New case law - trustee qualified to examine intercompany claims
07 July 2016
The trustees of O.W. Cargo Denmark A/S under konkurs (in bankruptcy) are qualified to examine intercompany balance.
Two of the biggest creditors against the now bankrupt O.W. Cargo Denmark A/S claimed that the trustees of the estate in bankruptcy were disqualified to examine claims between two different companies in the O.W. Bunker group.
The two creditors were of the opinion that the trustees could not safeguard the consolidated companies' interests at the same time as safeguarding the other creditors' interests. The two creditors consequently claimed that the trustees of O.W. Cargo Denmark A/S were disqualified because they were also the trustees of the other companies in the O.W. Bunker group.
The ruling of 12 April 2016 by the Enforcement Court in Aalborg establishes that it cannot be assumed that the trustees have a personal interest in one estate being in a better position than the other. The fact that the trustees are examining an internal claim between two estates in bankruptcy that have been consolidated cannot per se result in the trustees being disqualified.
The consequence is that the trustees were not disqualified.
Pernille Bigaard, Attorney and Plesner Partner, is one of the trustees of the estate in bankruptcy of O.W. Cargo Denmark A/S.
The two creditors were of the opinion that the trustees could not safeguard the consolidated companies' interests at the same time as safeguarding the other creditors' interests. The two creditors consequently claimed that the trustees of O.W. Cargo Denmark A/S were disqualified because they were also the trustees of the other companies in the O.W. Bunker group.
The ruling of 12 April 2016 by the Enforcement Court in Aalborg establishes that it cannot be assumed that the trustees have a personal interest in one estate being in a better position than the other. The fact that the trustees are examining an internal claim between two estates in bankruptcy that have been consolidated cannot per se result in the trustees being disqualified.
The consequence is that the trustees were not disqualified.
Pernille Bigaard, Attorney and Plesner Partner, is one of the trustees of the estate in bankruptcy of O.W. Cargo Denmark A/S.
