Voluntary debt settlement

Voluntary debt restructuring implies that the debtor compiles a proposal with the help of the Enforcement Office for an agreement with his creditors on voluntary debt restructuring.

 Three week deadline for creditors

The agreement is sent to the creditors, who have three weeks to consider it. If they fail to respond within that period, they will be deemed to have accepted the agreement. That means that debt restructuring is in place. If any of the creditors have objections to the proposal, they must explain in writing their reasons to the Enforcement Office within the deadline of three weeks.

Draft agreements can be revised

The applicant can revise a proposal to bring it into line with what the creditors want. At this stage, the debtor will negotiate with the creditors assisted by the Enforcement Office in an attempt to reach a mutually acceptable agreement.

The Oslo Enforcement Office's website has more details on the terms and applying for debt restructuring (link to politiet.no)

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