On 27 May 2024, the Transfer of Undertaking in Bankruptcy Act (Wovof) was submitted for consultation. All stakeholders will have the opportunity to respond to the bill until 22 July 2024. Thisis a follow-up to the earlier consultation in 2019. What is the purpose of this new legal regulation?
A creditor can proceed to file for the bankruptcy of a debtor. To do this, an application must be filed with the court. To do so successfully, hoForfeited penalty payment can serve as a support claim weaver, the creditor must make it plausible that the debtor is in a state of cessation of payments
Recently, the Supreme Court issued a ruling on the question of whether a ground lease rent that became due after the date of bankruptcy is an estate debt. In this article, I first explain what estate debts are and the relevance of the question answered by the Supreme Court for practice. I then discuss the judgment.
If the business activities of a legal entity are discontinued, it must be considered how the legal entity will be wound up. If there are no more assets at all, a turboliquidation can take place. This is dissolution without the appointment of a liquidator. The legal entity then ceases to exist immediately. A resolution for dissolution is passed and the board notifies the Commercial Register of the end of the legal entity's existence.
A director of a foundation can also run the risk of being held personally liable. This is nothing new, but is demonstrated once again by a recent judgment of the East Brabant District Court. The director of a foundation set up to organise a festival had entered into new financial commitments a day before the start of the festival, while weather forecasts were poor.
A boom in bankruptcies was expected at the beginning of the Covid pandemic. This expectation did not materialise, partly due to the many support measures that the government has rigged for business. Many companies took advantage of NOW, TVL and also special tax deferral schemes.
There may be a dispute between neighbors about who owns a particular piece of land. Such a dispute may arise if at any time one of the neighbors places a yard fence in such a way that it takes possession of a piece of land owned by the other. The owner has the option of claiming his property (or filing a revindicatory action). However, such a claim cannot be brought after a period of time due to acquisitive prescription.
Is a right of usufruct on claims a meaningful alternative? A right of usufruct gives the right to use goods ...
It is increasingly common for banks to terminate a relationship with a customer - sometimes dating back many years. Such termination of a banking relationship can have serious consequences for a business owner. Can a bank terminate a credit relationship? When is it allowed and when is it not? Below is a brief explanation of the background to such termination and the rights and obligations of banks and account holders.
A director is liable under article 2:248 paragraph 1 of the Dutch Civil Code (BW) to make good the deficit in the bankruptcy if the board has manifestly mismanaged its duties and it is plausible that this was a major cause of the bankruptcy. Based on paragraph 4 of this article of law, the court can mitigate the amount for which the director is liable under certain circumstances.
Legal questions, or even conflicts, are part of doing business. According to LVH, this is not something to fear, but something to take seriously. LVH’s goal is to help you in such a way that you can continue to concentrate on your business operations with peace of mind. LVH is a Rotterdam law firm with skilled, committed and decisive lawyers who, through their way of working, are able to build long-term relationships with their clients and, in a position as in-house lawyer, can and may support entrepreneurs with all possible legal issues. LVH is convinced that professionalism and job satisfaction go very well together, both in the relationship with customers and with each other in the office.
Visiting address
World Port Center Rotterdam
Wilhelminakade 955
3072 AP Rotterdam
By phone: 010 209 27 77
E-mail: info@lvh-advocaten.nl
Legal questions, or even conflicts, are part of doing business. According to LVH, this is not something to fear, but something to take seriously. LVH’s goal is to help you in such a way that you can continue to concentrate on your business operations with peace of mind. LVH is a Rotterdam law firm with skilled, committed and decisive lawyers who, through their way of working, are able to build long-term relationships with their clients and, in a position as in-house lawyer, can and may support entrepreneurs with all possible legal issues. LVH is convinced that professionalism and job satisfaction go very well together, both in the relationship with customers and with each other in the office.
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Visiting address
World Port Center Rotterdam
Wilhelminakade 955
3072 AP Rotterdam
By phone: 010 209 27 77
E-mail: info@lvh-advocaten.nl