The emergence of COVID-19 (the Coronavirus ) spares nobody and is affecting all. As an individual driver, the virus could also confront you with unanticipated and uncertain issues, both in private and professionally. For instance, Het Financieel Dagblad even published a story at the end of March, last year: ” The directors of this generation have never had the experience that is happening now. “. Be aware that you’re not isolated in this situation. HJ Advocaten is available should you require assistance in a matter of continuity, restructuring, or even bankruptcy.
From Challenges To Solutions
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In the event of a flood of corona bankruptcies, I’ll discuss in this blog post the options available to restructure in the short-term in both the context of organizational structure within the business as well as at an amount of debt.
Additionally, I would like to let you know about the highly-debated proposed amendment in the bankruptcy laws in light of COVID-19, which is the introduction of the Private Agreement Homologation Act (WHOA). Last but not least, I provide an idea in the event that bankruptcy becomes inevitable.
Changes In The Structure Of The Organization
If your business has found it in a difficult spot You should first determine whether a change in corporate structure to the company’s structure is appropriate. There is a possibility that BVs could be joined with the parent company to gain tax advantages and cut expenses. This is in addition to the costs associated with the administration and filing requirements of BVs. If both profit-making and loss-making business units are housed within one BV, you may look at splitting the BV which could lead to a possible sale of the business unit.
Reorganization
On the corporate level at the company level, if possible you could reduce costs. Perhaps you can manage procedures more effectively, join branches, and make joint purchases – thus more affordable – and stop unnecessary tasks. In the wake of the Corona crisis, it’s crucial to consider the management of cash. You might be able to secure a temporary delay in the payment of rent or interest, by citing commercial reasons for justification.
To avoid a director’s liability during the event of eventual bankruptcy, it’s crucial to be extremely cautious in taking (selective) payments or making new commitments. In addition, cutting costs are frequently accompanied by redundancies of employees. Our coworkers Bart Hopmans and Malon Krans are able to assist you with this. Similar to our Temporary emergency Bridging measure for employment (NOW).
A Creditor Out-Of-Court Agreement
Another alternative is to look into the option of restructuring debt. If your business is profitable however you are face with a huge debt burden You can engage in talks with creditors regarding the so-called privately-negotiated arrangement with the creditor.
In the end, two scenarios are present to creditors: one where the creditor is offered some of the debt in exchange for the voluntary release of the rest of the claim, or in the event of bankruptcy. HJ Advocaten is a large number of years of experience providing and ensuring the effectiveness of agreements with creditors that are not judicially enforceable.
Whoa – The Judicial Settlement That Is Compulsory
To avoid profitable businesses from having to face suspending payments or filing for bankruptcy, insolvency experts are working to develop the WHOA since 2013. This bill is expect to allow amending the law on bankruptcy which allows courts to review and accept a creditors’ agreement. Homologation here is the term use to describe situations where the arrangement also becomes obligatory to creditors who do not accept the proposed arrangement. The consideration of the bill has been delay due to the outbreak of COVID-19. According to experts, they believe that the House must now vote to approve the bill immediately to avoid the most bankruptcies possible. Stay tuned and we will keep you updated!
Still Bankruptcy?
If restructuring hasn’t result in the rescue of your company the director might be force to make a petition to file for bankruptcy. It is possible to learn more about the procedure for the personal bankruptcy process works on this blog post by our friend Anouk Smink. Please be aware that bankruptcy hearings may be conduct by phone even on dates other than regular hearing times.
Questions?
Are you interest in learning details about WHOA? Click here for Andre Jansen’s blog. Contact us with questions or for strategic consultation. Contact us We can help you prevent issues and come up with practical solutions.
