If your company is declared bankrupt by the court, the consequences are often considerable. The court appoints a receiver, who will investigate the run-up to the bankruptcy and your role in it and who will look after the interests of the creditors. In order to pay off as many creditors as possible, the receiver will, among other things, sell the inventory and stocks of your company and make a decision about your staff. You yourself are sidelined in this process.
As the interests of the trustee often clash with your own, it may be necessary to consult or negotiate with him. The specialists of LexQuire know exactly what a trustee in bankruptcy considers important. This enables us to consult or negotiate with the trustee on your behalf.
Legal advice on directors’ liability
In a bankruptcy, it is one of the trustee’s tasks to investigate whether you, as director, fulfilled your legal and statutory obligations prior to the bankruptcy. Does the trustee find that there was fraud or mismanagement on your part? Then he can be personally liable for the financial shortfalls. The trustee in bankruptcy will then ask you to reimburse (part of) these deficits. It is not uncommon for the amounts involved to be large.n.