Insolvency law

What we can do for you

At Ploum, our specialists will provide you with fast and effective assistance. We will draw up an action plan – in consultation with you – for one or more of the following, depending on the situation your company is facing:

• Reorganisation
• Undisclosed moratorium (Continuity of Companies Act I)
• Out-of-court settlement (Continuity of Companies Act II)
• Moratorium
• Bankruptcy
• Bankruptcy fraud
• Civil director disqualification
• Directors’ and officers’ liability
• Supervisory directors’ liability
• Mismanagement
• Receivers’ and liquidators’ liability

Bankruptcy

If your company or organisation or one of your trading contacts is faced with serious payment problems, it is of the utmost importance to call in an insolvency law specialist at the earliest possible opportunity. This may help to avoid bankruptcy. Advising directors and supervisory directors is very important too, because they are generally the ones to be targeted by creditors in situations where a company can no longer fulfil its obligations.

Ploum can provide you with legal assistance

At Ploum, our specialists will advise and assist you. We offer our services in the following situations:

Risk management

Vetting the organisation to establish its status in connection with statutory and contractual liability, security, financing risks, group agreements, insurance, and status administration and its significance;

Companies with problems

• Conflicts with individual creditors
• Attachments
• Negotiations with the Tax and Customs Administration and making the necessary arrangements
• Refinancing at the bank(s)
• Financial difficulties and/or bankruptcy at customers’ and business contacts’ enterprises
• Enforcing the security stipulated, such as pledges, retention of title and right of recovery
• Legal proceedings, interlocutory proceedings

Companies in difficulties

• Consultations with financiers
• Reorganisation
• Suggesting an arrangement
• Advising and assisting clients on the best possible way to tackle undisclosed administration, moratoriums or bankruptcies

Undisclosed administration

• Advising clients on the salient points and the consequences of undisclosed administration
• Drawing up an action plan for assistance to ensure successful undisclosed administration

Moratorium

• Advising clients on the salient points and the consequences of a moratorium
• Applying for a moratorium
• Carrying out an investigation on the company’s viability and the outlook for creditors
• Holding consultations with creditors and suggesting an arrangement
• Advising the board during the moratorium

Bankruptcy

• Advising clients on the salient points and the consequences of bankruptcy
• Advising clients on the correct way to tackle the bankruptcy so that the receiver or liquidator can wind the company up smoothly and satisfactorily, especially for the director
• Filing a winding-up petition
• Advising creditors vis-à-vis the receiver or liquidator

Directors’ and supervisory directors’ liability

• Advising and assisting directors and supervisory directors at companies in difficulties, so that they can take the right decisions – for their company as well as themselves – at this stage
• Advising and assisting directors and supervisory directors during dialogue with the receiver or liquidator
• Acting on directors’ and supervisory directors’ behalf in liability proceedings instituted by liquidators, receivers, creditors, banks and the relevant interest groups.

Bankruptcy fraud

Politicians and investigating officers take a keen interest in tackling bankruptcy fraud. Criminal investigations into bankruptcy fraud may be carried out if it emerges that creditors are being culpably disadvantaged in cases of bankruptcy.

Increased attention to irregularities and the role of the liquidator

The position of a bankruptcy trustee has not been forgotten during the debate on the Financial-Economic Crime Prevention (Extended Powers) Act. Bankruptcy trustees now have to devote more attention to any irregularities that might indicate bankruptcy fraud than was previously the case. In the event that any such irregularities are discovered, bankruptcy trustees are encouraged to report this to the Public Prosecution Service. The bankruptcy trustee’s assessment of transactions and payments effected by your company prior to bankruptcy may result in alleged bankruptcy fraud, and so may failure to keep the administration properly updated or failure to maintain any administration at all. An investigation into alleged bankruptcy fraud could shed a different light on transactions made by your company.

Criminal or civil investigations

If your organisation is subjected to investigations into alleged bankruptcy fraud, our experts at Ploum can advise and assist you. Our insolvency law specialists will assist you during the civil procedure, and our fraud and white collar crime specialists can advise you during the criminal investigation on matters such as whether you should make a statement to the investigative authorities. We approach the Public Prosecution Service to settle the matter out of court wherever possible. If, however, court proceedings are inevitable, it goes without saying that we will assist you and/or your company during the proceedings.

Receivers’ and liquidators’ liability

The court appoints a receiver or liquidator to wind up a company in the event of bankruptcy. Although this is generally successful, things can sometimes go wrong.

Ploum can provide you with legal assistance

At Ploum, our specialists advise and assist creditors, supervisory directors and shareholders who are in dispute with a receiver or liquidator on the way in which the bankrupt company is being wound up. In addition, we advise and assist liquidators and receivers during disciplinary proceedings or liability proceedings. Our colleague Jeroen Princen has more than 20 years’ experience of bankruptcy settlements, which means he knows exactly what liquidators and receivers can or cannot do in various circumstances. Jeroen also helped to compile the practical rules at the Insolvency Lawyers’ Association (INSOLAD).