Dutch insolvency practice is increasingly looking for possibilities to effectively restructure failing companies rather than liquidate them in order to safeguard creditors’ interests, and preserve jobs and economic activity. In line with international developments, pre-packs are on the rise and consultation on a bill to regulate pre-packs is currently on-going.
Taking decisions to liquidate companies has become a matter of routine when optimising corporate structures to improve cost efficiency. Increasingly, we see that such decisions have been taken either prematurely or without taking all of the relevant factors into account.
1. Introduction
On October 13 2008 the Amsterdam District Court declared the emergency regulations underthe Financial Supervision Act applicable to the Dutch branch of Landsbanki (Icesave).(1) This update looks at:
Introduction
Earlier today, DSB Bank N.V. (DSB) was declared bankrupt and ordered to liquidate, ending hopes the regional lender, which last week suffered a run on deposits and was subsequently put into receivership, might be sold or bailed out.
On November 1 2007 the State Commission for Insolvency Law presented the Preliminary Bill for an Insolvency Act to the minister of justice. The most important changes to the existing Bankruptcy Act are outlined in this update.
Following our previous updates (Ebert Construction Receivership – What You Need to Know and Ebert Construction – Receivership and Liquidation), on 12 November 2018 the High Court ordered that the Receivers of Ebert Construction Ltd (in rec and liq) (Ebert) be appointed as the receivers
Jollands v Gull concerns an application by the liquidators of a company to set aside insolvent transactions. The transactions involved funds from the sale of the company's business being paid, via the company's accountant, to three minority shareholders, which then transferred their shares to the respondent shareholders (or in one case, a respondent shareholder's family trust). The respondents' current accounts were in credit at the time.