Lawyers scores 72 million on the known bankruptcy estate

the Estate after the entreprenørgiganten Pihl & Son, who collapsed in 2013, has so far cost the creditors 72,6 million dollars in legal fees to the nest three c

Lawyers scores 72 million on the known bankruptcy estate

the Estate after the entreprenørgiganten Pihl & Son, who collapsed in 2013, has so far cost the creditors 72,6 million dollars in legal fees to the nest three c

Ann McDonald
Ann McDonald
14 January 2020 Tuesday 06:00
7 Reads
Lawyers scores 72 million on the known bankruptcy estate

the Estate after the entreprenørgiganten Pihl & Son, who collapsed in 2013, has so far cost the creditors 72,6 million dollars in legal fees to the nest three curators.

It shows an extract from the order of the court; in the Maritime - and Commercial court in copenhagen, as Ekstra Bladet has had access to.

In may 2019 and the three lawyers Henrik Steen Jensen, Henrik Sjørslev and Søren Aamann Jensen paid a so-called aconto salary of 18 million dollars for their work in the period 2016-2018.

It brings the total amount up of 72.6 million. Timeantallet is in the 30733 hours, why the hourly wage rate, therefore, is at 2362 crowns.

the Fees attaches itself thus among some of the highest ever in Denmark.

One of the greatest achievements was the victory over the fashionable copenhagen hotel d'Angleterre in the arbitration Tribunal in 2018. Here, we managed to pull 230 million home in the bankruptcy. But it is just one out of many cases, says curator Henrik Steen Jensen, who is a partner in Holst Lawyers.

- We have been involved in a sea of the arbitration proceedings in denmark and abroad. Not only d'angleterre, but also in New York, London and Poland, for example, he says.

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the Curators have earned their fees home several times with the victory over the d'angleterre. Photo: Linda Johansen

In New York there's still a lawsuit going, and the same is the case with Poland. In Panama is also engaged, and a victory here can lead to tens of millions of dollars.

- in Panama is about approx. 20 million dollars to the estate, he says.

When a curator wants to get payment for his work, it is the probate court, which determines whether the amount, you require, also to be paid.

Each case is different, but it is not often that the bankruptcy court protesting and bring the amount down.

One saw the dog back in 2015, when the three liquidators had reduced their fee for the work with Sandgården with five million dollars. It is the largest amount, in each case, have been promoting in offentligtheden.

Skifteretsdommer Torben Kuld Hansen has previously opposite Ekstra Bladet told that one is more critical when there is a large bo, where it is more difficult to assess the scope of work.

- The larger an estate, the more critical looks at it. It is clear, is how it is. But it also looked at the small must. There must be a different assessment for, when we must assess the great boer as, for example, Amagerbanken, he has previously said.

But also when the fees are so high, that it completely exhausts the whole estate'.

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in Addition to voldgiftssagerne takes a long time, so is the fact that many of the cases is abroad also a tidsudtrækker.

- In the international enteprise-cases, there are some other legal. Here is usually ten years, while we in Denmark normally operates with five years.

See also: Lawyers score 172 million of bank failures

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Pihl & Son was also in the process of making Nørreport Station, since it went bankrupt in 2013. Photo: Gorm Branderup/Ritzau Scanpix

A closure is, therefore, not just on the stairs.

- If we can finish it in three years, so it has gone well, he says.

It is, however, very few creditors get some of their money again. While you have notified requirements for the total 5.7 billion dollars, is the total values of pt. amounts to almost 600 million Danish kroner.

Although the total fee for Pihl & Son are among the largest in Denmark, so there is still a piece up to Amagerbanken. Here is so far paid 96 million to the liquidators, which you can read more about here.

Henrik Steen Jensen expects, however, that buyer's premium will be greater.

- We are not going over the 100's of millions of dollars, he says.

Updated: 14.01.2020 06:00
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