

Boutique firm Ro Sommernes Advokatfirma DA has ‘solid cover in all relevant areas in corporate recovery and insolvency’; the department ‘combines academic excellence with the hands-on practical approach needed in corporate recoveries and insolvency’ and is ‘the unrivalled leader in this area in Norway‘, according to clients. Department head Håvard Wiker attracts praise for his ‘unique combination of being highly skilled within the law as well as having a calm and practical approach to each case‘, while Nils Holger Koefoed is ‘extremely solution-oriented‘. Other key practitioners include financing expert Ole Johan Stensli and Erik Sandtrø, who is well versed in handling bankruptcy proceedings.

Practice head(s):

Håvard Wiker

Other key lawyers:

Nils Holger Koefoed; Ole Johan Stensli; Erik Sandtrø


Håvard Wiker enjoys the absolute confidence of the courts as well as all major banks and government institutions. He combines academic prowess with ingenuity and persistence to find the solutions and make them happen. Many of the same things can be said about Nils Holger Koefoed and Erik Sandtrø and the up-coming Ole Johan Stensli.’

‘Large and knowledgeable specialist team.’

‘Nils Holger Koefoed has the ability to find alternative solutions to any problem.’

‘Strong on bankruptcy. Laid back approach. Good value for money.’

‘Nils Holger Koefoed possesses good business understanding.’

‘The team are all skilled and smart lawyers and have long experience working together.’

‘Nils Holger Koefoed is a skilled and street-smart lawyer. Håvard Wiker is very experienced and skilled.’

Key clients

Prosafe SE

Ice Group ASA

Bjarøygruppen AS

Bjarøy Handel AS

Viking Heat Engines AS

Jotunfjell Partners AS

Borr Drilling Limited


Work highlights

  • Advised Prosafe SE on its large-scale restructuring.

Advokatfirmaet Simonsen Vogt Wiig

Advokatfirmaet Simonsen Vogt Wiig‘s ‘very professional insolvency team‘ operates out of the Oslo, Bergen and Trondheim offices, and is regularly instructed on prominent financial restructuring mandates in the offshore and shipping industries. The group is highly regarded for its strong capabilities in advising on the administration of complex bankruptcies; Bjørn Åge Hamre is well known for his expertise in this area. Hamre jointly heads up the department with Peter Aall Simonsen, who acts for creditors in restructurings, and debt settlement expert Nils Håkon Risberg.

Practice head(s):

Peter Aall Simonsen; Bjørn Åge Hamre; Nils Håkon Risberg


‘Peter Aall Simonsen: very experienced, responds immediately, has precise, strategic and tactical legal knowledge and experience in this field.’

‘Delivers flexible and pragmatic advice on top of a rock solid theoretical foundation. Always on time.’

‘Bjørn Åge Hamre: matched by few in theoretical capabilities, and adds value to any process he’s involved in.’

Key clients


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

Bergen tingrett


GIEK (The Norwegian Export Credit Guarantee Agency)

ING Bank N.V.

The bankruptcy estate of Kleven Verft AS

Nordea Bank Abp

The bankruptcy estate of Norske Skogindustrier ASA

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

The bankruptcy estates of Sesam Parkering, Separk Tech AS and Separk Holding AS

The Norwegian Advisory Council on Bankruptcy

Audhild Viken AS

BS Vest AS

Termowood AS

Fosen Seafarm Construction AS

Work highlights

  • Acting as Norwegian counsel to the bankruptcy estate of Norske Skogindustrier ASA, with claims exceeding NOK10bn, in connection with ongoing, cross-border proceedings under Chapter 15 of the US Bankruptcy Code.
  • Acting as counsel to three syndicates (comprised of 12 international banks) regarding the ongoing, high-profile second reorganisation of Seadrill Limited.
  • Assisting with the administration of the bankruptcy estate of Kleven Verft AS, one of the largest shipyards in Norway.

Advokatfirmaet Thommessen AS

Kristoffer Hegdahl heads up the restructuring and insolvency department at Advokatfirmaet Thommessen AS, which continues to handle a high volume of prominent financial restructurings within the shipping, oil and offshore sectors. The group acted for offshore driller company Seadrill in its high-profile financial restructuring, valued at NOK65bn. Ellen Teresa Heyerdahl is a key name for advising borrowers, arrangers and lenders on bond and bank financing matters, while specialist counsel Øyvind Dehli has expertise in cross-border restructuring issues. Other key practitioners are recently promoted partner Frida Stene-Slotte and managing associate Faraz Ahmed Ali.

