| Licensed building expert |
Architect, engineer or the like approved to make property condition surveys.
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| Life annuity |
Insurance product. A life annuity is paid out as regular payments for life.
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| Limitation of action |
Limitation of action means that a claim lapses and that the claim can no longer be enforced against the debtor. Claims are statute-barred under the rules of the Danish Limitation Act, which entered into force on 1 January 2008. As a principal rule, claims are statute-barred three years after the due date of the claim. The due date is the date on which the creditor may demand payment of the amount. However, a number of special claims are not statute-barred until after ten years. Until 1 January 2011, the limitation rules are subject to a transitional period in which the old limitation rules, which were in force until 1 January 2008, may still have some significance. The old limitation rules led to statute-barring after five or twenty years. The rules on limitation in the transitional period are set out in section 30 of the Danish Limitation Act.
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| Limited partner |
Partner of a limited partnership. The limited partner is only liable to the extent of a limited amount – the contribution.
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| Limited partnership |
Is often abbreviated in Danish as K/S. This is a type of company where one of the owners – the general partner – is personally liable for the company’s debt while the other owners – the limited partners – are only liable to the extent of their contributions.
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| Liquidation |
Winding up and dissolution of a solvent company. Such liquidation is determined by the company’s general meeting.
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| Liquidator |
Administrator in an insolvent estate.
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| Liquidator |
The person, typically an attorney appointed by the general meeting to be in charge of a liquidation, or the person, always an attorney, who is appointed by the Bankruptcy Court to carry out investigations concerning a company that the Danish Commerce and Companies Agency has dissolved after striking the company name off the register.
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| Litigant in person |
A party to a civil action appearing without an attorney. In certain cases, the court may order a party to be represented by an attorney, cf. sections 259 and 260 of the Danish Administration of Justice Act.
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| Loans on receivables |
Pledging of receivables (invoices). Informing the debtor is an act of performance.
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| Local plan |
Plan adopted by the municipality in accordance with rules governing local plans. The plan contains provisions governing the use of the area.
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| Lost heir |
A beneficiary who was ‘forgotten’ during the administration of an estate. The beneficiary’s claim is statute-barred after ten years in the case of administration out of court and after five years in the case of administrator’s estates, cf. section 25 of the Danish Missing Persons Act.
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