Company in trouble? A number of rescue options

While the corona virus grips society, the economy is being hit hard by the government’s corona measures. As an entrepreneur you are confronted with exceptional circumstances. Financial problems are lurking in the process. Think of liquidity shortages, dissatisfied suppliers, a growing number of creditors and declining turnover. In order to maintain control and prevent bankruptcy, it is good to conduct timely research into possible rescue actions. A good rescue plan can ensure that the company is healthy again and continuity is guaranteed.

In a crisis situation, it is important to draw up a rescue plan quickly and purposefully. Various rescue actions are possible, ranging from a payment arrangement with one or more individual creditors and a creditors’ agreement to a restructuring in which the organization is restructured. In all cases it is necessary for a smooth course that you communicate well with your creditors. After all, they can file for your bankruptcy in the event of payment arrears.

Read more: Shlomo Rechnitz – The Jerusalem Post

Individual agreements with creditors and the creditor agreement

In financially uncertain times, you can make arrangements with your creditors. This can be done on an individual basis, whereby you make separate agreements with each creditor. Think of deferral of payment, a payment arrangement, partial forgiveness or conversion of debt into shares. You can also make collective agreements with all creditors. In that case we speak of a creditors’ agreement.

In a creditors’ agreement it is agreed that you will partially pay the outstanding claims of the creditors against remission of the remainder. Particularly in the event of imminent bankruptcy, it can be financially interesting for creditors to cooperate in a creditors’ agreement. After all, with a creditors’ agreement they have the certainty that at least part of the outstanding claim will be paid, something that is uncertain in a bankruptcy. On your end, waiving the remainder of the receivables increases the company’s chances of survival.

For a creditors’ agreement to succeed, all creditors must currently cooperate. Does one of the creditors refuse? Then no agreement will be reached. Incidentally, we see in practice that creditors are more likely to agree to a proposal if the benefits are communicated properly.

In order to prevent one or a small number of creditors from blocking a creditors’ agreement in the future, the House of Representatives adopted the bill Homologation Private Agreement (WHOA) on 26 May 2020. This proposal is now before the Senate. If adopted, the WHOA will offer the option of asking the court to approve an agreement. This approval (homologation) binds all creditors to the plan, including creditors who had not previously agreed to it.


A restructuring offers you the opportunity to restructure the company. Think of selling or disposing of loss-making parts, adjusting the organization, or reducing the number of employees. With a successful restructuring, healthy business units can be maintained and even more efficiently organized, so that the company becomes and remains profitable again.

As a driver, you are the captain of the ship and responsible for the well-being of the entire company. With this in mind, it is sometimes necessary to make painful decisions in stormy times. In practice, drivers often find this difficult. Restructuring is for the entrepreneur with heart for the business and people are often an emotional and painful process, involving many stakeholders. But it is good to bear in mind that a restructuring can guarantee employment and the continuity of the healthy business units.

A restructuring must be carried out meticulously and with an eye for all the interests involved. You must take into account the interests of, for example, the bank, the tax authorities, the lessor, the suppliers, the employees, the works council and the shareholders. You must also observe all legal rules. Without the right legal knowledge, a misstep is easily made. This can have undesirable consequences, such as a liability claim.


The HJ Advocaten team is happy to help you with the agreements you make with your creditors, individually or via a creditor agreement. We can also help you with a restructuring and ensure that you make the right decisions in this complicated process. Our specialists attach great importance to working expertly, adequately, tactfully and discreetly.

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