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Restructuring & Insolvency

Our lawyers all have a commercial and transaction-based approach to case handling.

Practice Areas

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“They focus on the important stuff and don't waste time”

Chambers & Partners, 2017

“The lawyers are very commercially minded and open to new ideas in order to make the best solutions. The team is easy to work with, the lawyers understand what we expect of them and always come up with ideas. ”

Restructuring/Insolvency - Chambers & Partners, 2016

“Robust, valid and quick responses.”

Restructuring/Insolvency - Chambers & Partners, 2015

“Impressive cross-border expertise and experience. The lawyers are always available, flexible, fast and have a very practical attitude.”

Restructuring/Insolvency - Chambers Europe, 2014

“A skilled, competent team”

Restructuring/Insolvency - Legal 500, 2014

“Ambitious, pragmatic and unpretentious – really good people to work with.”

Restructuring/Insolvency - Chambers Europe, 2013

“Commended for its open-minded, business-like approach, this firm concentrates on restructuring and insolvency trustee work, often with a corporate or M&A angle”

Restructuring/Insolvency - Chambers Europe, 2012

“Pragmatic, action-oriented counselling on legal and paralegal matters, combined with no-nonsense responses and efficiency”

Restructuring/Insolvency - Chambers Europe, 2012


Our advisory services on restructuring and insolvency


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Restructuring proceedings and bankruptcy

Accura  has more than 20 years' experience with the out-of-court restructuring of ailing companies in close cooperation with the companies' managements, close business partners and financial partners.

Often, a company is restructured through efficient and expedient efforts where the company's challenges, core expertise, capital needs etc. are identified, and subsequently the company is trimmed or parts of or the entire company is divested and any remaining parts of the company is adapted. 

Depending on the specific circumstances, an operative turn around of the company may be performed in close cooperation with the individual principal creditors for the purpose of preparing the company for a subsequent sale as a going concern.

If necessary, Accura is prepared to accept the job as restructuring administrator (rekonstruktør) during restructuring proceedings commenced before the bankruptcy court for the purpose of the above procedures.

Moreover, Accura has extensive and many years' experience in filing petitions for bankruptcy and administering bankruptcy estates often in close cooperation with chargees and other secured creditors. Both in connection with the assessment of whether a bankruptcy is the right tool and during the bankruptcy proceedings, Accura closely assesses the possibilities for an efficient collection and optimisation of the assets to the benefit of either the company or the bankruptcy estate and thereby also the creditors.

As trustee, Accura has vast experience in exploring the possibilities of identifying voidable transactions and any management liability also to the benefit of the bankruptcy estate and the creditors.

As a result of Accura's transaction-based approach, we are largely successful in divesting parts of or the entire company from the bankruptcy estate to the effect that the company's identity, values and workplaces are retained to a wide extent.

 


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Advice on management liability

Best practice corporate governance makes a difference when the management is attempting to restructure the company and find the financial resources and the core expertise that are to form the basis of future operations.

Often at the request of the company's financial business partners, Accura assists the management in connection with navigating these rules and not least ensuring that the management does not incur management liability in the process.

This process is often characterised by Accura assisting the management to a wide extent in connection with current operations with budget follow-up, cash flow hedge, collection of claims, hedging of assets, optimisation of agreements and general advice to/sparring with the management.


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Advisory services to banks and other chargees and rightsholders

Banks and other financial partners are important business partners for any company, and the variety of financial services and security instruments is extensive.

To a wide extent, Accura assists primarily banks and financial businesses in connection with companies becoming ailing. A large part of Accura's advice in that respect consists of assessments of the company's ability to continue in the current legal entity, the possibility of divesting assets as well as securing and optimising the bank's or the financial business' security interests. Moreover, a part of Accura's assistance consists of advice concerning whether to attempt an out-of-court restructuring, commence formal restructuring proceedings or file a petition for bankruptcy.

Accura is a highly experienced advisor to companies, banks and other financial businesses in respect of setting up and optimising security packages and verification of existing security interests as well as enforcement of charged assets in e.g. real estate, company charges, invoice claims, movable property, assignments etc. both with or without bankruptcy.

The setting up and verification of security packages contribute to ensuring both towards the company and the financial business partner(s) that the terms for mortgaging and agreements are as stipulated which is particularly important with respect to ailing companies where the future process is to be coordinated.


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Dispute resolution and renegotiation of cooperation agreements

Trade credits agreed with trade partners are becoming increasingly important to many companies in the industrial and retail sectors as a supplement to traditional bank financing of the necessary working capital.

Accura has many years' experience in assisting trade partners in the renegotiation of commercial agreements in critical situations to enable them to maintain and continue their good business relationship and maintain their earnings capacity when one or both of them are in financial difficulties.

Moreover, Accura often assists banks and other large creditors if, as a result of the disagreement among the owners, the company cannot be operated optimally. Accura's specialists are often appointed as members of the board of directors to create a calm atmosphere and consensus among the owners for the purpose of preparing the company for a sale or optimising the company in relation to the continued operations.

 


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International issues

International trade and financing are increasingly becoming a challenge to Danish companies in financial difficulties and to foreign companies, bankruptcy estates and banks with secured claims and/or major receivables in Denmark.

Accura has extensive experience with the handling of complex issues relating to private international law and international procedural law.

Moreover, since Denmark has opted out of the judicial cooperation in the EU, Denmark is the only EU member state that is not subject to the EU insolvency rules implemented by the other EU member states in 2003.

Since 2003, Accura has worked very intensely in this area.

We have an extensive network of highly specialised foreign lawyers and insolvency experts ensuring that Danish and foreign clients receive quick and effective cross-border advice, and that the special challenges and issues relating to international trade, financing and enforcement are handled in the best possible manner.

 


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Transactions in the form of purchase of ailing companies

Accura often assists investors in the purchase of ailing companies from owners or bankruptcy estates. This process is often characterised by the takeover being expedient and subject to terms and in a form that significantly differs from a usual business transfer.

This requires special qualifications which Accura's team of specialists possesses and which ensure a smooth and effective transfer of the company's assets, one of the main purposes being to preserve the company's customer base.

 

Contacts

Andreas Kærsgaard Mylin
Andreas Kærsgaard Mylin

Partner, Attorney-at-Law

Phone: +45 3945 2800
Mobile: +45 3078 5761
andreas.mylin@accura.dk


Further Details

We handle a wide range of issues within the area of restructuring and insolvency.

As a result of our commercial and transaction-based approach, we often succeed in transferring ailing companies/commitments with or without the assistance of the bankruptcy court. In that way, both the owners and the creditors obtain the best possible financial solution.

To the extent necessary, we involve specialists from Accura's other teams, including the Banking & Finance Team, Corporate & Commercial Team, M&A Team and Real Estate Team, to provide our clients with an optimal solution of the highest quality.

Partner Andreas Kærsgaard Mylin of Restructuring and Insolvency is Insolvency Lawyer certified by the Association of Danish Insolvency Lawyers (Danske Insolvensadvokater).

Insolvens Certificering