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Article 76 of the Dutch Bankruptcy Act re-examined

On 6 June 2014 the Supreme Court of the Netherlands rejected the appeal of two Dutch banks to install a creditors committee for the bankruptcy of a major shareholder of a holding company and director of some of its subsidiaries (ECLI:NL:HR:2014:133). The liquidator argued that the information that the banks would obtain with the creditor’s committee would be misused. In accordance with article 76 of the Dutch Bankruptcy Act (‘BA’) it is possible for members of a creditors committee to obtain any information regarding the debtor. The liquidator is required to provide the creditor’s committee with all information they request.

TRI Leiden currently prepares an article to discuss the position of a creditor’s committee in the Netherlands. The purpose of the paper is to study the powers of the creditors committee and more particularly the  powers flowing from article 76 BA. An important question is how the liquidator can prevent that  information obtained by the creditor’s committee will not be misused? In addition, we will focus on the  importance and added value of a creditor’s committee in bankruptcy cases. In previous bankruptcy cases the  creditor’s committee has proven to be a valuable tool e.g. to assist the liquidator with valuable information on the debtor.  

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