tilsynet

English translation: bankruptcy court-appointed restructuring administrator

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Danish term or phrase:tilsynet
English translation:bankruptcy court-appointed restructuring administrator
Entered by: Charlesp

13:28 Sep 30, 2018
Danish to English translations [PRO]
Law/Patents - Law (general)
Danish term or phrase: tilsynet
In the Dasish Bankruptcy Act:

forlænger skifteretten fristen, skal tilsynet inden en uge give meddelelse herom ...
.
§15 Skyldneren må ikke ... uden tilsynets samtykke
Charlesp
Sweden
Local time: 07:26
Danish bankruptcy court-appointed restructuring administrator and restructuring accountant
Explanation:
Danish bankruptcy court-appointed restructuring administrator and restructuring accountant / an administrator and an accountant are appointed by the bankruptcy court for the restructuring process

sources:


Business in Denmark | Andersen Partners
https://www.andersen-partners.dk/en/.../business-in-denmark

Copenhagen is the capital of Denmark and the biggest city by far. ... The court-appointed accountant will assist the restructuring administrator in drawing up the ... In bankruptcy proceedings, the debtor's assets are realized and the proceeds ...

Denmark - The Restructuring Review - Edition 11 - The Law Reviews
https://thelawreviews.co.uk/edition/the-restructuring.../den...

II GENERAL INTRODUCTION TO THE RESTRUCTURING AND INSOLVENCY LEGAL FRAMEWORK

i Restructuring process

If a company is unable to pay its creditors at maturity, the company may file a petition for restructuring proceedings with the Danish bankruptcy court for the purpose of completing a compulsory composition or a (partial) business transfer.

The bankruptcy court appoints a restructuring administrator as well as a restructuring accountant. The administrator is an attorney, whose duties as administrator are to take care of and protect the creditors’ interests in the company. The reorganiser must be independent and meet the Bankruptcy Act’s requirements with respect to impartiality, and accordingly the administrator may, for example, not have been the company’s attorney. The accountant may not have been the company’s auditor for a period of two years prior to the restructuring proceedings.

2017 Insolvency and Corporate Reorganisation Report: Denmark ...
www.iflr.com/.../2017-Insolvency-and-Corporate-Reorganisati...
-
25 abr. 2017 - The restructuring procedure is based on a decision by the bankruptcy court. The purpose of the procedure is to examine the possibility of a compulsory composition and / or business transfer. The restructuring procedure can be commenced with respect to both natural and legal persons. It can be based on a petition by the debtor or the creditor. However, a restructuring procedure which is based on a creditor´s petition (and not endorsed by the debtor) may only be commenced with respect to legal persons.

Once a restructuring procedure has begun, the outcome will either be a compulsory composition, the bankruptcy of the debtor, or that the debtor becomes solvent. To commence the restructuring procedure, the debtor must be insolvent. The bankruptcy court will appoint a restructuring administrator and a restructuring accountant.


2016 Insolvency and Corporate Reorganisation Report: Denmark ...
www.iflr.com/.../2016-Insolvency-and-Corporate-Reorganisati...
28 abr. 2016 - The bankruptcy court will appoint a restructuring administrator and a restructuring accountant. The debtor maintains control of his/her assets ...

Denmark: Rescue procedures in insolvency | Eurofound
https://www.eurofound.europa.eu/.../denmark-rescue-procedure...
9 nov. 2017 - An administrator and an accountant are appointed by the bankruptcy court for the restructuring process. Although the debtor maintains control ...


Denmark: Restructuring & Insolvency | Legal 500: Country ...
www.inhouselawyer.co.uk/.../restructuring-insolvency/denmar...
This Q&A is part of the global guide to Restructuring & Insolvency. ... face in enforcing their security (e.g. timing issues, requirement for court involvement)?. + .... entry requirements and how is a restructuring plan approved and implemented? ... restructuring administrator (typically an attorney) and a restructuring accountant for the debtor.

In Danish:


Konkursloven kapitel 2: Indholdet af en rekonstruktion - Themis
https://www.themis.dk/synopsis/.../Konkursloven_kapitel_2.ht...
25 jun. 2010 - 1, nr. 1, eller efter § 13, stk. 1-2, eller § 16 d, eller forlænger skifteretten fristen efter stk. 2, skal tilsynet inden en uge give meddelelse herom til ...


