Best Restructuring & Insolvency Lawyers in Delft

About Restructuring & Insolvency Law in Delft, Netherlands

Restructuring and insolvency law in Delft follows the national Dutch legal framework. Key options for businesses and individuals facing severe financial distress include bankruptcy - faillissement - suspension of payments - surseance van betaling - debt restructuring under the WHOA - Wet homologatie onderhands akkoord - and personal debt restructuring under the WSNP - Wet schuldsanering natuurlijke personen. Insolvency proceedings are handled through the competent Dutch courts, with most commercial cases in the Delft area dealt with at the District Court for The Hague. Insolvency law determines the rights of creditors and debtors, priorities for payment, the role of an appointed trustee or curator, and possible director liability for mismanagement. In recent years the WHOA has become an important tool for restructuring because it allows a negotiated plan to be binding on dissenting creditors after court homologation.

Why You May Need a Lawyer

Restructuring and insolvency situations are legally and financially complex. You may need a lawyer if you are a company director worried about insolvency, a creditor seeking recovery, an employee claiming unpaid wages, or an individual overwhelmed by personal debts. A lawyer can explain your options - for example whether to pursue a WHOA restructuring, apply for suspension of payments, or prepare for bankruptcy - and help with urgent steps that protect assets, preserve value, and limit personal liability. Lawyers also handle creditor negotiations, prepare restructuring plans, represent you in court, and advise on cross-border issues if assets or creditors are outside the Netherlands.

Local Laws Overview

Key legal elements relevant in Delft and the Netherlands include:

- Bankruptcy - faillissement: a court-declared insolvency where a curator takes control of the debtor's estate. Bankruptcy ends debtor control and prioritizes creditor claims according to statutory rules.

- Suspension of payments - surseance van betaling: a temporary relief that can allow reorganization efforts while creditors cannot enforce claims in the same way as during bankruptcy.

- WHOA - Wet homologatie onderhands akkoord: introduced in 2021, the WHOA allows a debtor to propose a restructuring plan that can be confirmed by the court and bind dissenting creditor groups - providing a cram-down mechanism if required majorities approve.

- WSNP - personal debt restructuring: the statutory scheme for individuals with unsustainable personal debts, administered by the court and trustee, usually after attempts at private settlement fail.

- Director liability - bestuurdersaansprakelijkheid: company directors can be held liable for debts if there is mismanagement, unlawful acts, or if statutory obligations are breached, particularly in the lead-up to insolvency.

- Priority of claims: employee claims, certain tax and social security claims, and secured creditors have different ranks. Secured creditors with valid collateral commonly take precedence over general unsecured creditors.

- Cross-border considerations: EU insolvency rules and international principles determine jurisdiction and recognition of foreign insolvency proceedings. The concept of centre of main interests - COMI - is pivotal for determining the main proceedings forum.

Frequently Asked Questions

What is the difference between bankruptcy and the WHOA?

Bankruptcy is a court process that liquidates assets under a curator and distributes proceeds to creditors according to statutory priority. The WHOA is a restructuring mechanism that lets a debtor propose a plan to restructure debts and bind dissenting creditors after court approval, allowing the business to continue under restructured terms rather than being liquidated.

Can directors be held personally liable for company debts in Delft?

Yes. Directors may face personal liability for debts if they commit wrongful acts, mismanage the company, continue trading when insolvency was unavoidable, or breach statutory duties. Timely legal advice can help directors act in a way that reduces the risk of personal liability.

What happens to employees if a company goes bankrupt?

In bankruptcy, employees generally become preferential creditors for certain unpaid wages and claims. The appointed curator handles employee claims and may terminate employment contracts. The UWV handles wage guarantee payments for outstanding wages in many cases, subject to statutory rules.

How long do insolvency or restructuring procedures take?

Timing varies. Bankruptcy can begin quickly after a court ruling and lead to asset realisation within weeks or months depending on complexity. WHOA proceedings can take several weeks to a few months to negotiate and obtain court homologation, depending on creditor negotiations and the plan’s complexity. WSNP cases for individuals typically run for a multi-year period with a supervision term of three years in many cases.

Can I sell assets or run the business while a restructuring is in progress?

It depends on the procedure. In bankruptcy the curator controls asset sales and the business. Under the WHOA or during suspension of payments, the debtor or a court-appointed administrator may be permitted to continue operations and sell assets, subject to court oversight and creditor rights.

What should I bring to my first meeting with an insolvency lawyer in Delft?

Bring recent financial statements, bank statements, lists of creditors and amounts owed, upcoming payment obligations, contracts and leases, payroll records, tax filings, any notices from creditors, and a timeline of key events leading to the current distress. The more complete the information, the faster the lawyer can assess options.

How much does insolvency legal advice cost?

Costs depend on the complexity, the lawyer’s experience, and the tasks required. Some firms offer fixed-fee initial consultations or phased fee structures. For complex restructurings or court proceedings costs can be substantial, but early engagement can reduce overall cost by avoiding value-destroying mistakes.

What are secured and unsecured creditors and how are they treated?

Secured creditors hold collateral or a security right and are paid from the proceeds of those assets before unsecured creditors. Unsecured creditors have no specific security and are paid out of remaining funds according to statutory priority. The difference affects recovery prospects and negotiation leverage.

Can creditors from other countries enforce claims in the Netherlands?

Cross-border enforcement depends on jurisdictional rules, recognition of foreign judgments, and EU insolvency regulations. The court will consider where main proceedings should occur based on COMI. Cross-border creditors often need local counsel to protect their interests and to participate in local proceedings.

How do I find a reliable insolvency lawyer in Delft?

Look for lawyers or firms with specific insolvency and restructuring expertise, experience with WHOA and bankruptcy, and positive references. Check professional accreditation through the Dutch Bar - Nederlandse Orde van Advocaten - and inquire about recent cases, team members, fees, and approach. Local knowledge of the District Court for The Hague and contacts with trustees and accountants is advantageous.

Additional Resources

Relevant organizations and bodies that can help you navigate restructuring and insolvency matters in Delft include:

- Chamber of Commerce - Kamer van Koophandel - for company registration information and insolvency notices.

- District Court for The Hague - handling bankruptcy and WHOA filings in the Delft area.

- Nederlandse Orde van Advocaten - the national Bar for lawyer accreditation and guidance on finding counsel.

- UWV - for employee wage guarantee information and claims.

- Belastingdienst - information on tax claims and potential tax liabilities in insolvency.

- Trustees and curators associations - organisations representing insolvency practitioners and curators.

- Municipality of Delft - local debt counselling and social services for individuals facing financial hardship.

- National guidance on WHOA and insolvency available from official government justice publications and legal practice guides.

Next Steps

If you think you may need legal assistance in restructuring or insolvency, start with these steps:

- Collect key documents: financial statements, creditor lists, bank records, contracts, payroll and tax documents.

- Avoid destroying records and keep clear documentation of decisions and communications with creditors.

- Contact an experienced restructuring and insolvency lawyer in Delft for an initial assessment. Ask about experience with WHOA, bankruptcies, WSNP, and cross-border cases.

- Consider early negotiations with major creditors and explore interim measures to protect key assets or continue essential operations while you seek advice.

- If you are a director, act quickly to seek advice to reduce the risk of personal liability and to document measures taken to mitigate losses.

- For individuals, check with the municipality of Delft for local debt counseling and assess whether WSNP or private settlement routes are appropriate.

Early legal advice can preserve options, reduce costs, and increase the likelihood of a successful restructuring or orderly resolution of insolvency.