On July 1, 2016, the Penalization of Bankruptcy Fraud Amendment Act (the "Act") came into force. The Act aims to combat bankruptcy fraud and stimulate companies to keep proper records at all times.

Obligation to keep company records

A Dutch company's board of managing directors must keep records of the company's financial position and everything related to the company's activities. Additionally, it must keep the company's books, records and other data in such a manner that the company's rights and obligations can be ascertained from them at any time.