Quick-scan of directors' liability and group risks in approaching bankruptcy

Good entrepreneurship is - always and continuously, but certainly also in times of this corona crisis - mapping out all possible scenarios in which your company could find itself. So also mapping out the consequences of a possible (approaching) bankruptcy. This can be done with the help of a quick-scan.

Good entrepreneurship

Because our attorneys insolvency law team also works as court-appointed trustees or administrators in bankruptcy or suspension of payments, we have extensive experience in this area. For our consulting practice, we have prepared a comprehensive checklist with points of interest for business owners to avoid private liabilities and unpleasant consequences for affiliated group companies.

Checklist

This checklist is continuously updated based on the latest case law, legislation and daily practical experience. If your company is in dire straits, it is not too late to have your company and group companies and your position as a director reviewed. This is often "forgotten" at this stage because the main focus is on keeping the company itself afloat. Which makes perfect sense. But if your company fails in spite of this, it can cost you twice as much if your other group companies also suffer damages due to the bankruptcy and/or you are also held privately liable for actions that could have been (easily) prevented.

Quick-scan

In the phase (shortly) preceding a bankruptcy, different rules apply and actions of a director or with a group company are put under a magnifying glass. The quick-scan clarifies, for example, which actions you can or can no longer perform or can only perform under certain circumstances. It also identifies the (existing) risks on the basis of which you can determine your strategy. In short, a quick-scan is indispensable when you are facing bankruptcy.