Tips for managing financial risks as a result of COVID-19

Schaap Advocaten Notarissen  |  29 April 2020  |  Reading time: about 1 minute

If, despite the support measures, your company may find itself in dire financial straits, we advise you to take precautions to limit the damage (if any) as much as possible. Of course, we hope it does not have to come to that and we are at your disposal to prevent that scenario as much as possible. That is why our specialists have drawn up a document with tips to help your company and yourself manage insolvency risks due to the corona crisis. This will enable you to legally prepare your company and yourself for financial dire straits.

Examples include requesting special deferral of payment from the Tax and Customs Administration, whether or not to distribute dividends, directors’ and officer’s liabilities, accounting and filing obligations and the careful recording of resolutions.

Several lawyers at Schaap are also working as receivers and administrators. This combined expertise means that we are in a perfect position to assist businesses and their directors when they are in financial difficulty. Our work may involve protecting healthy parts of the business, restarting the company during or after a moratorium or bankruptcy, or making voluntary arrangements with creditors.

We are and remain available for questions about the possible consequences for your company. Feel free to contact us for any questions about the tips, but also for brainstorming (without any obligation). You can count on us.

Download: Tips for managing financial risks as a result of COVID-19 (PDF)

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