Practice head(s):

Kristoffer Hegdahl

Other key lawyers:

Ellen Teresa Heyerdahl; Øyvind Dehli; Frida Stene-Slotte; Faraz Ahmed Ali


‘Kristoffer Hegdahl has great commercial understanding of complex restructurings.’

Key clients

Nordic Trustee


Nordea Bank

Danske Bank


Eksport Finance Norway


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




Work highlights

  • Acting as lead counsel to offshore and subsea services supplier DOF in connection with its ongoing NOK20bn financial restructuring.

Wikborg Rein

Wikborg Rein‘s ‘highly skilled and professional‘ restructuring team is ‘very business and solution oriented‘ and ‘provides very accurate and concise advice‘ on a range of insolvency and restructuring matters. Led by Kaare Christian Tapper, the group is well versed in assisting a solid client base of offshore and shipping companies, and is also adept at handling instructions from banks and energy sector entities. Of counsel Leif Petter Madsen is a highly regarded practitioner in the space. Senior lawyer Johan Astrup Heber regularly assists with financial and corporate restructurings and bankruptcy proceedings, and senior lawyer Mira Bergsland handles insolvency work.

Practice head(s):

Kaare Christian Tapper

Other key lawyers:

Leif Petter Madsen; Johan Astrup Heber; Mira Bergsland


‘Kaare Christian Tapper delivered great results.’

‘They have a great commercial understanding and provide support in a very efficient way.’

‘Mira Bergsland and Leif Petter Madsen are both highly skilled lawyers with a very good understanding of commercial aspects. They manage to take a holistic view and at the same time keep an eye on the details. They have very good communication skills.’

‘A professional team with capacity for the heavy cases.’

‘Kaare Christian Tapper – rising star in the restructuring universe.’

‘Kaare Christian Tapper is outstanding and highly qualified in the field.’

Key clients

Emergy AS/Emergy AB


Nordea Bank Abp, filial i Norge

Nordea Finans Norge AS

The bankruptcy estate of Innovasjon og Eiendom AS

The bankruptcy estate of G Travel AS


Nordea Finans Norge AS

The bankruptcy estate of Era Facility Services AS

Nordic Trustee AS

Deutsche Bank AG

Cross Ocean Partners

Swedbank AB

Danske Bank AS

Danish Ship Finance

Skandinaviska Enskilda Banken

Eksportfinansiering Norge

BNP Paribas

Work highlights

  • Assisting all the secured lenders (and affiliated guarantee institutions) of DOF ASA (and its various subsidiaries) with ongoing financial restructuring negotiations.
  • Assisted Emergy AS with the financial restructuring of its wind farm operations.
  • Appointed as trustee of Innovasjon og Eiendom AS.

Advokatfirmaet Haavind AS

At Advokatfirmaet Haavind AS, the ‘excellent‘ team stands out for its ‘high level of expertise‘ in handling large-scale bankruptcy mandates, and has been kept particularly busy assisting clients from the transport, retail, and construction sectors with high-value restructuring work. Practice head Ellen Schult Ulriksen is ‘very knowledgeable and has a practical approach which is very valuable‘. Banking and finance expert Hans-Christian Donjem assists private equity houses and financial institutions with restructurings, and senior lawyer Karianne Evje Skiaker is ‘very good at identifying the relevant problems to be addressed, and finding good practical solutions‘. Senior lawyer Christoffer Baisgård is ‘very responsive‘ and regularly advises on bankruptcy proceedings.

Practice head(s):

Ellen Schult Ulriksen

Other key lawyers:

Karianne Evje Skiaker; Christoffer Baisgård; Hans-Christian Donjem


‘An excellent team led by the very skilled and solution oriented Ellen Ulriksen.’

‘Ellen Ulriksen is fast to respond, finds clever solutions, and she is very skilled within insolvency law.’

‘Very experienced and competent team.’

‘Ellen Ulriksen is absolutely one of the leading Norwegian lawyers within this sector.’

‘Good industry knowledge.’

‘Excellent skills in every area.’

‘The team in Haavind is skilled, efficient and quick to respond.’

‘Ellen Ulriksen and Karianne Skiaker are skilled, friendly and efficient. They are both highly professional and “hands on” in the cases they are in charge of.’

