Bankruptcy proceedings

• Bankruptcy proceedings
  
• How to file for bankruptcy
• Filing for the bankruptcy of another person or organization

Do you want to file for bankruptcy as an individual? Or for your organisation (company, foundation or association)? If the conditions are met, you can start legal proceedings. A lawyer is not required.

Applying

Are you a creditor? If your debtor also has other creditors, you can file for bankruptcy.

• Applying for your debtor to be declared bankrupt

Objecting

Is one of your creditors filing an application for you to be declared bankrupt? If you disagree with this, you can object to this application.

• Conducting a defence against being declared bankrupt (in Dutch)

Bankruptcy can end:

• following a request from the administrator to terminate the bankruptcy due to a lack of assets. In this case, there are so few assets that the administrator cannot pay off the creditors. Following termination, creditors can again require the debtor to pay the debts;
• if an agreement is reached with the creditors. The debtor must then pay part of the debts. After the bankruptcy has been terminated, creditors can no longer enforce the payment of remaining debts. If you are a debtor, your administrator can tell you more about this;
• if the administrator has finished their work and no agreement has been reached. The administrator has obtained the maximum proceeds possible. By doing so, they have paid the creditors as much as possible. Following termination, creditors can again require the debtor to pay the remaining debts;
• if the court grants the debtor’s request to convert the bankruptcy into wettelijke schuldsanering – Wsnp (debt restructuring). If you are a debtor, your administrator can provide more information about the related conditions and the conversion application (bureauwsnp.nl);
• by annulment following a challenge, appeal or judicial review.

What is the difference between bankruptcy and debt restructuring (Wsnp)?

The most important difference between bankruptcy and debt restructuring (known in Dutch as the Wet schuldsanering natuurlijke personen or ‘Wsnp’) is that debt restructuring can mean that a debtor does not have any more debts.

What is the supervisory judge’s most important task?

The supervisory judge is supervising the managing and selling of the debtor’s property.

What is the insolvency practitioner’s most important task?

The insolvency practitioner tries to make sure that the creditors get paid as much as possible. He or she makes an overview of the debtor’s property, the creditors’ claims and the order in which the creditors should be paid after the debtor’s property has been sold.

Would you like personal advice on your situation? Do you need assistance with drafting documents or during the hearing? You have the option at all times to engage the services of a lawyer or other legal advisor.

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