Sanctions for failure to file accounts

A company which is required to file annual accounts must do so on time.

Period: thirteen months
The Chamber of Commerce operates on the principle that all documents must be received no later than thirteen months after the end of the accounting year in question, although statutory provision is also made for all sorts of other dates. If the annual accounts are not filed within this time limit, the company is too late.

Note: sometimes there are good reasons why annual accounts are not filed: there are exceptions to the obligation to file accounts.

Economic offence
If a company is really too late (more than ten days following the thirteen month period), then sanctions can follow in respect of this 'economic offence'. The Economic Investigation Service may institute an investigation. This could result in sanctions being imposed by a judge, involving a fine of several thousand guilders.

Directors' and officers' liability
If a company is declared bankrupt, failed to file accounts or did so too late in the three years leading up to the bankruptcy, then it is likely that the directors of the company will be held personally liable for all of the debts which the insolvent company is unable to pay.