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An agreement has been reached between OW Bunker's receivers PricewaterhouseCoopers (PWC) and ING Bank regarding the post-bankruptcy collection of assets, Platts reports.

In a joint statement PWC confirmed that, under the agreement, the receivers' collections team based in Denmark is to pursue all global receivables assigned and charged to ING.

"All recoveries from receivables as at the point of bankruptcy will be paid into ING accounts and recoveries from currently uninvoiced OW Bunker Denmark sales will be paid into accounts controlled jointly by ING and the Trustees.

"The Trustees and ING have established a process to agree or have determined by a court which Danish receivables (if any) are not covered by ING's security and are available to OW Bunker Denmark as unsecured recoveries," the statement said.

A team of 12 employees is to be retained in Denmark to assist in the recovery process.

The receivers

On November 12, PWC's Ian David Green, Paul David Copley and Anthony Victor Lomas were appointed as joint receivers of the security assets of OW Bunker, including the receivables. The team is based in London.

Ian Green leads PWC's business recovery services (BRS) practice, which comprises 970 members of staff in 24 offices. The team provides advice to distressed businesses and their stakeholders on recovery strategies, as well as providing insolvency services.

Paul Copley specialises in corporate advisory and insolvency services and led a team of around 65 people during the winding down of Lehman Brothers International (Europe).

Anthony Lomas is chairman of PWC's UK business recovery services. He was also involved in the administration of Lehman Brothers International (Europe).

The trustees

Pernille Bigaard, partner and head of insolvency law at Plesner, and John Sommer Schmidt, partner at Gorrissen Federspiel, were officially appointed as trustees of the estate on November 7.

According to Pernille Bigaard's company profile, she has been involved in a number of bankruptcy and restructuring proceeedings involving Danish organizations, including Sterling Airlines A/S, Centerplan A/S, Sandgården A/S, Buksesnedkeren A/S and BIVA A/S. She is a trained mediator, a member of Foreningen af Mediatoradvokater (a Danish association for mediation lawyers) and has been involved in the drafting of several reports on insolvency law through her membership and chairmanship of the insolvency law committee of the General Council of the Danish Bar and Law Society.

John Sommer Schmidt is a partner at Gorrissen Federspiel. His area of practice covers company restructuring, voluntary debt arrangements as well as sale or winding up. He acts as liquidator, bankruptcy trustee and insolvency administrator.

Commenting on the agreement, Bigaard said in the statement: "This deal offers significant value for the unsecured creditors of OW Bunker Denmark. By working together with the receivers and ING, we aim to maximise recoveries from the group's receivables base. That means that the chances of material recoveries for Danish unsecured creditors after repaying the banks are significantly improved.

"The agreement also allows for an efficient way of determining assets which have properly been assigned and charged to ING and those which have not. This will reduce costs for Danish unsecured creditors and enhance recoveries."