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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 [...]