Best Restructuring & Insolvency Lawyers in Norway

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English
Advokatfirmaet Rysst & Co., located in Bergen, Norway, specializes in providing comprehensive legal services in property law, inheritance and family law, and labor law. The firm offers expert assistance to individuals, businesses, co-owners, and housing cooperatives across the Vestland region,...

Founded in 2016
English
Advokatfirmaet Oldermann AS is a distinguished business law firm located in the historic Kjøbmannstuen on Bryggen in Bergen. The firm specializes in financing, contract law, energy law (LNG/LBG), maritime and transport law, among other areas. Their team possesses high professional competence and a...
Law firm Legalis
Oslo, Norway

Founded in 1995
50 people in their team
Norwegian
English
About usA central idea when Legalis was founded in 1995 was already then to offer legal services over the internet - a new thing at the time. We are still a leader in this area in the legal industry, and the goal is to continue to challenge the old-fashioned legal industry with innovative digital...
Bergen, Norway

Founded in 2018
English
Hill & Co Advokatfirma AS is a forward-thinking law firm dedicated to providing comprehensive legal services tailored to the unique needs of each client. With a team of experienced attorneys, the firm offers expertise across various practice areas, including contracts, real estate, mergers and...
Advokatfirmaet Thallaug ANS
Lillehammer, Norway

Founded in 1919
English
Advokatfirmaet Thallaug ANS, established in 1919, is one of the largest law firms in the Innlandet region of Norway. With a team of 24 professionals, including five attorneys authorized to appear before the Supreme Court, the firm offers a comprehensive range of legal services. Their main office is...
Codex Advokat
Oslo, Norway

Founded in 2000
200 people in their team
Norwegian
English
About Codex AdvokatCodex is one of Norway's leading law firms for private individuals and businesses. We take assignments throughout Norway and with our legal expertise will solve a crisis - or avoid you getting into a crisis.Who do we assist?We assist both private individuals and companies.You get...

Founded in 2024
English
Fulford & TYR Advokatfirma AS, established on October 1, 2024, through the merger of Fulford Pettersen & Co and TYR Advokatfirma, is a prominent legal firm in Drammen, Norway. This consolidation has created a robust legal environment with extensive experience and expertise, serving businesses,...
Kvale Law Firm
Oslo, Norway

Founded in 1988
50 people in their team
Norwegian
English
Victory togetherKvale is a leading commercial law law firm which, since its inception in 1988, has assisted national and international businesses. We are particularly recognized for assisting some of Norway's largest companies with their most important and complicated matters.Our professional...
Kongsberg, Norway

Founded in 1997
English
Kongsberg Advokatkontor AS, established in 1997, is a reputable law firm located in Kongsberg, Norway. The firm is led by experienced attorneys Øyvind Kasin and Ole-Håkon Ellingsen, who bring extensive expertise in various areas of private law. Their practice encompasses a broad spectrum of legal...
Advokatfirma Olafsen AS
Drammen, Norway

Founded in 2007
English
Advokatfirma Olafsen AS, established in 2007, is a reputable law firm based in Drammen, Norway. The firm offers comprehensive legal services to both small and medium-sized enterprises as well as private individuals. Their areas of expertise encompass a wide range of legal fields, including labor...
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About Restructuring & Insolvency Law in Norway

Restructuring and insolvency law in Norway covers the legal processes and rules that apply when individuals or companies face serious financial difficulties. These laws are designed to provide structured solutions for both debtors and creditors, balancing the interests of all parties involved. In Norway, there are formal mechanisms for both voluntary restructuring and insolvency proceedings. The primary aim is often to help viable businesses recover and continue operations, while also ensuring fair distribution to creditors if liquidation or bankruptcy becomes necessary.

Why You May Need a Lawyer

Legal advice is highly recommended in restructuring and insolvency cases because these situations are often complex and stressful. Some common scenarios where professional legal assistance is beneficial include:

  • When your business is experiencing severe financial distress and you need guidance on your options
  • Negotiating with creditors to avoid insolvency or liquidation
  • Understanding your rights and obligations as a creditor or debtor
  • Managing formal processes, such as judicial debt negotiations, restructurings, bankruptcy filings or liquidation of assets
  • Personal liability concerns for company directors or board members
  • Assessing risk of criminal or civil penalties for actions taken before insolvency
  • Recovering assets or debts from insolvent parties

Expert legal guidance can help you make informed decisions, protect your interests and ensure compliance with all Norwegian laws and procedures.

