Dutch Supreme Court decides on liability of de facto directors under Dutch law: ‘setting aside’ of formal directors is not required

In bankruptcy proceedings, directors under the articles of association (“formal directors”) of a Dutch B.V. or N.V. can be held liable by a bankruptcy trustee on the basis of specific articles of the Dutch Civil Code concerning manifestly improper management. This specific liability regime for directors does not apply to other third parties, such as shareholders or high-ranking employees. However, … Read more

Draft bill on Expedited Liquidation Transparency presented

On 28 June 2021, the Minister of Justice presented a draft temporary bill on transparency of expedited liquidations (de tijdelijke wet transparantie turboliquidatie). As a result of the COVID-19 pandemic, the Minister expects that there will be an increase in the number of businesses that will need to be liquidated. Under Dutch law, the most efficient way to do this … Read more