As an entrepreneur in Holland, it is advisable to be aware of the – apparently small – cultural differences in Netherlands and to bear in mind that the legislation of different countries differs in many ways. In the event of disagreements in cross-border transactions and with Dutch contractual partners, you are well advised to consult a specialist lawyer. An example of these crucial differences is the procedure for filing for insolvency in the Netherlands. If a company files for insolvency too late, it may even be liable to prosecution under German law for so-called “Insolvenzverschleppung”. Dutch law, however, does not recognise the criminal offence of delaying insolvency.
The Dutch insolvency law can differ considerably also. The Dutch attorneys at MAAK Advocaten in Amsterdam can assist you in applying for insolvency for a company in the Netherlands or work with you to see whether we can collect a claim for you if your business partner files for insolvency. The experienced German-speaking lawyers at MAAK Advocaten Amsterdam have assisted in many insolvency proceedings and can provide you with information in English about the legislation in the Netherlands.
Insolvency law in the Netherlands
If a debtor does not pay back the amounts owed to you, it may be possible to file for bankruptcy against the debtor. This type of bankruptcy petition is sometimes a quick and relatively inexpensive way of recovering the outstanding debt or agreeing a payment arrangement. Insolvency has far-reaching consequences for the debtor. The debtor loses the power of disposal over his assets. In addition, an insolvency administrator is called in to convert the debtor’s assets into cash and distribute the corresponding proceeds among the creditors. Insolvency proceedings can be an effective collection tool, especially for debtors who are unwilling to pay.
The requirements for filing for insolvency are often different in the Netherlands.
On the one hand, there must of course be a claim. The insolvency law in Holland does not require a large sum of money. Nor is it necessary for the claim to be due. Furthermore, the plurality of creditors is an important requirement in the Netherlands. The insolvency applicant in Holland must prove that several claims have not been settled, for example that there is also an outstanding amount with the tax authorities. Other creditors can also be cited.
MAAK Advocaten can check with you whether there are other creditors in the Netherlands and how contact can be made. There may also be a situation where the debtor in question has stopped payments. If the claim is not paid, this will be accepted quickly, but must first be checked.
Costs of bankruptcy proceedings Netherlands
To file for bankruptcy, you pay court costs and legal fees on a fee basis.
Duration of insolvency proceedings in the Netherlands
Insolvency proceedings in Holland can go very quickly. Often you will be before a judge within 2 weeks and a judgement can be made within the same period. After that there is still the possibility to appeal in the Netherlands.
Foreign insolvency administrators at MAAK well advised!
Insolvency administrators from abroad also regularly contact the specialist lawyers with questions about Dutch insolvency law. If a foreign company files for bankruptcy and a Dutch company still owes money to this party, the lawyers at MAAK Advocaten will advise you on all the important questions concerning the recovery of your claim in the Netherlands. Proceedings are initiated and, together with the trustee, it is ensured that the Dutch court will take care of the matter. MAAK Advocaten will then act as the Dutch partner of the foreign trustee and conduct the proceedings in Holland.
Dutch specialist lawyer specialised in insolvency law
Do you have questions about Dutch insolvency law, filing for insolvency in the Netherlands, or do you need specific legal advice in Holland on insolvency under Dutch law? Our experienced Dutch specialist lawyers in the Netherlands, Renso van Wieringhen Borski, will be happy to help you.