Konkursloven kapitel 2: Indholdet af en rekonstruktion - Themis
https://www.themis.dk/synopsis/.../Konkursloven_kapitel_2.ht...
25 jun. 2010 - § 15 Skyldneren må ikke foretage dispositioner af væsentlig betydning uden tilsynets samtykke. Betaling af gæld må kun ske i ...

--------------------------------------------------
Note added at 3 hrs (2018-09-30 17:26:08 GMT)
--------------------------------------------------

@Thomas T. Frost

Extract in Danish from Danish Bankruptcy Act in greater detail with text in asterisks for both specific contexts quoted in the query:

Konkursloven kapitel 2: Indholdet af en rekonstruktion - Themis
https://www.themis.dk/synopsis/.../Konkursloven_kapitel_2.ht...

§ 15. ***Skyldneren må ikke foretage dispositioner af væsentlig betydning uden tilsynets samtykke***. Betaling af gæld må kun ske i overensstemmelse med konkursordenen, eller hvis betaling er nødvendig for at afværge tab.

Stk. 2. Skyldneren skal aflægge regnskab over for tilsynet efter dettes nærmere bestemmelse.

Stk. 3. Tilsynet kan antage fornøden sagkyndig bistand.

Stk. 4. Er der nedsat et kreditorudvalg, skal tilsynet forud underrette udvalget om påtænkte, særlig væsentlige dispositioner. Endvidere skal tilsynet forud underrette fordringshaverne om sådanne dispositioner, medmindre de er nødvendige af hensyn til bevarelsen af skyldnerens virksomhed, rimelig varetagelse af fordringshavernes fælles interesser i øvrigt eller erhvervelsen af dagliglivets fornødenheder.

Stk. 5. Såfremt fordringshavere, der repræsenterer en fjerdedel af de kendte usikrede fordringshavere, gør indsigelse mod gennemførelsen af påtænkte dispositioner som nævnt i stk. 4, må disse kun gennemføres, såfremt tilsynet indkalder fordringshaverne til et møde og et flertal af de mødte fordringshavere godkender dispositionerne. I begge henseender er fordringernes beløb afgørende. Har der været udsendt underretning til fordringshaverne, jf. stk. 4, 2. pkt., skal indsigelsen være kommet frem til tilsynet inden 7 dage efter underretningens afsendelse.

§ 16 e. Betalingsstandsningen ophører endvidere, hvis:

1) skyldneren tilbagekalder anmeldelsen,
2) forhandling om tvangsakkord åbnes,
3) gældssaneringssag indledes,
4) konkursdekret afsiges, eller
5) tre måneder fra fristdagen er forløbet.

Stk. 2. Skifteretten kan under ganske særlige omstændigheder forlænge den i stk. 1, nr. 5, nævnte frist med indtil tre måneder ad gangen, hvis skyldneren anmoder herom inden fristens udløb. Fristen kan dog ikke forlænges ud over i alt et år fra fristdagen. En anmodning om forlængelse skal være skriftlig og indeholde en redegørelse for baggrunden for og formålet med forlængelsen. Anmodningen skal være vedlagt en udtalelse fra tilsynet og, hvis der er nedsat et kreditorudvalg, tillige en udtalelse fra dette. Skifteretten kan indkalde fordringshaverne til et møde, jf. § 13, med henblik på at drøfte spørgsmålet om forlængelse.

Stk. 3. Ophører betalingsstandsningen efter stk. 1, nr. 1, eller efter § 13, stk. 1-2, eller § 16 d, eller ***forlænger skifteretten fristen efter stk. 2, skal tilsynet inden en uge give meddelelse herom*** til samtlige kendte fordringshavere.


--------------------------------------------------
Note added at 4 hrs (2018-09-30 17:45:14 GMT)
--------------------------------------------------

There also exists the Danish Financial Supervisory Authority (DFSA) (Danish: Finanstilsynet) which is the financial regulatory authority of the Danish government responsible for the regulation of financial markets in Denmark but it does not intervene in debtor untertakings going bankrupt outside of the financial markets in Denmark so that definition is much narrower than the context of this query:

Companies under Supervision - Finanstilsynet
https://vut.finanstilsynet.dk/en/Tal-og.../VUT-database.aspx
Furthermore it contains data on companies, which the Danish FSA have been given authorisation or notification to conduct financial activities in Denmark.

