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When an enterprise encounters financial difficulties it leads to uncertainty, not just for the enterprise and its managers and owners but for staff, creditors and other invested parties as well. If restructuring of the enterprise is not an option, it is important that the winding up of the enterprise is handled correctly and with minimal losses for all parties involved.

Bech-Bruun has many years' experience with all types of insolvency law issues and with assisting enterprises of all sizes and in all industries. Over the years we have been involved in some of the very largest restructurings and bankruptcies in Denmark. 

As tempo and expertise are decisive factors in a restructuring process, we work with external parties and experts from other business areas on raising the capital, managing power, crisis management, etc., necessary to reach the goal; a solution that will ensure continued operation of the enterprise and/or the best possible cover of the creditors' outstanding accounts.   

We always work to ensure the best possible realisation of assets – either through collective sale of the viable parts of the enterprise or sale of assets, and always on the best possible terms. We work on the basis of the premise that any type of insolvency process must be conducted in the best possible manner for the involved parties.

Our advisory services include:

  • Representation of creditors in connection with distressed loans or recovery of business receivables
  • Out-of-court restructuring in the form of agreements with central parties (e.g. banks)
  • Conducting restructuring proceedings at the Bankruptcy Court
  • Trustee's administration of bankruptcy estates
  • Legal proceedings in this connection, for instance in relation to D&O liability, issues relating to charges and guarantees, avoidance, examination of claims, etc.
  • Advising on tax implications of composition, restructuring, etc.

We always work in close cooperation with the enterprise's management, owners, creditors and other involved parties to reach the best possible solution for all. We have assisted in establishing a sustainable basis of existence for many enterprises in financial distress. Bech-Bruun is one of Denmark's leading law firms with legal experts in all relevant practice areas. We have access to expert knowledge whenever it is required.

We often cooperate with our experts in the areas of, for instance, Financing, Real Estate & Construction, Labour and Employment Law and Dispute Resolution.

We have an extensive international network at our disposal.


Insolvency & Restructuring

Restructuring & Insolvency

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What the team is known for
Esteemed and well-resourced practice that regularly assists domestic and international creditors with a range of bankruptcy and insolvency issues, including debt collection. Routinely acts for clients on regulatory and restructuring mandates. Noted for its expertise in contentious and non-contentious matters, as well as its international focus. Offers an integrated approach combining financial restructuring and insolvency practitioners and recently handled bankruptcy cases in the financial, shipping and events industries.

 

Strengths
Clients praise the quality of the work as well as the team's speed of response, saying: "They quickly drafted in the correct people with relevant experience to work with us and were at all times responsive and proactive." Another source also describes the team's ability to provide quick feedback as "outstanding, and it is always a comprehensive and correct response."

Clients also appreciate the team's efforts to understand the client's position, remarking that the lawyers are "open to conversations about our needs in each case and we have the clear perception that they are acting in our best interests."

 

Work highlights
Acted as trustee in the restructuring and formal bankruptcy proceedings of Inter Gruppen Totalentreprise.

Advised Nordex Group on its acquisition of various business activities from distressed company Danish SSP Technology, as part of a formal restructuring procedure.

 

Notable practitioners
Well regarded by clients and peers, Carsten Ceutz is praised for his "very good strategic abilities" as well as for being "very theoretically skilled," and sources note that "he has had some very difficult cases where you had to dig deep in the books." His work includes acting as a bankruptcy trustee and enforcing and administering securities and charges over distressed assets, with a particular focus on cases involving housing associations.

Michael Serring gains recognition for his strength in court disputes relating to insolvency and restructuring. Clients highlight that "he knows and remembers all the details of a case without losing the big picture. You feel like you are in good hands with him - he is an outstanding lawyer." Others rate his "huge intellectual capacity" and add that "he can understand complex business models and the more political aspects of cases."

Troels Tuxen has particular focus on restructuring matters and is described by sources as "a good commercial lawyer" who is experienced and has a strong reputation in the market. He advises on corporate restructuring and also represents clients in insolvency litigation.

Chambers and Partners Europe, Restructuring/Insolvency

Restructuring & Insolvency

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Troels Tuxen wins respect for his wide-ranging expertise, including in the administration of bankruptcy estates, restructuring and insolvency litigation matters. He is described as a "very skilled negotiator and moderator."

 

Carsten Ceutz is "extremely well qualified in his field," according to clients, and is noted for his experience as a liquidator and restructuring and bankruptcy administrator. He was the lead partner advising Bristen Gruppen on its bankruptcy proceedings.

 

Michael Serring specialises in insolvency matters, focusing primarily on debt collection, distressed securities and litigation. He has particular expertise in advising on limited partnerships.

 

Erik Malberg is a "great lawyer - he impresses me every time we work with him." He specialises in bankruptcy issues, particularly asset sales and administration of company charges and receivables.

Chambers and Partners Global, Restructuring/Insolvency

Insolvency & Restructuring

On the restructuring and insolvency side the team again had a busy year. Ole Borch, for example, led a team in acting as the administrator in an in-court restructuring process for Da’core, utilising a new model of in-court restructuring. Borch was again in the lead as the team assisted MSE, with Tryg and Nordea as the major creditors, on its multi-million euro bankruptcy which managed to continue construction projects the company was working as it was being restructured and sold to new owners.

 

Clients were also very pleased with the work of this team. “We are very satisfied with Bech-Bruun and Carsten Ceutz and his team and have no complaints,” says one banking client. “They showed very high levels of professionalism and offered serious treatment with quick responses and answers to our questions.”

IFLR1000, Restructuring and insolvency

Insolvency

Bech-Bruun’s ‘top’ insolvency and restructuring team handles the full array of matters, including business restructurings, debt restructurings, acquisition of distressed assets, and insolvencies. A recent highlight was advising Nordex Group on the acquisition and restructuring of distressed SSP Technology. Recommended Troels Tuxen regularly handles bankruptcy-related litigation. Michael Serring is praised for his ‘dedication’ and ‘comprehension’.

Legal 500, Insolvency

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