From 1 April 2011, the rules on suspension of payments were transferred to the regulations on reconstruction.
What is restructuring?
Restructuring means that the company suspends payment of its existing debt. A designated reorganiser and accountant, together with the company’s management, plan how the company can be reorganised if possible. This can be in the form of an instalment plan (moratorium), a full or partial settlement of the debt, a business transfer or ultimately bankruptcy.
The purpose is to work through the possibilities for saving the company or its parts.
It is ultimately the creditors who, by voting, decide whether the company can be reconstructed.
Reconstructions can be requested both by a creditor and by the company itself.
Initiation of reconstruction without the debtor’s consent is conditional on the security of DKK 30,000, which is provided for the costs associated with the reconstructor’s and the accountant’s trustee’s work.
In addition, per. On 1 June 2017, DKK 40,000 will also be provided as security for the possible subsequent bankruptcy proceedings.
Let us help you
Our team of experienced insolvency lawyers can advise on the possibilities for reorganisation treatment, act as a reorganiser, and advise on voluntary debt schemes outside the reorganisation rules.