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The Bankruptcy Act is being amended. If your business is in financial trouble, you can enter into a private agreement with your creditors. The court can approve this agreement (homologation). Creditors or shareholders who do not agree can still be bound by the agreement. Therefore the term 'compulsory agreement' is also used.
A compulsory agreement is also possible outside bankruptcy. Does the vast majority of creditors support a relaunch? Then a single or a minority of creditors or shareholders cannot prevent this restart.
As an entrepreneur in financial difficulties, you may enter into an agreement with creditors to restructure problematic debts. The judge can approve this agreement (homologation).
- companies experiencing financial difficulties
The homologation private agreement in bankruptcy Act (Wet homologatie onderhands akkoord in faillissement, WHOA) will come into force on 1 January 2021.