Denmark's Capinordic Bank insolvent says parent - Reuters
https://www.reuters.com/.../capinordic-bankruptcy-idUSLDE61A...
-
11 feb. 2010 - Capinordic is the 18th Danish bank to fold or be bought up by stronger ... during the financial crisis in Denmark was that of Roskilde Bank which the ... “Today, the Danish Financial Supervisory Authority has filed a petition in ...

Denmark's Fjordbank Mors seeks take over by state | Reuters
https://www.reuters.com/.../fjordbankmors-idUSLDE75N1KF201.....
-
Small Danish bank FjordbankMors FJORD. ... by administrators came after the Danish Financial Supervisory Authority (FSA) instructed Fjordbank Mors to make ...

UPDATE 1-Danish authority takes over Faroese bank Eik ... - Reuters
https://www.reuters.com/.../update-1-danish-authority-takes-...
-
1 oct. 2010 - [ID:nLDE68R0RR] The Danish Financial Supervisory Authority (FSA) ... of Roskilde Bank but Denmark still has over 100 financial institutions.

Danish Financial Supervisory Authority
https://www.finanstilsynet.dk/en
The most important supervisory activity is monitoring that undertakings have ... The Danish Financial Supervisory Authority (the Danish FSA) completed an ...

Danish Financial Supervisory Authority
https://www.finanstilsynet.dk/en
The primary task of the Danish FSA is supervision of financial undertakings – banks, mortgage-credit institutions, pension and insurance companies, etc.


Financial Supervisory Authority (Denmark) - Wikipedia
https://en.wikipedia.org/.../Financial_Supervisory_Authority...
The Danish Financial Supervisory Authority (DFSA) (Danish: Finanstilsynet) is the financial regulatory authority of the Danish government responsible for the regulation of financial markets in Denmark. Finanstilsynet is part of the Ministry of Economic and Business Affairs and ...
Selected response from:

andres-larsen
Venezuela
Local time: 02:26
Grading comment
I would suggest avoiding a literal translation of this term.
4 KudoZ points were awarded for this answer



Summary of answers provided
3supervisory authority
Diarmuid Kennan
1Danish bankruptcy court-appointed restructuring administrator and restructuring accountant
andres-larsen


Discussion entries: 1





  

Answers


1 hr   confidence: Answerer confidence 1/5Answerer confidence 1/5
Danish bankruptcy court-appointed restructuring administrator and restructuring accountant


Explanation:
Danish bankruptcy court-appointed restructuring administrator and restructuring accountant / an administrator and an accountant are appointed by the bankruptcy court for the restructuring process

sources:


Business in Denmark | Andersen Partners
https://www.andersen-partners.dk/en/.../business-in-denmark

Copenhagen is the capital of Denmark and the biggest city by far. ... The court-appointed accountant will assist the restructuring administrator in drawing up the ... In bankruptcy proceedings, the debtor's assets are realized and the proceeds ...

Denmark - The Restructuring Review - Edition 11 - The Law Reviews
https://thelawreviews.co.uk/edition/the-restructuring.../den...

II GENERAL INTRODUCTION TO THE RESTRUCTURING AND INSOLVENCY LEGAL FRAMEWORK

i Restructuring process

If a company is unable to pay its creditors at maturity, the company may file a petition for restructuring proceedings with the Danish bankruptcy court for the purpose of completing a compulsory composition or a (partial) business transfer.

The bankruptcy court appoints a restructuring administrator as well as a restructuring accountant. The administrator is an attorney, whose duties as administrator are to take care of and protect the creditors’ interests in the company. The reorganiser must be independent and meet the Bankruptcy Act’s requirements with respect to impartiality, and accordingly the administrator may, for example, not have been the company’s attorney. The accountant may not have been the company’s auditor for a period of two years prior to the restructuring proceedings.

2017 Insolvency and Corporate Reorganisation Report: Denmark ...
www.iflr.com/.../2017-Insolvency-and-Corporate-Reorganisati...
-
25 abr. 2017 - The restructuring procedure is based on a decision by the bankruptcy court. The purpose of the procedure is to examine the possibility of a compulsory composition and / or business transfer. The restructuring procedure can be commenced with respect to both natural and legal persons. It can be based on a petition by the debtor or the creditor. However, a restructuring procedure which is based on a creditor´s petition (and not endorsed by the debtor) may only be commenced with respect to legal persons.

Once a restructuring procedure has begun, the outcome will either be a compulsory composition, the bankruptcy of the debtor, or that the debtor becomes solvent. To commence the restructuring procedure, the debtor must be insolvent. The bankruptcy court will appoint a restructuring administrator and a restructuring accountant.


