Director’s liability for tax debts
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.
Bankruptcy Transfer of Undertaking Act (Wovof)
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?
Temporary law on transparency turboliquidation
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.
Termination of banking relationship by bank
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.
Request for debt restructuring and Corona: the tax collector thinks along
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.
Turboliquidation
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.
