Companies in financial distress2022-01-09T20:21:45+00:00

Companies in financial distress

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Companies in financial distress

If a company is in financial distress it is difficult for all parties involved. The entrepreneur has to decide (over and over again) whether or not to continue the business and which creditors may or may not be paid. A restructuring or relaunch may be considered. Perhaps a moratorium can lead to a solution or a private settlement can be offered with the help of the WHOA. Or you want to continue but you are faced with a insolvency petition by a creditor. Can you defend yourself against such a petition?  

On the other side creditors are looking for ways to minimize their losses. Can they suspend deliveries? Are they allowed to reclaim delivered items?

There may also be employees who are facing wage arrears. What is their position?

Experienced insolvency lawyers

The court regularly appoints lawyers from our firm as trustees in corporate insolvencies and as administrators in moratoriums. The experience that our lawyers gain in this process is used in advising and guiding our clients. This may be the company that is in dire financial straits, but it may just as well be one of the other parties involved, such as a supplier, a finance company  or an employee. A different approach may be necessary for each party involved. After all, the interests of a creditor are essentially different from the interests of, say, an employee or a director. In all cases, this is tailor-made work. A private limited company with dozens of employees, sometimes with several branches, requires a different approach than a general partnership with natural persons as partners.

If you have any questions after reading an article or if you have any other questions in the area of insolvency law, please do not hesitate to contact us. We will be happy to assist you.

More about companies in financial distress

Click further if you would like to know more about how we can advise you on the following areas/topics:

SPECIALIZED LAWYERS

These are our lawyers who are specialized in this area.

Peter de Graaf

+31(0)10 209 27 52
degraaf@lvh-advocaten.nl
(more…)

Justin de Vries

+31 (0)10 209 27 52
devries@lvh-advocaten.nl
(more…)

Rob Steenhoek

+31 (0)10 209 27 52
steenhoek@lvh-advocaten.nl
(more…)

Client reviews

We have had very good experiences with LVH Advocaten for several years. The firm is characterised by a down-to-earth Rotterdam work mentality combined with excellent business knowledge. In our last cooperation, Mr. R.C. Steenhoek assisted us as an advisor during the settlement of a bankruptcy. Due to his extensive experience as a trustee, Mr. Steenhoek is very knowledgeable in these matters. He is very approachable, knows how to point out important details, thinks many steps ahead and comes up with a clear plan of action. During the settlement of the bankruptcy case with the receiver, Mr. Steenhoek represented us excellently. We are very satisfied with the result achieved and are convinced that without his expertise we would not have been able to handle the case in this way.

P.E. van Erk

In 2019 and 2020, we approached LVH Lawyers for advice on how to end the case in a careful and competent manner. This was resolved in a completely practical manner and within a very short period of time. He always had his full attention for my story. It was settled very neatly. The cooperation was perfect!

I would like to thank Mr Rob Steenhoek for this.

Ton Hameeteman

More about companies in financial distress

Request for debt restructuring and Corona: the tax collector thinks along

May 12, 2022|

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.

Can a cash payment made after the bankruptcy date be reclaimed?

February 17, 2022|

Recently, the Supreme Court issued an interesting judgment involving two important principles of bankruptcy law, namely the principle of fixation and the principle of paritas creditorum. The case concerned a situation in which, after the bankruptcy date, a cash payment was made from the bankrupt's bank account to a creditor. The central question was whether the trustee could recover the payment from the creditor. This article discusses the case, the relevant principles and the Supreme Court's opinion.

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