Insolvency Law

Insolvency law covers all legal aspects concerning individuals and businesses in financial difficulty. This may concern your debtors, customers, suppliers and possibly your own business as well.

If the latter applies and you need advice because your business is experiencing serious financial difficulties, seek advice at an early stage. Restructuring or mediation can prevent many problems and help keep your business financially healthy. If you are no longer able to pay your creditors, you can file for your own bankruptcy. Your creditors can also petition for your bankruptcy if their claims remain unpaid.

How can we help you?

Advice for businesses in financial difficulty

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Restructuring

If your business is facing financial problems, it is important to address them as quickly as possible. First determine what has caused the problems. Is turnover insufficient? Have costs become too high? Once the problem has been analysed, an improvement plan can be prepared. This means restructuring or reorganising your business to improve operational efficiency, reduce costs and restore financial stability.

Restructuring may involve changing management structures, disposing of non-core activities, renegotiating debts with creditors or adjusting staffing levels.

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Turbo liquidation

Do you want to dissolve your Dutch private limited company (BV) or public limited company (NV) quickly and efficiently, without a lengthy and costly liquidation process? Turbo liquidation may be an option. However, it is only available where there are no remaining or anticipated assets. In that case, no winding-up process is required and the BV or NV can be dissolved immediately without formal liquidation proceedings.

Put simply, turbo liquidation involves deregistering the company from the Trade Register of the Dutch Chamber of Commerce without a winding-up process. Since 23 November 2023, the rules governing turbo liquidation have been tightened. It is important to handle this process carefully and thoroughly.

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Bankruptcy

If, as a business owner, you are no longer able to pay your creditors, you can file for your own bankruptcy. Your creditors can also petition for your bankruptcy if their claims remain unpaid. Once bankruptcy proceedings begin, your assets fall within the bankruptcy estate and the court appoints a bankruptcy trustee and a supervisory judge. Responsibility for administering and disposing of the assets in the estate lies with the bankruptcy trustee. The trustee’s principal task is to distribute the proceeds of those assets among the creditors in accordance with the statutory order of priority.

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WHOA

The Wet Homologatie Onderhands Akkoord (WHOA, the Act on Court Confirmation of Extrajudicial Restructuring Plans) has been in force since 1 January 2021. Under this legislation, a business owner can offer creditors a restructuring plan under which they accept partial payment of their claims. In some cases, the plan can even be imposed on dissenting creditors. In this way, bankruptcy may be avoided.

What can we do for you?

Experience

We act as bankruptcy trustees, administrators and court-appointed silent administrators. As a result, we have extensive experience and know-how. Whether the matter concerns bankruptcy, suspension of payments, silent administration or a pre-pack, we deal with these issues regularly. This experience enables us to advise quickly and effectively.

Litigation

We have built up a substantial track record in litigation concerning insolvency-law matters, ranging from directors’ liability and prejudice to creditors to financing and security rights. We act both for and against bankruptcy trustees, banks and directors.

Debt recovery

If your debtors or customers run into financial difficulty, prompt and expert action is required. Our team advises you, recovers debts and safeguards your interests. Where necessary, we do so by petitioning for bankruptcy or commencing legal proceedings.

Advice and guidance

At every stage of impending financial difficulty, we provide tailored advice. On matters involving financing, negotiations with banks, security rights, restructuring and reorganisations, we provide solutions suited to your situation. We also advise and guide you in relation to a possible restart of the business. Our advice is always legally sound and tailored to the interests of your business.

Our lawyers specialise in strengthening and safeguarding your personal and business position through contractual arrangements. This includes group liability, shareholder-related issues and declarations under Section 2:403 of the Dutch Civil Code. We also advise on bankruptcy fraud and directors’ liability. Where necessary, we represent you in court proceedings or in negotiations with the bankruptcy trustee.

what our clients say about us

When a customer held Celtic Holding BV liable for losses allegedly suffered as a result of the bankruptcy of its subsidiary Celtic Koeling BV, Harjo Bakker took decisive action. His ability to explain complex legal issues in plain language was invaluable. Ultimately, we won the case, much to our satisfaction.

Joost van Klink

Celtic Holding BV

Closing the business was not an easy decision. Thanks in part to Harjo Bakker and Kelly Verheij, an agreement was reached that allowed us – and our creditors – to move on with our lives. They have a wealth of knowledge, but beyond that they understood us and always made time for us whenever we wanted to discuss matters or had questions.

Anonymous

Large-scale flower nursery

Thanks to Harjo and Kelly, we opted for bankruptcy in time. It was not an easy decision, but ultimately it was the best choice for both the company and the staff. Because of them, we knew exactly what to do in this difficult situation.

Penny BuurmanBuurman & Buurman

Why instruct our insolvency lawyers?

RWV Advocaten has a large and diverse insolvency-law team with extensive experience and know-how. Close cooperation with our other practice groups ensures both quality and speed of action. Our aim is to resolve your legal issues quickly and thoroughly.

Whether the matter involves restructuring, turbo liquidation or bankruptcy, RWV Advocaten’s specialists are ready to advise or litigate. Fast and creative action is essential, because a great deal may be at stake for you.

We act for both large and small businesses, in the Netherlands and abroad. We also maintain close relationships with external specialists such as accountants, tax advisers and civil-law notaries.

For us, genuine commitment means being approachable and informal, working closely with you and always acting with your interests in mind. Our aim is to achieve the best possible outcome for you. Many of our lawyers are members of INSOLAD, the Dutch Association of Insolvency Lawyers. They also teach on our internal and external training programmes..