We have a number of specialist lawyers who are engaged as administrators and liquidators, and who are regularly appointed as receivers in bankruptcy. We also act for creditors, company representatives and other parties in the insolvency context. This includes advising on the requirements for having a company declared bankrupt, or advising someone facing claims in conjunction with insolvency or bankruptcy.
Business reorganisation means that a business finding it difficult to meet its payments may be given a grace period for payment of its debts while an administrator determines whether the business can continue, and what the prospects are for an arrangement with creditors.
When a business is declared bankrupt, control of all its assets is taken over by a receiver, who administers their distribution to creditors. The district court appoints a receiver to administer the ‘bankruptcy estate’ (konkursbo).
In a solvent liquidation the company is wound up. Its assets are converted into money, debts are paid, and any surplus is distributed to the shareholders. We have long experience of winding up companies by way of solvent liquidation. We are also engaged to act in cases of compulsory liquidation.