Key clients

Vatvedt Technology AS

J. Choo Norway AS

Surve Mobility Services No AS

Nbygg AS

Kleven Prosjekt 401 AS

The Magic 5 AS /The Juicery/The High 5

Live Strong AS

Smestad Arkitektkontor/Solsiden Entreprenør/Satell Eiendomsutvikling

Jacob Service AS

Agrinos AS

Work highlights

  • Handling the bankruptcy proceedings of the Norwegian subsidiary of Surve Mobility Services.
  • Acting as trustee of global agricultural company Agrinos AS, involving the successful sale of all assets to a wholly owned subsidiary of agrochemical company American Vanguard Corporation.

Advokatfirmaet Schjødt

The team at Advokatfirmaet Schjødt is particularly sought out for its established track record in acting on complex restructuring matters, often including international elements. Department head Egil Horstad, who is based in Bergen, is well known for acting as a court-appointed administrator, and Oslo-based Peter Bugge Hjorth regularly acts for lenders in cross-border restructuring mandates. Also in the Oslo office, Siv Sandvik is a key name for clients from the shipping, oil, mining and financial services sectors, and Johan Henrik Nossum is a specialist in bankruptcy law. Norman Hansen Meyer joined the group in 2023.

Practice head(s):

Egil Horstad

Other key lawyers:

Peter Bugge Hjorth; Johan Henrik Nossum; Siv Sandvik; Norman Hansen Meyer


‘Competent, flexible and pleasant to work with.’

Key clients

Prosafe SE

Nordic Trustee AS

The bankruptcy estate of Bergen Bunkers AS

Goldentree Asset Management LP

Carbon Transition ASA

DSV Air & Sea AS

Nordic White Diesel ASA

Flux Group AS

BS Vest AS

Axess Logistics AS


Shipping and offshore restructuring matters are a core area of strength for Wiersholm‘s team, which is also highly regarded for its expertise in handling multi-jurisdictional restructuring work. The group is advising Nordic Trustee and multiple bondholders on the large-scale restructuring of DOF ASA and its subsidiary DOF Subsea. Department head Ståle Gjengset assists financial institutions and investment banks with financial restructurings, and Kristine Hasle has a solid track record in handling offshore and shipping-related restructurings. Financing expert Petter Thomren Moltu is also a key name to note.

Practice head(s):

Ståle Gjengset

Other key lawyers:

Kristine Hasle; Petter Thomren Moltu


‘Experience and expertise across the board.’

Key clients

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

Polarcus Limited

Siem Offshore Inc.


Sparebank 1 SR-Bank ASA

Altor Equity Partners

Olympic Subsea ASA

Nordic Trustee AS

Viking Supply Ships A/S

Archer Limited

Arntzen de Besche

At Arntzen de Besche, the restructuring and insolvency team continues to advise on the high-profile, longrunning debt restructuring process of oil service and offshore construction contractor Reinertsen; debt settlement expert Joar Grimsbu and Trond Kildal, who is well known for his expertise in restructuring and refinancing matters, are leading on this matter. Real estate, media and entertainment, transport, construction and banking and finance companies are prominent in the group’s client base. Grimsbu and Kildal jointly head up the practice with Stein Knut Tonning, who has an excellent reputation for his experience in insolvency work. Senior lawyer Simon Karim Jynge is also active in the space.

Practice head(s):

Trond Kildal; Joar Grimsbu; Stein Knut Tonning

Other key lawyers:

Simon Karim Jynge


‘Long experience in bankruptcy related matters.’

‘Really strong partners who understand our problems.’

Key clients

The bankruptcy estate of Reinertsen AS

The bankruptcy estate of Air Montasje

The bankruptcy estate of Reinertsen AS

The bankruptcy estate of Hugaas Entreprenør AS

The bankruptcy estate of Albert E Olsen AS

The bankruptcy estate of Wie Montasje AS

The bankruptcy estate of Bygg Design AS

Fearnley Securities AS

Arctic Securities AS

Work highlights

  • Assisting with the administration of the bankrupt estate of Norwegian construction company Hugaas Entreprenør AS, with claims exceeding NOK526m.
  • Acting on the ongoing administration of the bankrupt estate of Norwegian trade company Albert E Olsen AS.

CMS Kluge

The restructuring and insolvency group at CMS Kluge has a strong track record in acting in bankruptcy litigation. In an recent matter, Hans Ingvald Stensholdt, who heads up the practice, is advising Granby Capital Management LLC in connection with the bankruptcy of Norske Skog ASA and its subsidiaries. Cross-border work is another key pillar of the practice. Senior associate Thea Killengreen advises on restructuring matters.

