Rekonstruktion af insolvente virksomheder fra den regnskabskyndige tillidsmands perspektiv

Abstract

Bankruptcy is a common phenomenon in the business community. Failure of the company affects all stakeholders, emphasizing the importance of how to deal with the situation and the subsequent outcome. In April 2011 a procedure named reconstruction was introduced in The Danish Bankruptcy law to increase the possibility that insolvent, but still viable, companies could avoid immediate bankruptcy. This legislation involves a number of new elements including requirements for the content of the preparation of certain reconstruction material, and the requirement to make use of a reconstruction team consisting of an accounting expert as well as at least one reconstructor. Another important aspect is the stringent criteria to act as an accounting expert. For example, the accounting expert cannot be employed as an auditor for the company for a period of two years before and two years after the reconstruction has occurred. The purpose of this thesis is to investigate the applicable law with a special attention to the role and tasks performed by the accounting expert in the reconstruction of insolvent and distressed companies. The thesis starts with an examination of the current legislation. Then, to shape the foundation for the analysis, the major elements in the process of reconstruction are discussed in detail. The most important parts for the accounting expert in the reconstructing process are the appointment of the reconstruction team as well as the preparation of the proposal for the reconstruction plan and the reconstruction suggestion. The two latter are prepared in collaboration with the reconstructor but the accounting expert also has responsibilities that are completed on an individual basis, namely to point out insufficiencies in the debtor’s last annual report and to make an assessment of the debtor’s assets. Areas of the reconstruction process that are not essential to the accounting expert are also reviewed in order to acquire a broader representation of the topic. Finally, the thesis expands on the problematic issues regarding the guidelines of the work performed by the accounting expert. The discussion draws on the guiding principles set out for auditors. It is evident to draw on the knowledge and theory used by auditors, since The Danish Bankruptcy Act does not precisely indicate the underlining actions on the subject of the accounting expert’s duties.