The (future) bankrupt itself

When a creditor files a petition for your company’s bankruptcy (or your personal bankruptcy), this is usually the start of a period of stress. We are aware of this. However, it is important to keep a cool head and remain realistic.

The professional assistance of an insolvency law specialist is indispensable for bankruptcy petitions. But all too often we see companies go belly-up because directors who are not well-prepared think that bankruptcy petitions can just be brushed aside. However, a bankruptcy order is issued rapidly, because, in principle, the petitioning creditor only has to establish that the debtor has another creditor and that the debtor is in arrears. A successful defence can only be conducted under specific circumstances. We know all about that. In this context, acting strategically is a must. 

However, if a bankruptcy is unavoidable, then this certainly does not always have to mean the end. Sometimes a bankruptcy just leads to new insights and new opportunities. There are in fact sufficient possibilities to get out of a bankruptcy, such as lodging an objection (if you weren’t able to mount a defence at first instance and were not present at the hearing), the filing of appeals (if bankruptcy was pronounced when you were indeed present at the hearing), proposing a creditor composition, filing a petition for the conversion of the bankruptcy into an arrangement under the Natural Persons Debt Rescheduling Act (for natural persons) or relaunching. Whichever route you choose, we can guide you with advice and assistance.  

Naturally, we can also assist you if you are considering your own bankruptcy or have already reached a decision in this respect.

In a nutshell:

  • Assistance with defending a bankruptcy petition;
  • Self-filed bankruptcy petition;
  • Objections and appeals against bankruptcy declaration;
  • Proposing a composition plan or filing a petition for conversion into a WSNP.