Dutch bankruptcy law
A bankruptcy lawyer in the Netherlands can help you if you want to declare a debtor bankrupt or if you want to defend your company against a creditor who applied for your bankruptcy. Our bankruptcy lawyers dealt with maior bankruptcy cases in the Netherlands and succesfully relaunched many companies through the pre-pack method.
Dutch bankruptcy lawyer
Dutch bankruptcy law or "Dutch insolvency law" holds three procedures when filing for bankruptcy:
- Suspension of payment
- Debt restructuring or "Act on Debt Restructuring Natural Persons" (WSNP)
Filing for bankruptcy
Are you not able to pay your debts or can your company not longer meet its payment obligations?
Then you can file for bankruptcy as a debtor. In addition, bankruptcy can be requested at the request of creditors or a judge.
Bankruptcy law in the Netherlands
In exceptional cases, the Public Prosecutor can initiate bankruptcy proceedings. A Dutch court will file for bankruptcy without having to pronounce bankruptcy.
The Public Prosecutor may file for bankruptcy if someone is untraceable or leaves debts and by misappropriation of goods.
Who can file for bankruptcy?
As shown above, there are four ways to get bankrupt in the Netherlands:
- At own request
- At the request of creditors
- At the request of the Public Prosecutor
- By court ruling
Can a creditor lift bankruptcy?
Lifting of bankruptcy is possible. Faillissement opheffen kan worden gedaan om onderstaande redenen:
- Annihilation bankruptcy in opposition or appeal artikel 15 lid 3 Fw
- Elimination due to lack of sufficient income artikel 16 lid 2 Fw
- Simplified settlement artikel 137c Fw
- Accreditation of an agreement artikel 163 lid 1 Fw
- Declared binding of final distribution list artikel 180 Fw
Insolvency and transfer of company
Upon the selling of a company the rights of workers must be transferred to the buyer. In bankruptcy, Article 7: 666 of the Civil Code indicates that this does not apply to transfers of companies in insolvency.
The fact that bankruptcy gives other rights to buyers of an insolvent company and its employees, paves the road for a restart and the pre-pack construction. This creates an opening to get rid of loss-making parts of a business in bankruptcy to realize a relaunch with the healthy parts of the business.
In addition, employees may be laid off in order to cut the costs of the workforce of a company in bankruptcy. This reduces costs and increases the chances of a successful restart.
Dutch bankruptcy law firms
On this webpage you find the best bankruptcy lawyers and law firms in the Netherlands. Single operating lawyers and major law firms offer their services here at an affordable price.