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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


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. Acts on in-court restructuring mandates through which insolvent companies negotiate compositions with creditors. Advises on the sale of businesses as going concerns or liquidates companies' assets through formal insolvency proceedings. Acts for important financial creditors on claims against bankruptcy estates. Handles bankruptcy matters in sectors including TMT, travel and energy.

"They are client-oriented and react promptly," states one interviewee.

Sources report: "Even though it is a large firm, the lawyers always prioritise enquiries and reply quickly, which makes me feel like I am their main client."

Work highlights
Acted for Bankernes EDB Central (BEC) on a dispute with Finansiel Stabilitet and the bankruptcy estate of Amagerbanken. BEC argued that it was owed compensation for Amagerbanken's withdrawal from the co-operative society.

Notable practitioners
Carsten Ceutz wins praise from clients for his proactivity and experience in this area. Sources also highlight his "very clear business focus." He advised the bankruptcy estate of Rejse Eksperterne on claims against its former managers. He also regularly assists financial creditors with restructuring mandates.

Interviewees praise Jørgen Hauschildt for being "very available and responsive," adding: "He listens to our concerns and is great at solving problems in a way that suits our business." He advised Mølbro on the sale of the company out of bankruptcy to Thyregod and Bodal Holding.

Interviewees highlight Michael Serring for his ability to "look over immense amounts of information and documents and get a total sense for the details," adding: "He takes responsibility and makes me feel that I am in safe hands." Serring often acts on the creditor side of important insolvency proceedings.

Troels Tuxen is lauded as "very solution-oriented and always two steps ahead. He very quickly sees where we need to be in the end and finds the path to get there." He is experienced on the creditor side of bankruptcy proceedings involving the tracing of assets in foreign jurisdictions. He also acts for debtors on negotiations with lenders for the restructuring of debt.

Chambers and Partners Europe, Restructuring/Insolvency

Restructuring & Insolvency


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

In the Danish market Bech-Bruun is recognised for its strong M&A and projects teams. It also boasts of a very credible banking and restructuring and insolvency offering. 

The firm’s restructuring team often represents debtors and creditors on a mix of formal restructurings, distressed acquisitions and insolvency proceedings.

A key staffing change during the research period saw partner Søren Meisling retire from the M&A team after over four decades at the firm. In the restructuring and insolvency space, partner Søren Christensen Volder joined from Lindhardt Steffensen.

Recent Deal Data highlights 

  • Axcel acquisition of majority stake in Phase One
  • Energinet DKr1.8 billion acquisition of GasNet
  • Maersk Drilling Nasdaq Copenhagen IPO
  • Nord Stream 2
  • Teradyne €121 million acquisition of Mobile Industrial Roots
  • Total $7.45 billion acquisition of Maersk Oil & Gas
  • Total acquisition of Chevron’s 12% interest in Danish Underground Consortium
  • Vineyard 800MW wind farm

Client feedback

"High quality and swift service." – Restructuring and insolvency

IFLR1000, Restructuring and insolvency


Ranked: tier 1

Danske Bank, Nordea Bank and Nykredit are notable clients of the team at Bech-Bruun. In a recent highlight, team head Troels Tuxen advised AC24 on its €6m bankruptcy proceedings. Other mandates include Carsten Ceutz assisting Tyrkiet Eksperten with a restructuring and disputes relating to its bankruptcy, which included transferring its existing customers to a separate agency; and Jørgen Hauschildt acting for Jysk Maskincenter in bankruptcy proceedings. Michael Serring is also a key name to note and is particularly skilled in insolvencies related to limited partnerships.

Legal 500, Insolvency


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