Step 4 of 5: Find a solution for your debts
- Gé Sletterink
- Step-by-step plan
- 15 May 2023
- Edited 12 Dec 2022
- 1 min
Will you still have debts after ending your business? Explore the various solutions. Use the step-by-step plan for debts to find a path that suits your situation.
A step-by-step plan for debts
This step-by-step debt plan will help you better understand all your debts and see what options there are to solve them. Your approach will also depend on the legal form of your company.
You can solve your debts through an amicable settlement or legal procedure.
Ask the debt counsellor at your local municipality if you can resolve your debts in an amicable settlement .
Avoid bankruptcy with the WHOA
Since January 2021, entrepreneurs can more easily reach an agreement on a debt settlement with the Court Approval of a Private Composition (Prevention of Insolvency) Act (Wet Homologatie Onderhands Akkoord or WHOA). This is possible without the agreement of every creditor. That can save you a lot of worries.
Natural Persons Debt Rescheduling Act (Wsnp)
If the debts cannot be solved, you will begin the legal procedure of the Natural Persons Debt Rescheduling Act (Wsnp). Otherwise, bankruptcy follows.
KVK Advice Team
Do you have questions about preparing for your business closure? Then contact the KVK Advice Team and call 0800 21 17.