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Denmark's EU legal opt-out hampered OW estate clean-up

That Denmark is not part of the EU Insolvency Regulation made the OW Bunker clean-up process more difficult and more expensive, explains trustee.

Photo: Kasper Palsnov/Jyllands-Posten

The clean-up process following the collapse of OW Bunker was made both more difficult and more expensive by the fact that Denmark is not part of the EU Insolvency Regulation due to the country's legal opt-out, estate trustee John Sommer Schmidt of firm Gorrissen Federspiel tells Danish media Berlingske Business.

He explains that the Danish legal opt-out makes it more difficult to sort out the threads following bankruptcies at Danish companies with foreign assets. In the OW Bunker case, the company, among other things, had to hire expensive British lawyers in order to have the bankruptcy recognized in the UK.

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