Best Restructuring & Insolvency Lawyers in Roskilde

About Restructuring & Insolvency Law in Roskilde, Denmark

Restructuring & Insolvency law in Roskilde, Denmark, is designed to assist individuals and businesses that are facing significant financial difficulties. These legal frameworks provide both preventive and remedial solutions, whether a company is struggling to pay debts or is already insolvent. Roskilde, like the rest of Denmark, follows stringent legal procedures governed by Danish insolvency law, with processes in place for both voluntary and compulsory insolvency, as well as restructuring measures that may enable businesses to regain stability and avoid bankruptcy.

Why You May Need a Lawyer

Seeking professional legal guidance can be crucial if you are dealing with challenges such as missed debt payments, pressure from creditors, or uncertainty about your financial standing. Common situations where people seek a lawyer include:

• Assessing whether to file for bankruptcy or explore restructuring options
• Negotiating with creditors to reach settlement or payment agreements
• Understanding your obligations and rights under Danish insolvency law
• Assisting with documentation and formalities required by the courts
• Navigating employee and contractual obligations during financial distress
• Protecting personal assets in situations involving business debt
• Handling cross-border insolvency matters where foreign creditors or contracts are involved

Local Laws Overview

The principal legal framework for restructuring and insolvency in Roskilde and Denmark as a whole is set out in the Danish Bankruptcy Act (Konkursloven). Key aspects include:

• Initiating Proceedings - Insolvency or restructuring cases can be initiated by the debtor or a creditor, but require detailed documentation and court approval.
• Restructuring Process - Debtors may seek court-ordered restructuring as an alternative to bankruptcy, aiming for a restructuring agreement that may allow continued business operations.
• Bankruptcy - When a debtor cannot meet its obligations, bankruptcy proceedings (konkurs) may be imposed, whereby an administrator is appointed to liquidate assets and distribute proceeds to creditors.
• Creditor Rights - Danish law prioritizes certain creditors (such as employees and tax authorities) over others, with transparent and regulated distribution of assets.
• Personal Insolvency - Private individuals can also undergo insolvency proceedings, often with specific focus on possible debt rescheduling and income assessment.
• Local Courts - In Roskilde, the City Court (Byret) generally has jurisdiction over insolvency and restructuring matters involving local businesses and residents.

Frequently Asked Questions

What is the difference between restructuring and bankruptcy in Denmark?

Restructuring is a legal process aiming to help businesses continue operating through debt rescheduling or agreements with creditors, whereas bankruptcy leads to the liquidation of assets to pay off creditors when continued operations are not possible.

Can individuals file for bankruptcy in Roskilde?

Yes, both businesses and individuals can file for bankruptcy in Roskilde if they are unable to meet their financial obligations.

What is the role of the court in insolvency proceedings?

The court oversees all restructuring and bankruptcy cases, including appointing an administrator, approving restructuring proposals, and ensuring creditor claims are addressed fairly.

How long do insolvency proceedings typically take?

The duration varies depending on case complexity. Simple bankruptcies may be resolved in several months, while larger or contested matters can take much longer.

Will I lose my house if I am declared bankrupt?

It depends on your circumstances and the value of your assets versus your debts. The insolvency administrator will assess which assets must be sold, but personal assets may be protected in some cases.

How are employees protected in company insolvency?

Danish law gives employees preferential status as creditors. There are also guarantee schemes to ensure wages and holiday pay are covered if an employer goes bankrupt.

Can I start a new company after going bankrupt?

There are no permanent restrictions, but individuals may face temporary limitations or need to overcome reputational hurdles. Certain management bans can apply if there was gross mismanagement.

Do I have to notify my creditors when I apply for restructuring?

Yes, notifying all known creditors is part of the formal restructuring process, which is usually managed by a lawyer or appointed administrator.

What happens if I do not agree with the claims filed by creditors?

You have the right to dispute claims during the insolvency process. The court or administrator will review and decide based on available evidence.

Can foreign creditors participate in Danish insolvency proceedings?

Yes, creditors outside Denmark can file claims and participate in insolvency or restructuring cases, subject to local legal requirements and deadlines.

Additional Resources

If you are facing restructuring or insolvency, the following resources and organizations may provide guidance or support:

• Roskilde Byret (City Court) - The local court handling insolvency and restructuring cases
• Danish Bankruptcy Council (Konkursrådet) - National body overseeing bankruptcy law and reforms
• Danish Business Authority (Erhvervsstyrelsen) - Useful for company information and compliance requirements
• Danish Bar and Law Society (Advokatsamfundet) - Can assist in finding a qualified insolvency lawyer in Roskilde
• The Danish Debt Collection Agency (Gældsstyrelsen) - For questions related to tax debt and enforcement

Next Steps

If you suspect that you or your business are facing financial difficulties, it is important to seek professional legal advice as early as possible. A lawyer with experience in restructuring and insolvency can help you:

• Assess your current situation and explain your legal options
• Represent you in negotiations with creditors
• Prepare all necessary legal documentation
• Ensure full compliance with Danish law and court requirements

To proceed, gather your financial statements, list your assets and liabilities, and schedule a consultation with an insolvency specialist in Roskilde. Taking prompt action increases your options and could help preserve your assets, reputation, and future opportunities.