After a business or a person has been declared bankrupt, an assessment will have to be made at very short notice as to whether it is desirable and useful to lodge an appeal or objection to the bankruptcy order. At the time of the bankruptcy order, a trustee in bankruptcy is appointed who will start with the liquidation. If this concerns a business, the leases and employment contracts will usually be terminated soon after the bankruptcy to prevent high liquidation costs (costs that rank first and have to be paid before the debts incurred before bankruptcy). In addition, business relations such as suppliers and customers will quickly lose confidence in the business in question. Because of the bankruptcy, it has become very uncertain if the business will be able to honour its agreements. The options to lodge an appeal or an objection are therefore subject to very short periods.
If the bankrupt has appeared at the oral hearing of the petition for bankruptcy, lodging an appeal is the only option available. This appeal has to be lodged by a lawyer within eight days. If the bankrupt did not appear at the hearing, he can only lodge an objection, which must be done within fourteen days. Both remedies can only be sought by a lawyer. It is therefore wise to contact a lawyer immediately after the bankruptcy order, as the aforementioned periods expire quickly.
The insolvency lawyers of AMS Advocaten legal firm in Amsterdam are regularly engaged as trustees in bankruptcy or as administrators in case of suspension of payment. Our lawyers therefore have extensive experience of insolvency law and are quite capable of advising entrepreneurs in case of an impending bankruptcy or, if the entrepreneur has already been declared bankrupt, lodge an appeal or objection on his behalf.