Bankruptcy proceedings
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At Sundgaard, we have extensive experience with all aspects of insolvency, bankruptcy and financial distress incapacity. We are therefore qualified to help you or your company manage any financial challenges.
Bankruptcy proceedings
As trustee in bankruptcy proceedings, it is our task to liquidate all assets of the estate in order to ensure the most funds possible and thereby distribute the most dividends for the creditors. In addition, as a trustee, you have a number of duties under the Danish Bankruptcy Act to carry out investigations and assessments, including, for example, investigations into disqualification of the management, avoidable claims and, in the event of suspicion of criminal activities, to inform the relevant authorities.
The trustee looks after the interests of all creditors. This means that the trustee cannot represent the interests of individual creditors. If this cannot be avoided, the trustee has a conflict of interests and must resign. Alternatively, the court can choose that several trustees are appointed in the same estate. The trustees then handle their own specific assignments, in order to ensure the competence of the board of trustees.
The trustee is ultimately chosen by the bankruptcy court alone. However, the judge will always consult with the creditors present at the hearing. This is due, among other things, to the fact that a majority of the creditors can demand a hearing of trustee election, where the majority can choose a trustee other than the one appointed by the bankruptcy court. The creditor vote based on the value of their (unsecure) claims and within their creditor class.
The owner and/or management can also help propose a trustee to the bankruptcy court, which is particularly relevant if the business itself has filed for bankruptcy. Owners can also vote for a trustee in an election if they themselves are creditors in the business.
We think outside the box
the optimal handling of an estate requires a mixture of effective management, modern tools and creative solutions. We have both the experience and the tolls, and we are not afraid to think outside the box to achieve the best results.
With us, efficiency comes partly from our digital systems, which provides many process-saving steps, and partly from our focus on ensuring that all tasks are carried out by the right group of employees. Ultimately the proceedings should be as cost effective as possible.
Furthermore, we always ensure a constructive dialogue, regardless of whether it is with the business’ management, creditors or other partners, including public authorities, purchasers and other stakeholders in the proceedings. Bankruptcy proceedings is a conflict-ridden area of work. Because of this it is particularly important that everyone is treated with the necessary respect in order to optimize the proceedings and secure the best results.
Finally the proceedings should always be conducted and finalized in due time. We work for the creditors, and we measure ourselves on securing the distribution of dividends as soon as legally possible.
Filing for restructuring proceedings
At Sundgaard, we assist both management, owners and other stakeholders in filing petitions for bankruptcy or restructuring, when business’ or individuals cannot pay their debts as they fall due.
There are a number of legal conditions that must be met in order to file for insolvency proceedings, just as there are formal requirements for the bankruptcy petition. We assist in the entire process, including by participating in hearings in bankruptcy court.