Local Laws Overview

Norwegian restructuring and insolvency law is primarily regulated by the Norwegian Bankruptcy Act (Konkursloven) and the Norwegian Satisfaction of Claims Act (Dekningsloven). Some key aspects of the local legal framework include:

  • Voluntary Restructuring: Norwegian law allows for voluntary arrangements between debtors and creditors to restructure debts and avoid bankruptcy. This may include judicial debt negotiations (akkordforhandling).
  • Bankruptcy Proceedings: Bankruptcy can be initiated by debtors or creditors when a debtor is insolvent and unable to pay their obligations. The court appoints an administrator to manage the process.
  • Role of the Courts: The District Court (tingretten) is responsible for overseeing formal insolvency cases, including both restructuring and bankruptcy.
  • Priority of Claims: Norwegian law sets clear rules for the ranking of creditors and distribution of assets in insolvency. This is crucial for creditors evaluating their chances of recovery.
  • Personal Liability: Directors and board members of companies can be personally liable if they fail to act according to their duties during financial distress, especially concerning wrongful trading.
  • Cross-border Issues: Norway is part of the European Economic Area, affecting how cross-border insolvency cases are handled.

Frequently Asked Questions

What is the difference between restructuring and bankruptcy in Norway?

Restructuring refers to various processes that help a financially distressed company reach an agreement with creditors and avoid bankruptcy. Bankruptcy is a court-ordered process where an insolvent debtor's assets are liquidated and distributed among creditors.

Can an individual file for bankruptcy in Norway?

Yes, both individuals and companies can file for bankruptcy in Norway if they are unable to meet their financial obligations as they fall due.

How are creditors paid in a Norwegian bankruptcy?

Creditors are paid according to a strict legal priority established by Norwegian law, with secured creditors and preferential claims paid before unsecured creditors.

What is a judicial debt negotiation (akkordforhandling)?

A judicial debt negotiation is a court-supervised process that allows a company or individual to negotiate a reduction or postponement of debts with creditors, aiming to avoid bankruptcy.

Are there alternatives to bankruptcy for struggling businesses?

Yes, alternatives include voluntary arrangements with creditors, judicial debt negotiations and company restructuring under court supervision.

What happens to employees if a company goes bankrupt?

In the event of bankruptcy, employees' claims for unpaid wages and certain benefits are protected by the Norwegian Guarantee Fund for Employees.

Can I continue running my company during restructuring?

Yes, during formal restructuring, the business can often continue operating under supervision as efforts are made to achieve a viable restructuring plan.

What liabilities can directors face during insolvency?

Directors can be held personally liable for losses caused by wrongful trading, failure to file for bankruptcy in a timely manner or breach of their fiduciary duties.

Does bankruptcy affect my personal credit record?

Yes, bankruptcy will have a negative impact on your credit record in Norway and may restrict your ability to obtain credit in the future.

How long does a bankruptcy process usually last?

The duration varies depending on the complexity of the case, but most personal bankruptcies are concluded within one to two years. Company bankruptcies can take longer if the assets and operations are more complex.

Additional Resources

If you are seeking more information or support related to restructuring and insolvency in Norway, the following resources may be helpful:

  • The Norwegian Courts: The District Court (tingretten) oversees insolvency and restructuring matters.
  • The Norwegian Trustee Association (Norsk Forening for Konkursbo og Bobehandling): A professional body for insolvency practitioners and trustees.
  • The Brønnøysund Register Centre (Brønnøysundregistrene): The governmental body responsible for registering bankruptcies and company information.
  • The Norwegian Guarantee Fund for Employees: Protects employees’ wage claims in bankruptcy cases.
  • Local law firms specializing in restructuring and insolvency: They offer tailored advice and representation.

Next Steps

If you believe you might require legal assistance concerning restructuring or insolvency in Norway, consider the following actions:

  1. Assess your situation and gather relevant financial documents, such as accounts, contracts and a list of creditors.
  2. Contact a lawyer or law firm experienced in restructuring and insolvency law. Many offer an initial consultation to discuss your options.
  3. Be prepared to explain your financial situation honestly and clearly, as full disclosure is necessary for proper legal advice.
  4. Ask about possible strategies tailored to your circumstances, such as voluntary restructuring, judicial debt negotiation or bankruptcy.
  5. Follow your lawyer’s advice closely to ensure you comply with all legal requirements and deadlines.

Taking prompt and informed action can make a significant difference in protecting your interests during financial distress. Legal professionals can help you navigate the complexities of Norwegian restructuring and insolvency law.

Lawzana helps you find the best lawyers and law firms in Norway through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Norway - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.