Denmark gone bankrupt

Denmark gone bankrupt

Organisation: Danish Broadcasting Corporation (Data Team) (Denmark)

Publication Date: 03/30/2016

Description

When companies go bankrupt, to benefits? That was the main question that led us to do the unique investigation based on public data in the search for a valid answer. DR's Investigative Data Team mapped bankruptcies in Denmark in the period 2004-2014. 45.000 Danish companies went bankrupt doing this period. While it is well known that the financial crisis has given bankruptcy-riders and frauds good conditions, it is unknown to the public how the majority of bankruptcies are handled. How long time does it take before a company is dissolved and any assets distributed? What do lawyers, who treat the thousands of bankruptcies, profit? And what will be left for the creditors? The Data team set out to dig into data on bankruptcies to examine the consequences by the wave of bankruptcies that have washed over the country the past 10 years. Earlier, the Bankruptcy Council analyzed datasets with a few hundred bankruptcies to assess how long the proceedings lasted. The Investigative Data Team have pooled numerous of public datasets managed to create a unique overview of more than 32.000 finished Danish corporate bankruptcies. By means of the massive datasets, and additional research as e.g. crowd sourcing, the public has for the first time become aware of the following revelations: - Banks and lawyers eat up estate from bankruptcies. - Lack of supervision of bankruptcies may have cost creditors uncovered debt in thousands of cases. Minister of Justice promises action after DR's disclosure. - Bankruptcy-lawyers has for 20 years been allowed to break the VAT-law by not reporting VAT continuously when there's been sold out of the bankruptcy estate values.
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