2016 Insolvency and Corporate Reorganisation Report: Denmark ...
www.iflr.com/.../2016-Insolvency-and-Corporate-Reorganisati...
28 abr. 2016 - The bankruptcy court will appoint a restructuring administrator and a restructuring accountant. The debtor maintains control of his/her assets ...

Denmark: Rescue procedures in insolvency | Eurofound
https://www.eurofound.europa.eu/.../denmark-rescue-procedure...
9 nov. 2017 - An administrator and an accountant are appointed by the bankruptcy court for the restructuring process. Although the debtor maintains control ...


Denmark: Restructuring & Insolvency | Legal 500: Country ...
www.inhouselawyer.co.uk/.../restructuring-insolvency/denmar...
This Q&A is part of the global guide to Restructuring & Insolvency. ... face in enforcing their security (e.g. timing issues, requirement for court involvement)?. + .... entry requirements and how is a restructuring plan approved and implemented? ... restructuring administrator (typically an attorney) and a restructuring accountant for the debtor.

In Danish:


Konkursloven kapitel 2: Indholdet af en rekonstruktion - Themis
https://www.themis.dk/synopsis/.../Konkursloven_kapitel_2.ht...
25 jun. 2010 - 1, nr. 1, eller efter § 13, stk. 1-2, eller § 16 d, eller forlænger skifteretten fristen efter stk. 2, skal tilsynet inden en uge give meddelelse herom til ...


Konkursloven kapitel 2: Indholdet af en rekonstruktion - Themis
https://www.themis.dk/synopsis/.../Konkursloven_kapitel_2.ht...
25 jun. 2010 - § 15 Skyldneren må ikke foretage dispositioner af væsentlig betydning uden tilsynets samtykke. Betaling af gæld må kun ske i ...

--------------------------------------------------
Note added at 3 hrs (2018-09-30 17:26:08 GMT)
--------------------------------------------------

@Thomas T. Frost

Extract in Danish from Danish Bankruptcy Act in greater detail with text in asterisks for both specific contexts quoted in the query:

Konkursloven kapitel 2: Indholdet af en rekonstruktion - Themis
https://www.themis.dk/synopsis/.../Konkursloven_kapitel_2.ht...

§ 15. ***Skyldneren må ikke foretage dispositioner af væsentlig betydning uden tilsynets samtykke***. Betaling af gæld må kun ske i overensstemmelse med konkursordenen, eller hvis betaling er nødvendig for at afværge tab.

Stk. 2. Skyldneren skal aflægge regnskab over for tilsynet efter dettes nærmere bestemmelse.

Stk. 3. Tilsynet kan antage fornøden sagkyndig bistand.

Stk. 4. Er der nedsat et kreditorudvalg, skal tilsynet forud underrette udvalget om påtænkte, særlig væsentlige dispositioner. Endvidere skal tilsynet forud underrette fordringshaverne om sådanne dispositioner, medmindre de er nødvendige af hensyn til bevarelsen af skyldnerens virksomhed, rimelig varetagelse af fordringshavernes fælles interesser i øvrigt eller erhvervelsen af dagliglivets fornødenheder.

Stk. 5. Såfremt fordringshavere, der repræsenterer en fjerdedel af de kendte usikrede fordringshavere, gør indsigelse mod gennemførelsen af påtænkte dispositioner som nævnt i stk. 4, må disse kun gennemføres, såfremt tilsynet indkalder fordringshaverne til et møde og et flertal af de mødte fordringshavere godkender dispositionerne. I begge henseender er fordringernes beløb afgørende. Har der været udsendt underretning til fordringshaverne, jf. stk. 4, 2. pkt., skal indsigelsen være kommet frem til tilsynet inden 7 dage efter underretningens afsendelse.

§ 16 e. Betalingsstandsningen ophører endvidere, hvis:

1) skyldneren tilbagekalder anmeldelsen,
2) forhandling om tvangsakkord åbnes,
3) gældssaneringssag indledes,
4) konkursdekret afsiges, eller
5) tre måneder fra fristdagen er forløbet.

