Temporary law on transparency turboliquidation
Like the House of Representatives (on Feb. 16 last year), the Senate (on March 14 last year) disposed of the bill “Temporary Turboliquidation Transparency Act” as a hammer piece. The law provides for a (temporary) amendment to the regulation concerning turboliquidation. The aim is to increase confidence in the scheme and thus make turboliquidation a […]
Temporary law on transparency turboliquidation
On June 28, the preliminary draft “Temporary Act on Transparency Turboliquidation” was released for consultation. This bill aims to (temporarily) amend the regulations on turboliquidation. The amendments concern the introduction of a financial accountability obligation for directors and the possibility to impose a civil-law management ban in case of abuse. The consultation deadline is July […]
WHOA as grounds for suspension of bankruptcy filing
On Jan. 1, 2021, the Homologation Private Arrangement Act (WHOA) went into effect. The law makes it easier for companies to reach an agreement with creditors and shareholders on debt restructuring. Such an agreement can be supervised by a restructuring expert to be appointed by the court. The legislator has taken as its starting point […]
Ex officio ‘reasonable interest’ inquiry in bankruptcy case
If a legal entity is dissolved by a resolution of the general meeting of shareholders, then the liquidation of the company follows. This involves the liquidation of the company’s assets by the appointed liquidator and the satisfaction of creditors with the proceeds. However, there is the possibility that creditors of the dissolved company may not […]
Temporary provision for payment deferral
On December 17, 2020, the Temporary Provision for Payment Deferral entered into force. This provision is part of the “Temporary COVID-19 SZW and JenV Act” and temporarily allows the courts to stay the processing of bankruptcy petitions and suspend other recovery actions, and grant a debtor a temporary payment moratorium. This regulation aims to prevent […]