A company that is unable to pay its debts can go bankrupt. The main rule of insolvency law is that the company has to have ceased paying its debts. If the company fails to pay its debts as yet, for example by obtaining additional financing, a petition for bankruptcy of the company can be filed. This can be done at the company’s own request or at the request of one or more of its creditors.
If a company itself wants to file a petition for bankruptcy, the company has to fill out a form that can be requested from the court registry of the court in the district where the company has its registered office. When filing for bankruptcy, several documents have to be submitted, including the original of the articles of association, the shareholders’ register, an extract from the trade register and a shareholders’ resolution stating that the company itself shall file a petition for bankruptcy. If all formalities have been complied with, the bankruptcy is declared very soon, sometimes even the same day. A company can also file a petition for bankruptcy with an application. This application has to be submitted by an attorney.
If the bankruptcy petition is filed at the request of a creditor, that creditor has to show that there are at least two creditors, of which the requester has to be one. Another requirement is that at least one creditor has a payment claim that is due and payable. Such a petition for bankruptcy has to be filed by an attorney.
Dutch law firm AMS has insolvency lawyers that are very experienced in solvency law. Our lawyers are regularly appointed as trustees in bankruptcies so they are very aware of the points of interests when filing a petition for bankruptcy. Our bankruptcy law attorneys can advise you on the best approach and strategy.