Insolvency Law

The insolvency team of Kirk Larsen & Ascanius:
At Kirk Larsen & Ascanius the insolvency law is an important priority and a highly specialized area.

Kirk Larsen & Ascanius is continually handling a large number of bankruptcy estates, and very often we are summoned at an early state in order to assist e.g. the mortgagee in connection with clarifying whether or not the financial crisis can be avoided or if considering bankruptcy or reorganization is necessary.

Furthermore, the department is counselling creditors in connection with companies in distress.

When needed other lawyers with other specialties are attached to the case administration; e.g. lawyers with expertise in sale and purchase.

The insolvency department of Kirk Larsen & Ascanius primarily handles:

  • Bankruptcy estates, including bankruptcy in the farming industry
  • Administration and sale of agricultural properties and commercial properties taken on by the mortgagee in connection with foreclosure sale
  • Investigation of scale and adequacy as well as structuralization of securities
  • Investigation of management liability and professional liability of advisors
  • Voluntary agreements
  • Out of court reorganization
  • Compulsory dissolution

Promptness and accessibility:
The handling of insolvency cases requires promptness delivered by specialists within the area in order to provide the best possible and the most time-saving case administration.

At Kirk Larsen & Ascanius we are able to provide assistance including all necessary specialists within a very short notice, and we are always available.

It is a principal factor, that the case is orchestrated correctly from the beginning, in order to secure assets and to create the basis of a possible business transfer.

Kirk Larsen & Ascanius works for the creditors of the estate and aims at closing the estates quickly, effectively and with the largest possible proceeds for the creditors.

Furthermore, the insolvency department of Kirk Larsen & Ascanius is – at all levels – trained at handling all types of insolvency cases independently.

Transparency with “KL OnlineKonkurs” (KL OnlineBankruptcy):
In order to create transparency and progress in the handling of the estate, Kirk Larsen & Ascanius has developed “KL OnlineKonkurs”.

“KL OnlineKonkurs” is an internet access, which is offered to the mortgagees of the bankruptcy estate. Thus, the mortgagee will have access to the central information of the bankruptcy estate – including a periodical status on the debt collection and realization of other assets pledged as security.

Furthermore, we offer hosting of virtual computer rooms for business transfer as well as transfer of farming properties and lager commercial properties.

Through this access, the mortgagee will have access to all documents in connection with e.g. a business transfer and an environmental screening of a farming property.

Finally, it is possible to give a third party a special online access – e.g. a buyer, the buyer’s agent, real estate agents etc.

THE AGRICULTURAL TEAM OF KIRK LARSEN & ASCANIUS

Specifically regarding bankruptcy in the farming industry:

Kirk Larsen & Ascanius has a highly specialised access to the handling of insolvency cases within the farming industry. During the latest years our office has handled several bankruptcies within the farming industry – both regarding ongoing operations as well as winding up. The work has been carried out in close cooperation with the mortgage credit institutions and the banks.

Our access to the case is to secure assets on behalf of the mortgagee – and at the same time we have the knowledge and experience to efficiently run and/or wind up the farm in order to minimize the loss of the mortgagee and the farmer.

The handling of bankruptcy in the farming industry is very complicated and extensive, and the work in connection herewith requires a high level of knowledge of the farming industry.

Very often, the cases have to do with very large companies with consequently complex problems. It takes specialists to manage the process effectively and to reach the right solutions. This is where we make a difference. Among other things, we have specialised in carrying out a environmental screening of the farm in bankruptcy, and we are also very sharp regarding the analysing and clarification of complicated mortgage problems within the farming industry.

We are of assistance at a very short notice, when the situation requires us to be so, and we are able to handle all problems within the farming industry due to our considerable knowledge, which we have achieved through many years of working with bankruptcy in the farming industry.

We are able to administer on going work within all types of farming industries as well as mink farms, poultry farms etc.

We always strive to cooperate with the farmer in bankruptcy. If a co-operation is not possible, we can appoint an operating supervisor according to agreement.

At Kirk Larsen & Ascanius’ insolvency team we employ – in addition to the legal staff – two advisers, who may be attached to the cases regarding bankruptcy in the farming industry when needed. They will help the administrator with regards to the practical knowledge. The two advisers are both trained farmers. Therefore, we are equal to the task “in-house” – also in those cases, where the cooperation with the farmer in bankruptcy is not possible.

We have administered several farms in bankruptcy with ongoing business, and both the structure of our team, the handling of the ongoing business and the rage of our knowledge contributes to increase the possibilities of a – due to the circumstances – favourable solution for both the mortgage and the farmer.

Kirk Larsen & Ascanius has a targeted and constructive approach to the counselling and we continue to educate our employees, so that they are the best skilled specialists possible, who are able to execute and achieve results. We employ the best skilled lawyers and assistants with special interest in the farming industry in order to be able to offer the best possible specialised counselling within the area.

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