Filing a winding-up petition

When your claim remains unpaid, it may be wise to file a winding-up petition for the debtor. Such a petition has to be submitted to the court in the court district where the debtor has his residence.

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How does the distribution to creditors proceed?

One important task of the receiver is to liquidate the assets of a company in liquidation (Section 68 of the Bankruptcy Act [Faillissementswet]). This means the receiver will try and sell the goods that fall under the liquidation and enforce the rights. This may concern the selling of stock, machines, buildings, but also the collection…

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Payment to ordinary creditors with composition

The liquidation may also end because the debtor offers a composition. This is a payment arrangement offered in order to end the liquidation. This will help a business, while a natural person will be able to continue with his or her life (often debt-free). 

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How does a liquidation case end? (7 possibilities)

A liquidation case can end in the following ways: Nullification of the liquidation order (appeal, objection); Conversion into a statutory debt adjustment (in the case of natural persons); Completion due to a lack of income(when not all claims against the insolvent company can be paid); Simplified liquidation (when only preferential creditors of a company in…

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