Restructuring and insolvency involves a wide range of diverse and often complex legal issues. We approach these cases with extensive experience, deep professionalism and a strong personal commitment and network.

We insist on translating the complex and difficult into simple solutions, which we convey in a clear and honest communication style. CLEMENS is therefore firmly established as one of the business community's preferred advisors within Restructuring and insolvency. We guarantee some of the country's most skilled and experienced advisors in areas such as

  • Bankruptcy and reorganization proceedings,
  • Out-of-court Restructuring and restructuring,
  • Financing and credit,
  • Disputes - avoidance, liability and creditor representation
  • Debt collection, debt recovery and foreclosure

We are a sparring partner for creditors and banks, and we safeguard creditor and mortgagee interests as trustee in bankruptcy estates, as a restructuring administrator appointed by the bankruptcy court or as an advisor in current and potential insolvency scenarios and in the handling of distressed exposures.

We assist both Danish and foreign businesses, shareholders and management in insolvency law issues, restructuring, divestment or downscaling, and ownership disputes.

We often represent creditors, management and companies in disputes and litigation regarding e.g. bankruptcy law avoidance, management liability and bankruptcy quarantine, as well as in disputes regarding loans and mortgages, surety or other securities.

We also advise companies, shareholders and banks in relation to loan agreements, security packages, credit granting and intra-group lending.

Finally, we handle commercial debt collection and foreclosures on an ad hoc or fixed basis.

Why choose us?

You should choose us for our commercial and straightforward approach to the often complex cases that characterize the insolvency field. We guarantee the highest professional standards, which we convey in an easily marketable and unpretentious manner with respect for our clients' commercial situation, reputation and business. We communicate honestly, directly and respectfully to both clients and counterparties and take pride in maintaining our many long-term client relationships.

Experience that translates into action

We have extensive experience in handling and resolving complex insolvency cases on both a large and small scale in most sectors. We are particularly strong in retail and manufacturing, real estate and construction, tech and transportation.

Our lawyers are certified insolvency lawyers and members of relevant professional organizations and networks in Denmark and abroad. We hold seminars at our clients' premises and keep them up to date on relevant knowledge, and we also teach courses offered by legal professional organizations. In addition, several of our lawyers are members of the Danish National Debt Collection Agency's Lawyers' Panel.

If you have questions about insolvency or Restructuring, please call or write to us.
CONTACT OUR EXPERTS IN INVOLVENS AND RESTRUCTURING

FAQ

Under Danish law, you are insolvent when you are unable to pay your obligations as they fall due. In other words, you are insolvent when you no longer have the necessary liquidity to pay your creditors on time. You can be technically insolvent or balance sheet insufficient without being insolvent in the sense of the Bankruptcy Act, i.e. if your liabilities/debt exceeds the value of your assets, but you are still able to pay your creditors on time. CLEMENS assists companies and their management in assessing the company's ability to act and continue operations if the company is insolvent or approaching insolvency.

When a natural or legal person (e.g. a company or an association) is insolvent, it can be placed under bankruptcy or reconstruction proceedings. Both the debtor and a creditor can file for bankruptcy or reconstruction proceedings Restructuring. It is the bankruptcy court that issues a bankruptcy decree against the debtor or decides to initiate reconstruction proceedings. CLEMENS assists creditors and debtor companies in filing bankruptcy or reconstruction petitions.

When the bankruptcy court has declared the debtor bankrupt, a trustee is appointed who is responsible for liquidating and realizing the debtor's assets and distributing the proceeds to the creditors. The funds from the bankruptcy are paid out to the creditors as dividends, i.e. proportionally according to the filed and approved claims. In addition, the trustee investigates whether there are grounds for initiating bankruptcy quarantine proceedings, whether there have been any voidable transactions and whether there have been any irresponsible transactions by the management. When the dividend is paid, the bankruptcy estate is closed. CLEMENS has extensive experience in handling bankruptcy estates and assisting creditors who have claims against a bankruptcy estate.

When a debtor is placed under reconstruction proceedings, the debtor retains control of his or her assets. The bankruptcy court appoints a restructuring administrator, which is typically Attorney, and often also an accounting trustee, which is typically an accountant.

The insolvency administrator and the debtor must present a plan to the bankruptcy court and creditors that describes how the debtor can resolve its financial challenges during the reorganization. This can be done through a compulsory composition, a business transfer or a combination of the two. When a final proposal is submitted to Restructuring, it must be approved by the creditors, who vote on the proposal, and by the bankruptcy court.

CLEMENS has extensive experience in handling restructuring estates, conducting business transfers and representing creditor interests in relation to a reorganization estate.

It is usually the person who files for bankruptcy who nominates the trustee - regardless of whether it is the debtor or a creditor who files for bankruptcy.

Similarly, it is the person who requests Restructuring to be initiated who nominates the administrator. Creditors can request the election of a trustee, where the creditors with the largest claims and who are expected to receive dividends can appoint the trustee. It is the bankruptcy court that formally appoints the trustee or administrator.

CLEMENS is often appointed as trustee or administrator by the bankruptcy courts.

According to the Bankruptcy Act, anyone who has participated in the management of the debtor's business may be subject to bankruptcy quarantine for up to three years if they have engaged in grossly irresponsible business conduct.

If you are sentenced to bankruptcy quarantine, you may not participate in the management of a business without being personally and unlimitedly liable for the company's obligations. Grossly irresponsible business conduct exists, among other things, if the management has failed to keep accounts, failed to declare and settle VAT and withhold and settle A-tax.

If there are serious and abuse-like circumstances that may even warrant criminal sanctions, this could also trigger a bankruptcy disqualification.

CLEMENS brings bankruptcy quarantine cases as trustee in bankruptcy estates and also has extensive experience in assisting management members who are faced with demands for the imposition of bankruptcy quarantine.

The Bankruptcy Act contains a set of rules that allows the trustee to avoid a number of transactions made prior to the bankruptcy that have favored certain creditors over others or caused losses to the bankruptcy estate. Among other things, the bankruptcy estate can avoid gifts or similar transactions, payment of debts under certain circumstances and pledge of old debts.

CLEMENS has extensive experience in conducting avoidance proceedings as trustee in bankruptcy estates and in assisting companies or individuals who are faced with avoidance claims from bankruptcy estates

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