If your business goes bankrupt, a curator will take decisions on behalf of your company. You can no longer access your assets. This article explains what a curator is, what duties they perform and what that means for you.
What is a curator?If a business goes bankrupt, the court will appoint the curator (also referred to as the receiver, liquidator, trustee or administrator). This is usually an attorney or lawyer. The curator must see to it that the bankruptcy is handled in the right way. And that creditors are repaid what they are owed as much as possible.
What does a curator do?
If your business goes bankrupt, the curator takes over its daily management and authorities. You can no longer make decisions that affect your business, and its assets are impounded. The curator:
- manages your assets
- makes a list of your possessions and debts
- protects your property (estate), so that nothing disappears
- sells your possessions to pay off your creditors (liquidation)
- investigates fraud or malconduct
- manages your administration, cash and supplies
- receives and opens all your mail, including emails
- terminates contracts if necessary, such as rental contracts or employment contracts
- takes care of payments to creditors
- is able to undo actions that you took prior to the bankruptcy, if it means more creditors can be paid off. For instance, if you rushed through a large payment to one creditor, the curator can reclaim the money
- reports everything he does to the examining magistrate
The Consignatiekas: if the curator cannot find a creditor
If the curator was unable to locate a creditor to refund their claim at the time of the bankruptcy, they give the amount in reserve in the so-called 'Consignatiekas'. This deposit stores any leftover funds from past bankruptcies for 20 years. To claim the money, a creditor has to approach the Ministry of Finance and prove their claim. They can do so (only in Dutch) on the Rijksoverheid website.