What can happen to you if your pre-payment is lost is demonstrated by the recent administration of budget tour operator Lowcostholidays. The company’s administration left customers already abroad at risk of being asked by hotel owners to settle their bills before leaving and meant that other customers lost deposits paid for holidays which will now, sadly, not take place.

Prior to 1930 if an insured person/company (insured) incurred a liability to a third party (TP) but then became bankrupt/passed into liquidation any monies paid out under the insurance policy was paid to the Trustee/Liquidator for the benefit of ALL creditors.

The Third Parties (Rights Against Insurers) Act 1930 (1930 Act) transferred the insured’s rights against the insurer under certain circumstances to the TP who could pursue the insurer against the policy proceeds once the insured’s liability was established. So the policy proceeds may benefit the TP and not all creditors.

Per 1 juli 2016 worden een viertal nieuwe wetten ingevoerd die van belang zijn voor bestuurders en ondernemingen.

On 1 July 2016 four important new laws applicable to businesses and directors will enter into effect.

De verjaringstermijn van na faillietverklaring vervallende rentevorderingen neemt pas een aanvang na het eindigen van het faillissement. Dat heeft de Hoge Raad op 24 juni 2016 geoordeeld in het arrest Boele's Scheepswerven II. Schuldeisers hoeven de verjaring van rentevorderingen gedurende een (eerste) faillissement dan ook niet te stuiten.

Welcome to the third article in this amazing series which looks at what you can do to try to extract money from a stubborn business debtor.

Welcome to the second article in this amazing series which looks at what you can do to try to extract money from a stubborn business debtor.

In the first article I looked at the potential benefits and detriments of issuing a County Court Claim.  This time I will take a step back and look at what you could do prior to going to Court with your completed forms and a large cheque for the ever-growing Court fee. You can read this article here.

Het aantal faillissementen in Nederland neemt af, maar de retail branche is er deze zomer toch niet zonder kleerscheuren vanaf gekomen: MS Mode, Sluiterij Mitra, Scheer & Foppen en McGregor zijn recent nog failliet verklaard. Bij dergelijke faillissementen zal door de curator altijd gekeken worden naar de (on)mogelijkheid van een doorstart. Een geïnteresserde koper met een goed bod is echter niet genoeg. Om een doorstart van een winkelketen te laten slagen, is vaak van belang dat de (goedlopende) locaties overgenomen kunnen worden.

According to the Court of Appeal, instead of entirely putting an end to bankruptcy operations, the decision to close the bankruptcy case only "suspends the bankruptcy process", while restoring  individual rights to creditors. The appeal judges further indicated that "the bankruptcy regime stops existing, but the debtor remains under the threat of the re-opening of bankruptcy operations, which virtually survive".

Today, 26 November 2015, the Act implementing the European Framework for the Recovery and Resolution of Banks and Investment Firms (the “Implementation Act”) has entered into force. The purpose of the Implementation Act is to implement the Bank Recovery and Resolution Directive ("BRRD") into Netherlands law and to facilitate the application of the Single Resolution Mechanism Regulation ("SRM Regulation").