The funeral dinner for Frederik Andersen is progressing at the Varnæs house when the radio suddenly broadcasts the news that the Germans have surrendered in Denmark. Amidst general rejoicing, Dr. Hansen and Kristen Skjern reappear and pay a visit to the Varnæs house, where Kristen is reunited with Elisabeth Varnæs. Mads is very nervous about Ellen, since her father-in-law had lucrative business dealings with the Germans and has been arrested as a collaborator. Mads decides to find Ellen and bring her home.

Skjold Hansen has announced his retirement from the Korsbæk Bank Board. Bank President Jessen suggests that Jørgen Varnæs return to the board as Skjold Hansen's replacement, but he wishes to meet with him first. Hans Christian Varnæs organizes a dinner for them. There, Jessen confronts Jørgen with his suspicion that his wife, who is the sister of the seller, was defrauded of her share of the proceeds from the farm sale that Jørgen conducted as a front for Mads Skjern. Jessen demands an investigation, before he will nominate Jørgen for the vacant bank directorship.

Ulrik reveals to Ellen that he is to marry Maja, prompting Ellen to sever all relations. Misse, now a widow, reveals to the leading ladies of the town that she's attracting men, even the pious Provost Meyer, who she claims to have seen on her balcony. Chairman Jessen from Korsbæk Bank, unsatisfied with the business involving Jørgen, finds another candidate for the board position - the Mayor. Mads gets wind of this and arranges the Mayor's inclusion in Omegnsbanken's board, while accusing Kristen of professional negligence.