Articles

Senate agrees with bills on bankruptcy fraud

Senate agrees with bills on bankruptcy fraud

Senate agrees with bills on bankruptcy fraud

04.05.2016 NL law

 

On 5 April 2016 the Senate approved two of the three legislative proposals aiming to combat bankruptcy fraud by :

  1. introducing director disqualification under civil law (‘Wet civielrechtelijk bestuursverbod’, Kamerstukken II 2013/14, 34 011 )
  2. revising the criminalization of bankruptcy fraud (‘Wet herziening strafbaarstelling faillissementsfraude’, Kamerstukken II 2013/14, 33 994

These proposals are part of the legislative programme entitled ‘Reassessment of bankruptcy law’ (‘Herijking faillissementsrecht’) and are expected to enter  into force on 1 July 2016.

With the introduction of the bill on director disqualification under civil law, it becomes possible to disqualify directors for up to five years for committing bankruptcy fraud or misconduct before the commencement of the bankruptcy. Disqualified directors are not allowed to act in their capacity as a director during the disqualification period and are also not allowed to join another organization as a director or supervisory director. With this measure the government aims to combat bankruptcy fraud and irregularities surrounding bankruptcy and prevent fraudulent directors from continuing their activities. A director disqualification is imposed by the civil court at the request of either the Public Ministry or the trustee under the bankruptcy of a legal entity of which the person in question was the director.

The second bill on the revision of the criminalization of bankruptcy fraud seeks to introduce more criminal law options to tackle bankruptcy fraud. To further increase the effectiveness of the fight against bankruptcy, existing criminal bankruptcy provisions will be modernized and legal instruments expanded so that, for example, breaching the obligation to keep records or authorizing excessive spending prior to bankruptcy resulting in a disadvantage for creditors will become criminal offences.

The third bill intended to combat bankruptcy fraud  is currently pending in the House and aims to strengthen the position of the trustee in bankruptcy (‘Wet versterking positie curator’, Kamerstukken II 2014/15, 34 253) by a variety of measures including  the expansion of information and cooperation obligations. As a result of this bill, a trustee in bankruptcy will have more options  to detect and tackle irregularities surrounding bankruptcy.

The ‘Reassessment of bankruptcy law’ programme includes a total of seven legislative proposals, which are intended to strengthen the reorganizing ability of companies and modernize bankruptcy law and combat bankruptcy fraud at the same time.

The post “Senate agrees with bills on bankruptcy fraud” is a post of www.stibbeblog.nl

Related news

08.11.2019 BE law
Interview with Wouter Ghijsels on Next Gen lawyers

Articles - Stibbe’s managing partner Wouter Ghijsels shares his insights on the next generation of lawyers and the future of the legal profession at the occasion of the Leaders Meeting Paris where Belgian business leaders, politicians and inspiring people from the cultural and academic world will discuss this year's central theme "The Next Gen".

Read more

07.11.2019 NL law
Symposium 'From Stint to Fipronil: a compensation fund for victims of energetic government intervention in crisis situations

Seminar - Stibbe is organising a symposium in Amsterdam on Thursday 7 November entitled 'From Stint to Fipronil: a compensation fund for victims of energetic government intervention in crisis situations'. During this symposium, Stibbe lawyer Tijn Kortmann and Prof. Pieter van Vollenhoven, alongside other experts,  will speak about the compensation fund which, according to van Vollenhoven, injured parties should be able to call upon if a decision by the government turns out to be too drastic.

Read more

13.11.2019 NL law
Van Stint tot Fipronil: een schadefonds voor gedupeerden van voortvarend overheidsingrijpen in crisissituaties

Short Reads - Op donderdag 7 november 2019 was prof. mr. Pieter van Vollenhoven te gast bij ons op kantoor voor het seminar "Van Stint tot Fipronil: een schadefonds voor gedupeerden van voortvarend overheidsingrijpen in crisissituaties". In het sprekerspanel met o.a. Berthy van den Broek, Janet van de Bunt, Monique de Groot en Edwin Renzen en ook in de zaal waren de meesten duidelijk gecharmeerd van zo’n fonds Van Vollenhoven. Maar er blijven nog genoeg vragen over hoe zo’n fonds precies zou moeten worden ingericht.

Read more

Our website uses functional cookies for the functioning of the website and analytic cookies that enable us to generate aggregated visitor data. We also use other cookies, such as third party tracking cookies - please indicate whether you agree to the use of these other cookies:

Privacy – en cookieverklaring