Practice head(s):

Hans Ingvald Stensholdt

Other key lawyers:

Thea Killengreen

Key clients

Bane NOR

Investec Bank plc

Granby Capital Management LLC

Bø Installasjon AS

Mesta AS

Kraft Bank ASA

NEE-kreditorene AS

GMC Maritime AS

Saga Fisk

Work highlights

  • Assisted Investec Bank plc with litigation against arranger Pareto Securities, in connection with the bankruptcy of shipping company Septem Holding.

DLA Piper

Egil Hatling heads up the restructuring group at DLA Piper; the team attracts praise for its ‘very thorough and knowledgeable approach in bankruptcy cases‘. Cross-border restructuring mandates form the backbone of the practice, which leverages the strength of the firm’s global offering in insolvency matters to advise on multi-jurisdictional issues. Hatling is well known for acting as administration counsel on bankruptcy proceedings, while Johan Ratvik counts litigation as a core strength. In July 2022, Frode Finnøy moved to LIGL Advokater AS.

Practice head(s):

Egil Hatling

Other key lawyers:

Johan Ratvik


‘Positive, solution oriented.’

‘Johan Ratvik – excellent legal competence combined with a commercial mindset.’

‘Good analytical skills.’

Key clients



Terminal One Group

Menzies Aviation


Sichuan Road & Bridge (Group) Corporation

Deep Ocean

Betonmast Hæhre


IK Gruppen


Danske Bank

Zurich Insurance

Aegis/C.J. Coleman, Lloyd’s Syndicate


Cyrus Capital

Oslo City Court


The Norwegian Cosmetics Association

BNS Holding/BNS Container


Harald A. Møller

Romerike og Glåmdal District Court

Sparebanken Øst


EU Commission


Global Eagle Entertainment


Hydrokraft Glomfjord




Reitan Retail

Work highlights

  • Assisting US investment fund Cyrus Capital Partners with the defence of a €30m claim linked to a €300m clawback action brought against the client by the bankruptcy estate of Norske Skog.
  • Administrating the bankruptcy proceedings of the Maribel Hotel Group, involving over NOK1bn of debt.

Advokatfirmaet Selmer AS

Advokatfirmaet Selmer AS‘ team is recognised for its strength in handling shipping, offshore and oil restructuring mandates, drawing upon the firm’s offshore and shipping practice to advise on instructions. Practice head Tor Herdlevær acts for lenders, borrowers and arrangers in shipping, oil and real estate financial restructurings, and senior associate Erica Blakstad is a key contact for debt restructuring work. Senior associate Marte Aarøe is also noted. Norman Hansen Meyer departed to Advokatfirmaet Schjødt in mid-2023.

Practice head(s):

Tor Herdlevær

Other key lawyers:

Erica Blakstad; Marte Aarøe

Key clients

Sparebank 1 SMN

Sparebanken Vest

Export Finance Norway

Nordic Trustee

Sparebanken Møre

Sparebank1 Sogn og Fjordane

Sparebank1 Søre Sunnmøre

Norsk Titanium

P/f Skansi Offshore

Advokatfirmaet Ræder AS

Advokatfirmaet Ræder AS‘ restructuring and insolvency group has been kept busy assisting retail, construction, and real estate clients with a wide range of restructuring issues. The team is also highly regarded for its expertise in handling bankruptcy estates; Erling Opdal is a highly regarded practitioner in this area. Practice head Anne Christine Wettre garners praise for her ‘commitment and drive‘, and Anne Gro Enger regularly assists with the tax aspects of insolvency and restructuring matters. Senior associate Øyvind Bjørnstad is a key name for bankruptcy work.

Practice head(s):

Anne Christine Wettre

Other key lawyers:

Erling Opdal; Anne Gro Enger; Øyvind Bjørnstad


‘Dedicated team with high capacity and skill and a practical approach. They are very solution-oriented.’

‘Erling Opdal: experienced.’ 

‘Øyvind Bjørnstad: experienced and solution-oriented.’

‘Anne Christine Wettre is super effective and amazing in negotiations and in court.’

‘Anne Christine Wettre pays attention to details and is easy to work with.’

‘Anne Gro Enger has great people skills.’

Key clients

Oslo City Court

Euler Hermes Credit Insurance

Norges Blindeforbund

Ryde Technology AS

Norwegian Block Exchange AS

Thomas Waal

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