Legal Business

Sponsored briefing: The difficulties of pursuing foreign insolvency-related claims in Norway

Sponsored briefing: The difficulties of pursuing foreign insolvency-related claims in Norway

Simonsen Vogt Wiig analyse how foreign insolvency claims can be pursued in Norway and the implications of Brexit on the enforcement of judgments between Norway and the UK

Insolvency-related claims in Norway

Pursuing foreign insolvency-related claims in Norway can be somewhat challenging. Except for the Nordic countries, which will not be discussed in this article, there are currently no rules or treaties governing foreign insolvency-related claims. However, new rules have been adopted and will come into effect from 1 July 2021, that will make this much easier. For bankruptcies from before 1 July 2021 and/or that falls outside the scope of the new rules, insolvency-related claims cannot be pursued in Norway. Thus the question is, what can, or cannot, businesses or bankruptcy estates do if they want to pursue insolvency-related claims against Norwegian companies or in assets situated in Norway, that fall outside the scope of the new rules? The new rules will be discussed at the end of this chapter.