Datoselskabet af 3. Februar 2023 Aps

Development in activities and financial matters
The gross loss for the year totals DKK -1.067.195 against DKK 3.931.190 last year. Income or loss from ordinary activities after tax totals DKK -22.959.851 against DKK -11.508.963 last year.

In July 2022, the company entered a reconstruction. The reconstructor has carried on the company in the remaining financial year. In October, an agreement was entered into with an external party about purchase of the activities. The transfer fell into place in January 2023.

The company is expected to be closed by a solvent liquidation in 2023/24.

Reconstruction
On 12 July 2022, the Danish Maritime and Commercial Court initiated a reconstruction proceeding of the company. The Danish Bankruptcy Court appointed lawyer Anders Ørskov Melballe as reconstructor and state authorized public accountant Elan Schapiro as trustee with accounting knowledge. On 27 July 2022, a proposal for a reconstruction plan was issued, cf. the Danish Bankruptcy Law, Section 11 C, Subsection 1, and the reconstruction plan was unanimously adopted on a meeting in the Bankruptcy Court on 3 August 2022. Further, on 27 October 2022, a reconstruction proposal was issued, cf. the Danish Bankruptcy Law, Section 13, and the reconstruction proposal was unanimously adopted and confirmed on a meeting in the Danish Bankruptcy Court on 10 November 2022. The reconstruction proposal included proposal of company transfer of the company’s activities to an independent third party. The purchase price was calculated to DKK 13,750,000 of which the buyer withheld DKK 500,000 for possible compensation claims, as it is noted that buyer’s total compensation claim is limited to DKK 1,000,000, including the withheld amount, and the buyer must make claims no later than 31 July 2023. Hereafter the withheld amount will be paid to the company to the extent that no claims have been made. The reconstruction proceeding continued with the purpose of a new reconstruction proposal with conditions of compulsory composition presented to the Danish Bankruptcy Court on 3 February 2023 and adopted unanimously. The compulsory composition included the following conditions:


All preferred claims pursuant to the Danish Bankruptcy Law, Sections 94, 95, and 96, are not compounded and thus paid in advance. The compulsory composition does not include mortgage claims to the extent that the mortgage is sufficient just as the compulsory composition does not include claims established subsequent to the Danish Bankruptcy Court’s initiation of the reconstruction. However, mortgage claims are bound by the compulsory composition as regards the part of the claim that is not covered by the mortgage.
The compulsory composition dividend for the unsecured creditors pursuant to the Danish Bankruptcy Law, Section 97, is determined to minimum 5% of these creditors’ unsecured receivables calculated on the date of the initiation of the reconstruction proceeding on 12 July 2022. Please note, that the dividend is expected to be higher, but it has been determined lower due to a precautionary principle. The remaining part of the unsecured creditors’ claims pursuant to the Danish Bankruptcy Law, Section 97, that are not covered by the compulsory composition, lapse. Payment of compulsory composition dividend will be made no later than four weeks subsequent to the company has been dissolved after final liquidation in accordance with the rules of the Danish Companies Act in this regard. If it is considered justifiable, then an a dividend on account will be paid as soon as possible. The following claims lapse in its entirety, cf. the Danish Bankruptcy Law, Section 10 a, Subsection 3: 1) gift promises, 2) claims for interest for the time after the reconstruction proceeding’s initiation of the claims included in the compulsory composition, 3) claims according to a leasing agreement which requires the debtor to appoint a buyer of the leased asset or otherwise may be considered financial leasing, on current services that relate to the periode after the initiation of the reconstruction proceeding and that are not covered by Section94 to the extent that the claimant cannot justify that the services can be equated with installments, 4) claims for contract penalty to the extent that the penalty is not compesation for a suffered loss, and 5) claims that according to agreement stand back to the other claimants in the case of the debtor’s bankruptcy, unless it appears from the agreement that it is not valid in the case of the debtor’s reconstruction. Hereafter, the company has reported liquidation in order to dissolve the company in relation to which the company’s creditors will be paid dividend of their compounded claim.