Creditor notice
Last updated: 17 July 2023.
The creditor notice is an invitation to the company’s creditors to send their claims to the company.
For some types of company changes it is not possible to register them unless the creditors are notified in advance. For that reason company legislation contains regulations regarding the issuing of creditor notification.
The creditor notice is an invitation for the company’s creditors to direct their claims to the company, if there is a possibility that the company’s decision may have reduced the creditor’s opportunities of having their claim(s) met. Note especially that any creditors must direct their claims straight to the company.
When the company plans to make a change which requires a creditor notice, the company has to inform the Register of Business Enterprises about its decision. Based on this notification the Register of Business Enterprises publishes an announcement meant to be a creditor notification. The announcement is published on the internet, and this is done on the day when the notification is registered in the Register of Business Enterprises.
The creditor notification does not have preclusive effect. This means that even though a creditor fail to send his claim within the time limit, his claim is still valid. However, the announced decision might make it more difficult for the creditor to have his claim met, for instance if assets are extracted from the company or if the company is closed down as a result of the implementation of the decision. Therefore, creditors should pay notice to any creditor notifications.
A creditor notification contains information about the business name, the type of organisation, the organisation number, the business address, the decision which generates the notification and the creditor time limit.
The creditor time limit shows the period of time available for the creditors to forward their claims to the company. The company cannot implement the decision until the creditor time limit is passed, and creditors’ claims, if any, are sorted out.
The creditor time period is six weeks counting from the day of the announcement on the internet. If the creditor time period ends within a weekend or on a day which pursuant to law is a public holiday, the time limit will be prolonged to the following workday. This implies that implementation of a decision at first can be reported to the Register of Business Enterprises on day two after the weekend.
List of creditor notices
| Type of creditor notice | Type of organisation |
|---|---|
| Creditor notice for capital reduction | Private limited companies, Public limited companies, European companies, savings banks, mutual insurance companies, state enterprises and limited partnerships |
| Creditor notice for merger | Private limited companies, public limited companies, European companies, savings banks, state enterprises, housing cooperatives, house building cooperatives and mutual insurance companies |
| Creditor notice for demerger | Private limited companies, public limited companies and european companies |
| Creditor notice for dissolution | Private limited companies, public limited companies, European companies, savings banks, state enterprises, housing cooperatives, house building cooperatives, general partnerships, limited partnerships, inter-municipal companies and European economic enterprise groups foretaksgruppe |
| Creditor notice for a company's relocation abroad | European companies |