Bankruptcy
Act
TITLE II MORATORIUM ON PAYMENT
Article 281a List of creditors when there are 5,000 creditors or more
- 1. When there are over 10,000 creditors,
the list which the debtor according to Article 214 has to submit simultaneously
with his petition for the granting of a moratorium on payment, does not
need to contain the names and addresses of the creditors nor the amount
of their individual claims; in such case it is sufficient when the list
refers to the different groups of creditors, classified according to the
nature of their claims, and to the overall number and overall amount of
the combined claims of each group.
- 2. If the number of creditors is less than
10,000 but over 5,000, the District Court may permit the debtor to submit
a list in accordance with the preceding paragraph.
Article 281b Special arrangements when there are 5,000 creditors or more
- 1. If the number of creditors appears to
be over 5,000, the District Court may, upon the request of the administrators,
make the arrangements described in Articles 281c up to and including Article
281f.
- 2. The arrangements made under Articles 281d
and 281e may only be made in combination.
Article 281c Publication duties
The District Court may order that the notices to creditors referred to
in Articles 215, paragraph 4, Article 216a, paragraph 2, second sentence,
and Article 264, paragraph 2, shall not be given by letter but by means
of a publication in the Government Gazette or in one or more daily newspapers
to be specified by the court. In that event the court shall also specify
the latest date on which such publication must be made and which items
must be included in the published notice.
Article 281d Claims which do not have to be included in the list
The District Court may decide that certain types of claims or claims below
a certain amount, which may however not exceed € 450, need not to
be included in the list referred to in Article 259.
Article 281e Representative committee
- 1. The District Court may appoint a representative
committee, consisting of not less than 9 members. This committee must
consist of persons who may be regarded to represent the most important
groups of creditors.
- 2. Only the members of the committee are
entitled to vote at the voting referred to in Articles 218 and 268.
- 3. A moratorium on payment may not be granted
definitely if more than one-quarter of the members of the committee present
at the meeting, which is held to decide on this matter, have voted against
a moratorium on payment.
- 4. In order to be accepted, the draft for
the final arrangement with the creditors (composition) must be approved
by three-quarters of the members of the committee present at the meeting
which is held to decide on this matter. If at least two-thirds of the
members have not appeared at that meeting, the voting on the draft for
a final arrangement (composition) will be postponed until a later date.
In such event no further convening notice to creditors is required, but
the members of the committee shall be summoned by letter, send by the
administrators, to attend the next meeting. At this meeting a voting shall
take place notwithstanding the number of committee members present at
the meeting.
- 5. For the purpose of Articles 269, paragraph
1, first sentence, 270, 272, and 154, the words ‘members of the
committee’ are to be substituted by ‘creditors’ and
for the purpose Article 271 the words ‘each creditor and each committee
member' shall be substituted by ‘each creditor'.
Article 281f More than one distribution to be made to the creditors
If it is to be expected that more than one distribution will have to be
made to the creditors, the District Court may decide, when it sanctions
the final arrangement (composition), that at the first distribution one
or more instruments endorsed to bearer shall be issued to the creditors
and that the payment of following distributions may be claimed only through
presentation of such instruments.
Chapter 2B The granting of a moratorium
on payment on behalf of an investment firm and a financial institution
which has obtained a supervisory status certificate or another institution
Article 281g Application of specific provisions for bankruptcy in case
of a moratorium on behalf of certain financial institutions
Article 212a, under point (b) up to and including point (f), and Articles
212b up to and including 212f, shall apply accordingly to the granting
of a moratorium on payment to:
a. an investment firm as meant in Article 1:1
of the Financial Supervision Act;
b. a financial institution as meant in Article
1:1 of the Financial Supervision Act that has obtained a supervisory status
certificate as referred to in Article 3:110 of that Act;
c. a central counterparty if it acquires, within
the framework of its participation in the system, (claims on) transferable
securities on the basis of a transfer instruction;
d. a public body or an enterprise acting under
a guarantee issued by the government;
e. an investment firm with its seat in a State
which is not a Member State and which pursues its business from a branch
office located in the Netherlands:
on the understanding that:
- «Article 23» must be read as «Article 27»;
- «Article 24» must be read as «Article 228, paragraph
2»;
- «Article 53, paragraph 1» must be read as «Article
234, paragraph 1», and
- «Article 54, paragraph 2» must be read as «Article
235, paragraph 2».
Article 281h Application of Part 3.5.6 of the Financial Supervision Act
Part 3.5.6 of the Financial Supervision Act applies accordingly to a moratorium
on payment granted to an investment firm as meant in Article 1:1 of that
Act or to a financial institution which has obtained a supervisory status
certificate as referred to in Article 3:111 of that Act.
Article 282 No appeal or other legal remedies available unless provided
otherwise
No appeal or other legal remedies (actions) are available against decisions
of the court rendered on the basis of the provisions of the present Title
(Title II), except where the contrary has been provided and except for
the possibility of an appeal in cassation in the interest of the law.
Article 283 Lodged petitions must be signed by an advocate or administrator
- 1. Petitions (requests) to be lodged (made)
pursuant to Articles 219, 223, 225, 242, 243, 247, 247b, paragraph 2,
270, 272, final paragraph, 278 and 280, paragraph 1, must be signed by
an advocate (solicitor admitted to the Bar), except when the petition
(request) is lodged (made) by administrators.
- 2. A petition lodged on the basis of Article
37 of the European Regulation mentioned in Article 5, paragraph 3, must
be lodged by an advocate (solicitor admitted to the Bar).
- 3. The assistance of a cassation advocate
(solicitor admitted to the Bar of the District Court of the Hague).is
required to be able to lodge an appeal in cassation (appeal to the Supreme
Court).
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