Directors of troubled companies are usually aware that acts performed in the face of bankruptcy (if it comes to that) will be examined by a receiver. Unobligatory legal acts that have harmed creditors may be reversed by the trustee.
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?
The Temporary Act on Transparency Turboliquidation came into force on 15 November 2023. The consequences of this law and the additional conditions that must be met have been written about before (see, for example, the article from 22 March 2023). Despite the increased requirements, turbo liquidation is still a good tool for winding up companies with no operations and assets after 15 November 2023.
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.
Until further notice, the Tax Authorities will approach requests for restructuring of tax debts with a flexible attitude. This applies in particular to requests from entrepreneurs whose businesses are fundamentally sound and who have been affected by the Corona crisis. For these entrepreneurs, the generous corona deferral policy may prove to be of no avail.
The government expects that as a result of covid-19, a significant number of entrepreneurs will want to end their business in the short term using the turbo liquidation. The government fears abuse and has drafted a proposal to protect the position of creditors and to increase transparency on this scheme. This proposal has been submitted for consultation.
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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Companies in financial difficulties
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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