Stk. 2. Skifteretten kan under ganske særlige omstændigheder forlænge den i stk. 1, nr. 5, nævnte frist med indtil tre måneder ad gangen, hvis skyldneren anmoder herom inden fristens udløb. Fristen kan dog ikke forlænges ud over i alt et år fra fristdagen. En anmodning om forlængelse skal være skriftlig og indeholde en redegørelse for baggrunden for og formålet med forlængelsen. Anmodningen skal være vedlagt en udtalelse fra tilsynet og, hvis der er nedsat et kreditorudvalg, tillige en udtalelse fra dette. Skifteretten kan indkalde fordringshaverne til et møde, jf. § 13, med henblik på at drøfte spørgsmålet om forlængelse.

Stk. 3. Ophører betalingsstandsningen efter stk. 1, nr. 1, eller efter § 13, stk. 1-2, eller § 16 d, eller ***forlænger skifteretten fristen efter stk. 2, skal tilsynet inden en uge give meddelelse herom*** til samtlige kendte fordringshavere.


--------------------------------------------------
Note added at 4 hrs (2018-09-30 17:45:14 GMT)
--------------------------------------------------

There also exists the Danish Financial Supervisory Authority (DFSA) (Danish: Finanstilsynet) which is the financial regulatory authority of the Danish government responsible for the regulation of financial markets in Denmark but it does not intervene in debtor untertakings going bankrupt outside of the financial markets in Denmark so that definition is much narrower than the context of this query:

Companies under Supervision - Finanstilsynet
https://vut.finanstilsynet.dk/en/Tal-og.../VUT-database.aspx
Furthermore it contains data on companies, which the Danish FSA have been given authorisation or notification to conduct financial activities in Denmark.

Denmark's Capinordic Bank insolvent says parent - Reuters
https://www.reuters.com/.../capinordic-bankruptcy-idUSLDE61A...
-
11 feb. 2010 - Capinordic is the 18th Danish bank to fold or be bought up by stronger ... during the financial crisis in Denmark was that of Roskilde Bank which the ... “Today, the Danish Financial Supervisory Authority has filed a petition in ...

Denmark's Fjordbank Mors seeks take over by state | Reuters
https://www.reuters.com/.../fjordbankmors-idUSLDE75N1KF201.....
-
Small Danish bank FjordbankMors FJORD. ... by administrators came after the Danish Financial Supervisory Authority (FSA) instructed Fjordbank Mors to make ...

UPDATE 1-Danish authority takes over Faroese bank Eik ... - Reuters
https://www.reuters.com/.../update-1-danish-authority-takes-...
-
1 oct. 2010 - [ID:nLDE68R0RR] The Danish Financial Supervisory Authority (FSA) ... of Roskilde Bank but Denmark still has over 100 financial institutions.

Danish Financial Supervisory Authority
https://www.finanstilsynet.dk/en
The most important supervisory activity is monitoring that undertakings have ... The Danish Financial Supervisory Authority (the Danish FSA) completed an ...

Danish Financial Supervisory Authority
https://www.finanstilsynet.dk/en
The primary task of the Danish FSA is supervision of financial undertakings – banks, mortgage-credit institutions, pension and insurance companies, etc.


Financial Supervisory Authority (Denmark) - Wikipedia
https://en.wikipedia.org/.../Financial_Supervisory_Authority...
The Danish Financial Supervisory Authority (DFSA) (Danish: Finanstilsynet) is the financial regulatory authority of the Danish government responsible for the regulation of financial markets in Denmark. Finanstilsynet is part of the Ministry of Economic and Business Affairs and ...

andres-larsen
Venezuela
Local time: 02:26
Native speaker of: Native in EnglishEnglish
PRO pts in category: 84
Grading comment
I would suggest avoiding a literal translation of this term.
Notes to answerer
Asker: Thanks for all the details, and all of the work you put into this. It is much appreicated, and amazing!

Login to enter a peer comment (or grade)

20 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
supervisory authority


Explanation:
This could be referring to Finanstilsynet (Danish Financial Supervisory Authority) or some other similar authority. You may be able to find a reference elsewhere in the text to tell you exactly which supervisory authority is being referred to. Otherwise, you can simple say "supervisory authority"

--------------------------------------------------
Note added at 20 hrs (2018-10-01 09:36:56 GMT)
--------------------------------------------------

I just took a closer look at the text for "Forslag til Lov om ændring af konkursloven og forskellige andre love" and it is indeed the Danish Financial Supervisory Authority that is being referred to, so I would recommend translating it as either the "supervisory authority" or the FSA.

Diarmuid Kennan
Ireland
Local time: 06:26
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 96
Login to enter a peer comment (or grade)



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