Dutch entrepreneurs can set up a foreign legal entity such as the English "Limited" (Ltd.) with which they are only active in the Netherlands. Sometimes it concerns entrepreneurs with a history of fraud or bankruptcy, who - not for the first time - do not fulfill their obligations. What if you have money from such a limited and the company does not pay? Can you go to the Dutch court to file for bankruptcy or do you have to conduct expensive proceedings abroad?
It is possible that a Dutch court can declare an English limited company, a Belgian BVBA or a German GmbH bankrupt. It is said that capitalism was invented in The Netherlands. The first multinational in history was the VOC, the Dutch East India Company. The VOC was also the first company listed on the stock exchange. The shares were traded on the oldest stock exchange in the world, the Amsterdam Beurs. What not so many [...]
The European Insolvency Regulation has been in force since 1 May 2002. These European rules provide important rules for bankruptcy proceedings, which you will not find in Dutch bankruptcy law. To understand bankruptcy law, you must also be aware of the EU Insolvency Regulation. What are the main points of this regulation? The purpose of the regulation The purpose of the Insolvency Regulation is to determine which court of which country has jurisdiction to hear [...]
If a bankruptcy has been declared, the bankruptcy trustee will investigate remarkable legal acts performed in the run-up to the bankruptcy. Equality of creditors One of the basic principles of bankruptcy law is that creditors are treated equally. This is usually referred to by the Latin term “paritas creditorum”: equality of creditors. The only exception to this is that the law assigns a different ranking to creditors when paying out the proceeds of the bankruptcy. [...]
If you have been declared bankrupt and you do not agree with this, you can lodge an appeal or opposition. What is resistance? Objection is a legal procedure before a court to reverse a bankruptcy order. An appeal can be lodged if the person or company/institution declared bankrupt has not appeared and has not responded to the case (legally: if the judgment was pronounced in absentia). What is an appeal? An appeal is a legal [...]
You can only be declared bankrupt if there is more than one creditor What does the law say Article 6, paragraph 3 of the Bankruptcy Act provides that the court can declare bankruptcy if a debtor has “ceased to pay”. It is generally accepted that this is the case if there is at least one other creditor with a claim due. The applicant for the bankruptcy will have to make this plausible. Aid claim The [...]
We offer you the opportunity to have a meeting with a specialist at very low costs – namely: € 100 – to find out whether bankruptcy is the way out for your company or institution, or whether there are better alternatives. You can make your own declaration yourself A legal entity (BV, NV, cooperative, association or foundation) can itself declare bankruptcy. The engagement of a lawyer is not mandatory for this. First choose the right [...]
The statutory scheme assumes that the employee is entitled to the "wage guarantee scheme" if the employer has an inability to pay. In a bankruptcy declared at the request of the employees, this is automatically the case. Very occasionally, there is also an inability to pay without bankruptcy. For example, in the case of a foreign-based company or in the absence of support claims. But in any case, the UWV wants the employees to take action to collect their salary claim. This will almost always have to be done through a lawyer. Only a lawyer has the legal powers necessary to bring the case to a successful conclusion without loss of time.