Saving or ending your business during the corona crisis

Check the corona measures by the Dutch government

The government helps entrepreneurs affected by the corona crisis. For example:

• Businesses affected by the corona measures can apply for corona support measures.
• Self-employed professionals can turn to their municipality and apply for Bbz support.
• Event organisers who have had to cancel events can apply for the Subsidy scheme for events cancelled due to corona measures (TRSEC). Or the ATE scheme.

See which schemes are still available.

Lend money with flexible conditions

The following credit and credit guarantee schemes have been relaxed or expanded:

• Business loan guarantee scheme (GO) for SMEs and large companies
• SME credit guarantee scheme (BMKB) for SMEs
• Credit Guarantee Scheme for Agriculture (BL) for agricultural entrepreneurs
• Microcredit provider Qredits for small business credits
• Small Credits for Corona guarantee measure (KKC) for SMEs
• Export credit insurance for exporters
• Seed Capital Scheme for emerging technology entrepreneurs

Tax and Customs Administration corona measures

The Dutch Tax and Customs Administration took measures to help entrepreneurs with payment difficulties due to the corona crisis and to prevent additional costs. For example:

• A tax payment extension was available until 1 April 2022;
• Decrease of tax collection interest and tax interest rates;
• Repayment arrangements for businesses that have difficulties paying outstanding taxes.

TOA: Time-Out Arrangement

WHOA: avoid bankruptcy

Business is not going well. You have many debts, and you or your creditors are thinking about filing for bankruptcy. There may be something you can do to prevent that. If you and your creditors can reach an agreement for settling your debts, you can make use of the new Court Approval of a Private Composition (Prevention of Insolvency) Act (WHOA). The WHOA allows you to reach a binding agreement with your creditors, ratified by court, that they as well as you must honour. Even if not all your creditors agree. By making use of the WHOA, you may be able to save your business.

Re-launch credit for SMEs

Ending your business: the most important steps

If there are no ways left to save your business, you can choose to end your business.

Here are the 10 most important steps to end your business:

1. Inform your customers and suppliers that you are going to end your business.
2. Apply for a dismissal permit if you have personnel.
3. Check whether you are eligible for discontinuation relief.
4. Check whether you are entitled to benefits such as the Financial support for self-employed professionals (Bbz) or Older and Partially Disabled Self-Employed Income Support (IOAZ).
5. Deregister from the Dutch Business Register.
6. Verify that your VAT ID and VAT tax number have been discontinued.
7. Submit a final VAT return.
8. Cancel your business insurance and subscriptions.
9. Cancel the domain name of your website.
10. Keep your business records.

Read more about ending your business.

Apply for debt restructuring

If you can no longer pay your debts, you can request debt restructuring. There are 2 types of debt restructuring:

• an amicable settlement (a voluntary payment scheme)
• the legal procedure Wsnp (the Debt Restructuring for natural persons Act) which follows if an amicable settlement fails.

Filing for bankruptcy

Can you no longer pay off your debts? Then the court may declare you bankrupt. Read how you can file for bankruptcy and more on bankruptcy procedure.