Bankruptcies
YUR.The lawyers of Yur Advocaten are regularly appointed by the court as trustees in bankruptcies or administrators in moratoriums.
This page provides information for creditors and other stakeholders about the settlement of the most recent bankruptcies and moratoriums. You can request information from the insolvency register. Here, you can also consult the bankruptcy reports.
If you have any questions about the settlement of a bankruptcy that is being dealt with by our office, you can send an email to insolventie@yur.nl.
Most asked questions about bankruptcies
When a natural person or legal entity is no longer able to meet its financial obligations and has stopped paying its debts, creditors can file for bankruptcy through a lawyer. A natural person or a company can also file for its own bankruptcy. What is a bankruptcy? And when do we talk about bankruptcy?
When a bankruptcy is declared, a receiver is appointed by the court. The trustee must liquidate the assets of the bankrupt in the interest of the creditors. This is done by, among other things, selling the assets of the bankrupt and collecting claims. The liquidator will also investigate whether a director of a legal entity has performed his duties properly.
The liquidator will further have to take stock of the debts of the bankrupt. When money is available to creditors, the trustee will ensure that the money is paid in the correct legal order to those entitled to it.
Most asked questions about staff
In the event of a bankruptcy, the employer is typically no longer financially capable of paying the employees’ wages. Often, operations are also halted. The supervisory judge can authorize the trustee to terminate employment contracts in such cases. Due to the unique circumstances of a bankruptcy, various labor law regulations do not apply. Read here about the implications for employees during bankruptcy.
UWV
The trustees from our office strive to collaborate with UWV representatives to organize a meeting to inform employees about the consequences of bankruptcy. The UWV can also directly handle the practicalities of the dismissal process.
Unpaid wages and the wage guarantee scheme
The payment of unpaid wages prior to the bankruptcy date is generally covered by the “wage guarantee scheme” (Article 61 of the Unemployment Insurance Act). This means that, in principle, your wage payment is guaranteed. The payout for unpaid wages covers up to 13 weeks retroactively from the termination date set by the trustee and up to 6 weeks during the notice period. The UWV also pays the unpaid holiday allowance and pension for up to 1 year. The UWV formally decides on the application, and the trustee has no influence on this decision.
Continuation of contract
During the notice period, the trustee may still require the employees’ services if, for example, it is necessary to complete customer orders.
Most asked questions about the end of bankruptcy
When the trustee has completed all ongoing matters (the assets have been sold, claims collected, cause and books investigations completed, etc.), the settlement follows. It is time to distribute the funds collected among the creditors. What procedures are involved in the settlement of a bankruptcy?
A bankruptcy can end in several ways:
By annulling the judgment. The bankrupt party contests the bankruptcy with the help of a lawyer if, for example, it was declared by mistake or if the party has not ceased payments.
Conversion to Legal Debt Restructuring
In the case of personal bankruptcy: by converting to legal debt restructuring (the WSNP). The bankrupt party must submit a request for this themselves. However, the bankrupt party needs advice from the trustee.
Lack of Assets
Due to lack of assets (officially: due to the state of the estate). This is regulated in Article 16 of the Bankruptcy Act (Fw). If no or very little money has been collected during the bankruptcy, only the estate debts may be partially or not at all paid. The trustee requests the supervisory judge to present the bankruptcy to the court for termination due to lack of assets. If the bankrupt party is an individual, the debts remain, and creditors can directly collect their claims after the bankruptcy is settled. This does not apply to a company. A company, after the settlement of the bankruptcy, goes to “corporate heaven.”
Creditors’ Agreement
The bankrupt party can offer a creditors’ agreement to their creditors. Usually, a percentage of the debts is paid. For the remaining debts, “final discharge” is obtained. A creditors’ agreement must meet certain requirements before it is ratified by the court. Creditors have a say in this.
Simplified Settlement
Sometimes, the estate debts can be fully paid, and preferential creditors partially. The trustee then requests permission to settle the bankruptcy according to Article 137a Fw. This is called a simplified settlement. No verification meeting is held, but a distribution list is deposited with the court registry. This list is available for public inspection. After the list has been available for inspection for ten days, the bankruptcy ends with the binding nature of the final distribution list.
