Latest updates

Dealing with non-performed contracts in bankruptcy proceedings
  • Norway
  • 05 March 2010

In regard to most contractual relations, the estate may choose whether to assume the position of the debtor in non-performed contracts. This right to choose is limited to the estate and the co-contractor cannot reject the estate's performance of contracts. However, some agreements are of such nature that the estate cannot force the co-contractor to accept it as a contractual party.

Overview (March 2006)
  • Norway
  • 17 March 2006

Includes: Insolvency and Restructuring Processes; Effect on Creditors' Rights; Effect on Management of Debtor Company; Key Players; Financial Information; Funding and Priority for New Money; Ranking of Creditors; Voidable Preferences; 'Cram-Downs'; Cross-Border Insolvency Issues.

New Statutory Lien in Pledged Assets
  • Norway
  • 22 October 2004

In order to secure funds to conduct proper bankruptcy proceedings, the Parliament has approved a new provision in the Pledge Act providing bankruptcy estates with a statutory lien on 5% of all pledged assets. The new statutory lien also applies to assets that are mortgaged by a third party as security for the debt of the debtor.

Something Fishy About New Bankruptcy Proposal
  • Norway
  • 21 February 2003

Legislation provides that a concession for the breeding of fish or shellfish will be nullified following the bankruptcy of the concessionaire. However, a draft proposal provides that the bankrupt estate may obtain a temporary concession and the new owner will be entitled to a new concession. The concession thus becomes an asset which can be realized by a bankruptcy estate.

Creditor's Residency Overseas Does Not Hinder Jurisdiction
  • Norway
  • 06 December 2002

The Supreme Court recently decided that the Norwegian courts had jurisdiction in a bankruptcy petition filed against a Norwegian citizen who had been living abroad for 13 years. The fact that the creditor took reasonable measures to trace the debtor's place of residence, but failed, proved decisive.

Authors' IP Rights Off Limits to Creditors
  • Norway
  • 04 October 2002

Several limitations in the Copyright Act prevent creditors from claiming an interest in the IP rights of debtors. However, the restrictions only apply to the IP right itself, so creditors remain free to seek satisfaction from any proceeds derived from the right.

Ranking Subordinated Loans
  • Norway
  • 07 June 2002

Different types of unsecured claims have been given different priority by statute. This update emphasizes the usefulness of written agreements in determining a loan's status in the event of a bankruptcy.

The Insolvent Debtor's Duty to Act
  • Norway
  • 08 March 2002

Insolvent debtors are often under statutory duty to file a petition, either for bankruptcy or another type of insolvency proceeding. This article describes the debtor's duty to act and how a failure to act may result in financial liability for the company's directors.

Ministry to Strengthen the Financial Position of Estates
  • Norway
  • 19 October 2001

According to Section 135 of the Bankruptcy Act bankruptcy proceedings may be suspended due to lack of funds to pay the costs associated with these proceedings. However, it is quite usual for bankruptcy estates to run out of funds because all the debtor's assets have been mortgaged. A draft proposal should help to resolve this situation.

Overview (July 2001)
  • Norway
  • 20 July 2001

Including: Applicable Laws; Non-Judicial Reorganization and Liquidation; Jurisdiction over Bankruptcy; Types of Judicial Insolvency Proceedings; The Consequences of Insolvency Proceedings; Creditors and Claims; Estate Administration; Trustees' Avoiding Powers; Concluding Bankruptcy Proceedings

The Limits of Bankruptcy
  • Norway
  • 20 April 2001

The Bankruptcy Act and the Creditors Recovery Act were amended in January 2000. Most of the changes relate to foreign creditors and which courts should have jurisdiction over them.

Liens Act is Amended
  • Norway
  • 20 April 2001

The rules relating to sales lien have been amended so that certain types of assets will not be subject to sales lien. This update discusses which assets will be affected under the amended law.

Advokatfirmaet Simonsen Vogt Wiig AS
Advokatfirmaet Simonsen Vogt Wiig AS
Wikborg Rein
Wikborg Rein