Restructuring and Insolvency Attorneys in Norway

Some foreign investors in Norway may need at some point in their commercial activity to start a restructuring process in order to prevent a descending trajectory of the business. In some cases, when an enterprise enters insolvency, a recommendable move is to rely on a law firm in Norway in order to help you follow the legal steps of the specific procedure. 

 

Our team of attorneys in Norway can employ their experience in the restructuration of your business in this country. This is one of the first measures that the board of the company may employ in order to avoid complete unsustainability of the business.

 

A restructuring process of a Norwegian company starts by identifying the causes which led the enterprise in a difficult financial situation. Based on these facts, corporate experts and Norwegian lawyers can advise the management of the company on the available solutions within the local legal system. 

 

Based on the Bankruptcy Act of 1984 and the Satisfaction of Claims Act of 1984, the Norwegian state provides a legal framework through which companies may negotiate their judicial debts. Those acts regulate as well the steps to be performed in order to start and close a restructuring procedure. Discussing the particular aspects of your situation with one of our restructuring and insolvency attorneys in Norway may lead you to viable solutions in the interest of your company.

 

In order to decide when a company has entered insolvency, two criteria can be employed. When a debtor is illiquid or his income and assets cannot cover the total amount of the debt, then he is considered insolvent. According to the law, an insolvency procedure must be started through a district court, in the area in which the debtor has his office or domicile.  

 

Some legal entities do not enter the customary insolvency procedures. Such exceptions are banks and insurance companies together with parent companies, which enter the provisions of the Guarantee Schemes Act of 6 December 1996 No. 75.

 

An insolvent company can employ a law firm in Norway in order to start a liquidation procedure. This process begins with an announcement published in an official newspaper, in order to make public the company liquidation. A committee of liquidators will keep a report of the companies' assets, which must be approved by the shareholders. 

If you need more information on the legal procedures available for restructuring a business or if you want to find out more about the measures employed in insolvency situations, feel free to contact our team of restructuring and insolvency attorneys in Norway.