Settlement with Payment to Ordinary Creditors
When there is enough money in the bankruptcy to also partially pay ordinary creditors, a verification meeting must at least be held. After that, a procedure similar to the one described above under 5 follows, but the distribution list also covers ordinary creditors. Thus, it also includes creditors with no special privileges. The bankruptcy ends with this (Article 193 Fw).
Claims and creditors
An important consequence of a bankruptcy is that individual creditors, with a few exceptions, can no longer take measures themselves to get their claims paid. A claim must be submitted to the trustee, who will then ensure that as much money as possible goes to the appropriate creditors.
Interim information on the status of the bankruptcy is not provided, as this places too great a burden on the trustee and their office staff and thus incurs costs. These costs are deducted from the amount to be paid out to creditors, which is not in the interest of the creditors. Public bankruptcy reports are published on the website www.rechtspraak.nl. You can also stay informed through this website.
If money eventually becomes available for unsecured creditors, a verification meeting will be held. Creditors will be timely summoned to such a meeting by the trustee. Creditors must ensure that their correct address is known to the trustee and that they notify the trustee of any change of address.
Submitting a claim
A claim can be submitted in a bankruptcy or suspension of payments by filling out and submitting the A claim can also be submitted by letter or email to the trustee or administrator (via insolventie@yur.nl) or via ClaimsAgent (www.claimsagent.nl) if the bankruptcy was declared after August 2024.
When submitting a claim, the amount of the claim must be clearly stated, and documents supporting the claim must be provided. These can be unpaid invoices or a judgment in which the bankrupt party has been ordered to pay a certain amount. If you wish to assert a special right, you must state this when submitting the claim. A special right can include, among others, a pledge right, a mortgage right, or a retention of title. You must also provide documents proving the special right, such as an agreement, a pledge deed, a notarial deed, or general terms and conditions. If the special right pertains to specific movable or immovable property, you must also specify exactly which items the right applies to.
If a special right is not asserted in time, the trustee or administrator may proceed to dispose of the relevant item, for example, by selling it. The estate can then invoke procedural estoppel. Therefore, it is important to report a special right to the trustee or administrator as soon as possible.
After a special right has been reported, the trustee or administrator will assess whether the right actually exists and whether it must be respected. If the trustee or administrator concludes that the right must be respected, you can often collect the item. A fee will then be charged to the party asserting the special right for the work performed by the trustee or administrator and their colleagues.
Types of claims and creditors
According to the law, all creditors are equal: the paritas creditorum. However, the law includes several provisions that give priority to certain creditors. The trustee must take these into account when determining how much to pay to each creditor.
There are (roughly) four types of claims:
- Estate Claims: These are debts that must necessarily be incurred to settle the bankruptcy. Examples include the trustee’s salary, appraisal costs, and rent due after the bankruptcy date. Only after paying these estate claims can payment of the remaining claims begin, if there is any remaining estate.
- Preferential Claims: These include, among others, claims from employees for unpaid wages, the Employee Insurance Agency (UWV), and the Tax Authorities. The UWV is legally required to compensate employees for unpaid wages (within certain limits) and thus assumes the employees’ claims.
- Unsecured Claims: These are the claims of the ‘normal’ creditors, often suppliers or parties who have provided loans to the bankrupt party without securing them.
- Subordinated Claims: These are claims where the claim is subordinated to other creditors’ claims in the event of the debtor’s bankruptcy.
In addition to the above claims and creditors, there are also secured creditors: creditors for whom specific rules apply. The most common secured creditors are:
- Creditors with a Mortgage or Pledge Right: These creditors can sell the (immovable) property on which the mortgage or pledge right rests and use the proceeds to satisfy their claim. Any remaining amount after this falls into the estate.
- Creditors with Retention of Title: Creditors who have delivered goods under retention of title will, if not paid, generally receive the goods back that were delivered under retention of title.