Relaunch
The receiver, which is appointed by the Cantonal Court, is responsible for the administration and management of the company. The receiver will also investigate the reason(s) for the bankruptcy, by order of the court. In doing so, he will also investigate whether a relaunch is possible.
What does the trustee do?
"As long as your debtor is not bankrupt, there is basically nothing to worry about yet. If the debtor has many debts and a subdistrict court decides that an administrator (curator) will be appointed over the company, this should not be a problem yet. You can then see the trustee as an involved party who watches over the financial situation and business choices.
Mr Pim Nuiten, (trustee Veldhuizen & Nuiten Advocaten, Dordrecht, www.veldlaw.nl):
"Questions I ask as a curator during my research include:
- What actions were taken just before the bankruptcy?
- Who is privately liable?
- What about the financial affairs of the legal entity that went bankrupt?
- What assets and debts does the person have?
In doing so, the receiver aims to get a complete and thorough picture of the company's current status. The debtor is obliged to cooperate fully with the receiver's investigation and may not withhold any information.
The survey results
The receiver submits the results of this investigation to the court that declared the debtor bankrupt. In the process that follows, the trustee works for the creditors, or the parties to whom the debtor still owes money.
The trustee's salary is paid from the active assets of the bankrupt company. Also, if the trustee needs help from an accountant, for example, those costs are taken from the company.
Creditors with preferential claims have a right of priority recognised by law. Examples include the tax authorities, UWV and banks.
Creditors with unsecured claims come into play once the claims of the preferential creditors have been satisfied. In practice, this often means that there are no or almost no assets left to satisfy unsecured claims.
Therefore, it is good to know that your debtors are well insured and that your recognised claim will be processed and paid by the insurer quickly!
For questions, please contact Xolv's specialists.
