Saving or ending your business during the corona crisis

This information is provided by

Netherlands Chamber of Commerce, KVK

As an entrepreneur during the corona crisis you may well have run into financial difficulties. If your company is struggling financially, it is important that you take action as soon as possible. You may consider ending your business, but first see what you can do to save your business.

Check the corona measures by the Dutch government

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

See which schemes are still available.

Lend money with flexible conditions

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

Read more about Dutch government corona measures for 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

The government has set up a collection of measures aimed at helping businesses that are in danger of going bankrupt making it through the corona crisis. The Time-Out Arrangement, or TOA, offers help, credits and advice for businesses that are at heart sound, but going through difficulties due to the corona crisis. So far, two measures are in place under the TOA umbrella:

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

Businesses that are making use of the WHOA to reach payment agreements with their creditors can make use of the Re-launch credit for SMEs. As of 1 June 2021, businesses can apply. Qredits extends credits of up to €100,000 to SMEs to help them get their business going again after they have either had to close due to the corona measures, or have had a significant loss in turnover. Qredits also offers advice to companies making use of the arrangement. Read more about the 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.

Keep your administration up-to-date

It is important to keep your administration up-to-date to gain quick and clear insight into your current financial situation. Also provide an report with expected turnover and sales of the coming year.

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.

Contact the Netherlands Chamber of Commerce Financing Desk

Would you like advice about your personal situation? Contact the Netherlands Chamber of Commerce Financing Desk and you will be directed to an advisor.

This information is provided by

Netherlands Chamber of Commerce, KVK