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In a year marked by yet more volatility and uncertainty, R&I teams have found themselves still busy dealing with the winding-up of distressed companies and their assets.

"We at all times try to keep the debtors alive, try and reduce their balance sheet," says one partner, but acknowledges that, due to the economy, they are finding it harder to keep companies afloat.

It is also the case that the law in Denmark creates problems with business rescue too. "We at the moment have no discharge system, like the one in the UK. This discharge system would be useful, as if the interest rates keep going I am worried about a mass default on mortgages," says a partner.

A discharge system grants an injunction that bars creditors from pursuing outstanding debts. The advantage being that it allows debtors to have 'a fresh start' and doesn't tie up time and resources something the Danish market could certainly benefit from.

Although there have been problems across almost all sectors in Denmark, the real estate market in particular has seen a spate of bankruptcies this year, creating a lot of work for firms operating in this sector.

Bech-Bruun has a very large restructuring and insolvency team and also possesses more lawyers than any other firm who have special relations with the Copenhagen Bankruptcy Court. This allied to its involvement in some of the year's most noteworthy deals, sees them move up to the top tier this year. "Bech-Bruun are strong here, and should be moved up to tier one," agrees one partner.

In terms of mandates, a highlight this year was simply the largest ever bankruptcy in Denmark. Acting for the creditors, leading lawyer Troels Tuxen was appointed as trustee and worked in regard to the collapse of the Landic Group of companies. Involving over 200 separate legal entities, the total balance was €3 billion. The work continues at time of writing.

Kromann Reumert boasts a large headcount within its restructuring and insolvency team in Denmark, and in 2011 it further promoted two associates to partner level: Teis Gullitz-Wormslev and Louise Krarup Simonsen.

The team advised some very big clients, for example the Taekker Group and Essex Group company on respectively the largest in-court and out-of-court restructurings in the Danish real estate sector to date. New partner Gullitz-Wormsley worked on both of these deals.

Peers also acknowledge Kromann Reumert's capabilities. "Kromann Reumert have a lot of specialism, they are really very good," says one partner.

"Plesner are very good in this area," says one partner. The team is led by the esteemed pairing of Pernille Bigaard and Michael Ziegler, who both have extensive experience in this area and are both administrators for the Bankruptcy Division of the Danish Maritime and Commercial Court.

The crisis led to a great many insolvencies, especially in the real estate, airline and shipping sectors, and Plesner has been heavily involved, advising such names as Sterling Airlines, the Sandgården Group, Nordic Aero and PharmaZell.

Accura has a solid practice in this area, and is one of the select few that has been the recipient of the vast majority of the restructuring work given out by the Danish state.

Leading lawyer Jesper Trommer Volf, considered one of the best in the market by peers, was part of a team instructed by Jyske Bank on a massive bankruptcy case involving over 25 companies in the Kesoni Group. Worth €40 million, the process was still awaiting completion at the time of writing.

The same team advised the bank on a real estate bankruptcy case when the Mariendal Group went insolvent. The Group, valued at approximately €40 million, comprises over 30 construction and real estate companies.

Gorrissen's R&I team has been very active in the market this year, taking on a lot of work with a public interest angle.

One of these deals saw the team act on the liquidation of Ace Link, a company that was part of the larger Eitzen Group in Norway. Ace Link operated ferry crossings between Helsingør and Helsingborg (from Denmark to Sweden) and was one of many major businesses hit by the crisis.

A further mandate of this type entailed department head Lars Grøngaard being appointed trustee for Globe Malerfirma, a parent company for a number of smaller concerns. The company was forced by circumstances to enter a period of suspension of payments, and the work grew increasingly complex as some of the smaller companies were restructured while went into bankruptcy.

Grøngaard himself is extremely well regarded. "Lars is extremely strong in this area, definitely a leading lawyer," says a partner.

"Horten have a number of good, experienced partners, and Piya Mukherjee is very capable," says one peer of the firm's R&I team.

Mukherjee is the head of the practice and has advised on mainly confidential matters this year, while Claus Bennetsen, who is also active in the traditional finance side of banking matters, also works on restructuring matters. He, alongside Lars Grøngaard of Gorrissen, was made co-trustee of A/S/Rømø Golf & Wellness on behalf of its lead creditor, Pillar Securitisation of Luxembourg. The team was then mandated to assist with the sale of this concern (ongoing at the time of writing) to another company, Dayz, for €55 million.

Lett, in line with its strategy of growth, took on three new partners this year, one of whom, Henrik Sjørslev, has been active on a good majority of its work.

In one case he was elected administrator for Phoenix Fondsmaeglerselskab as it entered bankruptcy. This €800 million deal was one of the larger bankruptcies in the market over the past 12 months and gained a lot of press attention as a result.

Head of department Jan Bech was also active this year, being appointed trustee of the bankruptcy estate of Skykon Give, a developer and manufacturer of wind turbine components that had been in suspension of payments. The company had assets worth €13 million and liabilities of €40 million, and was transferred after the bankruptcy order to Welcon. This company also worked within steel manufacturing and wind turbines and 82 employees were part of the transfer.

The R&I team at Bruun & Hjejle has been a relatively busy one, with a number of mandates still currently running and one standout deal completed over the past 12 months. Head of department and senior partner Claus Høeg Madsen has not taken a back seat either, being engaged on almost all the firm's highlight work.

A good representative deal saw Madsen leading the team that advised DnB NOR Bank, the largest financial services group in Norway, as it took a portfolio of units from the bankrupt Bovista Group as part of a restructuring of the company. A large deal, it completed for a value of $372 million in November 2010. The team is also currently working for Roskilde Bank on litigation and bankruptcy estate proceedings; ongoing work worth in excess of $200 million.

Bruun & Hjejle is also looking to grow its R&I team and will welcome a handful of new associates and partner Lars Skanvig from Lind Cadovius to the firm in the new year.