apply for bankruptcy in the Netherlands

How your Dutch company can apply for bankruptcy in the Netherlands

If a company has financial problems and they are no longer able to pay off their debts. That is a situation when a company will go bankrupt or be admitted to a debt restructuring arrangement. Your company is in a difficult situation and is in financial trouble. The amount of your income is too small, the bank no longer lends you money and you cannot pay the bills anymore. If you are no longer able to make the payment agreement with creditors, the court declares your company bankrupt.



Bankruptcy procedure

You,  as representative of the company, can file the bankruptcy itself or it can be initiated by one or more creditors. If you disagree with the court judgement, then you can appeal to the court with the help of a lawyer. 

The court decides if the company is bankrupt or not. In court, you can defend yourself by presenting a statement of defence. Prove to the court that you are able to pay your creditors or that you want to apply for the debt restructuring. Keep in mind that you can no longer claim for debt restructuring if the court declared your company bankrupt.

Once the court has declared you bankrupt and your bankruptcy petition has been approved, no changes can be made. From that moment, the curator takes all the decisions. They check your administration and all of your assets.

If they are insufficient assets to pay to the curator and the administration cost for the bankruptcy has to be paid and you can’t afford it. The bankruptcy will end in such a situation, the debt remain will not disappear. Creditors can reclaim the debts in the future.

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