Year in Review - The Netherlands Law in 2016
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 wetsvoorstellen civielrechtelijk bestuursverbod en herziening strafbaarstelling faillissementsfraude behoren tot het Wetgevingsprogramma Herijking Faillissementsrecht en zijn gericht op fraudebestrijding. De verwachting was dat beide wetsvoorstellen op 1 januari 2016 in werking zouden treden, maar dit is niet gehaald.
Bij besluit van 27 mei 2016 is vastgesteld dat de Wet civielrechtelijk bestuursverbod en de Wet herziening strafbaarstelling faillissementsfraude per 1 juli 2016 in werking zullen treden. Hieronder volgt een behandeling van de relevante aspecten van deze wetten.
Recently the Minister of Justice issued a draft bill which, if enacted, will introduce a directorship disqualification order under civil law. The bill is open for consultation until 31 May 2013.
On 1 March 2009, the Guideline on Investigation and Prosecution of Bankruptcy Fraud (Aanwijzing opsporing en vervolging faillissementsfraude; the “Guideline”) entered into force. The Guideline contains rules for the Public Prosecution Office (Openbaar Ministerie) to increase the prosecution of bankruptcy fraud. The Guideline indicates that criminal law will be complementary to the civil law instruments that a receiver (curator) has in bankruptcy proceedings. The Guideline further provides for cooperation between the Public Prosecution Office and receivers.
The much anticipated Mainzeal judgment is released
Arena Capital Limited (Arena) was a Ponzi scheme. Arena's liquidators applied under s284(1)(a) of the Companies Act 1993 for directions regarding the distribution of assets under liquidation.
The Court held that dividing the assets into trust assets and general assets was inefficient in the circumstances and ordered a "common pool approach." The Court ordered distribution on a pro rata, pari passu basis. The investors had borne the same degree of risk and it was not cost-effective to trace the numerous small contributions.
Another company being investigated by the FMA and the SFO for allegedly operating a Ponzi scheme, Hansa Limited, was placed into liquidation by the High Court in late November 2016. Those investors who lost money may be interested to learn that one of the liquidators appointed to Hansa, Mr Damien Grant, is a convicted fraudster, who had also given evidence to a High Court judge and jury that was subsequently 'discredited', that an accessory to the frauds was the originator and brains behind the frauds. Proposed licensing of insolvency practitioners may well exclude those with di