From petition to decree
A bankruptcy starts with a petition — a konkursbegæring — to the insolvency court (skifteretten), filed either by the company itself or by a creditor with a due claim. The rules sit in the Danish Bankruptcy Act, konkursloven (see retsinformation.dk), and the case is handled by the insolvency court, part of the Danish Courts.
If the court finds the company insolvent — unable to pay its debts as they fall due — it issues a bankruptcy decree. From that moment management loses control of the company, and its status in the CVR register changes to "under konkurs" (in bankruptcy). The status change also shows on the company's Riskpilot profile.
The trustee and the estate
The court appoints a trustee (kurator) — typically a lawyer — who takes over the bankruptcy estate: collecting the assets, reviewing the company's transactions and winding the estate up for the benefit of the creditors. The bankruptcy is announced in the official gazette Statstidende, where deadlines and notices to creditors are also published.
File your claim
As a creditor you must file your claim with the trustee yourself, with documentation — invoices, contracts, account statements. Follow the deadlines in the Statstidende announcement, and file early rather than late. If you hold retention of title, a pledge or other security, make that explicit in the claim.
The order of priority — who gets paid first?
The estate's funds are distributed in a statutory order. Simplified, it looks like this:
- The costs of administering the estate, including the trustee's fee.
- Pledgees and other secured creditors — covered by their collateral, as far as it goes.
- Preferred claims, above all employees' outstanding wages.
- Ordinary (unsecured) claims — regular supplier invoices sit here.
- Subordinated claims, such as interest accrued after the decree.
The reality is that unsecured creditors often receive a low dividend — and not rarely nothing at all. That is exactly why spotting trouble before it becomes a bankruptcy is the cheaper option.
Before it gets that far
Watch for the warning signs while there is still something to react to: delayed filings, falling equity and auditor reservations. See Warning signs in company financials, and vet new partners with the routine in Credit-check a supplier before you sign. Note also that bankruptcy is not the only outcome — an insolvent company may instead attempt restructuring (rekonstruktion) in order to survive.
This guide is general information about the process — not legal advice. Seek counsel in specific cases.
Frequently asked questions
Do creditors get anything in a bankruptcy?
It depends on the estate's assets and your place in the order of priority. Secured creditors are covered by their collateral; unsecured creditors often receive only a low dividend — or nothing.
Who can file a bankruptcy petition?
Both the company itself and a creditor with a due claim can file a petition with the insolvency court (skifteretten).
How do I see that a company has gone bankrupt?
Its status in the CVR register changes to "under konkurs", the bankruptcy is announced in Statstidende, and the status shows on the company's Riskpilot profile.
What is the difference between bankruptcy and restructuring?
Bankruptcy winds the company up and distributes the funds to creditors. Restructuring (rekonstruktion) is an attempt to save an insolvent company, for example through a compulsory composition or a sale of the business.