This animation video from KVK explains how you should act if you are faced with debts as an entrepreneur and how KVK can help you. The video is provided with a voice-over and animations supporting the text.

VOICE-OVER: "Do you struggle to pay your bills? And do you have debts with multiple creditors? It's important to take action right away. Make a clear overview of your situation and ensure that your business records are complete.

There are various debt settlement schemes:

- Amicable settlement
- (WSNP) Natural Persons Debt Restructuring Act
- (WHOA) Court Approval of a Private Composition (Prevention of Insolvency) Act
- Suspension of payment
- Bankrupsy

VOICE-OVER: "Which scheme you can use depends on your company's legal structure and the amount of debt that you have.

Meet Paul. He has a gym. Paul can no longer pay  his rent and electricity bills. Together with his financial advisor, he looks at the debt flowchart on kvk.nl. Because he has a BV, the Natural Persons Debt Restructuring Act is not an option. And his creditors do not want to cooperate in an amicable settlement or payment arrangement. The WHOA procedure costs money and Paul's company does not meet the conditions. Suspension of payment is not an option available to him either. 

Paul realises that bankruptcy  is unavoidable for him. He files a request with the court to have his company declared bankrupt. The court assesses Paul's request, declares bankruptcy and appoints a curator. All decisions and financial matters are deferred to the curator." 

Text on screen.

Curator:
- Decisions
- Financial matters
- Administration

VOICE-OVER: "The curator investigates the financial situation of the gym. 

If there are no assets,  then the bankruptcy will end due to a lack of assets.

If there are assets, the curator can offer to pay the creditors part of the debt owed to them. If they agree to this, the bankruptcy is complete. After that, Paul's creditors can no longer demand that he pays the rest of his debt. If they do not agree, the curator will sell the company's assets 
and use the proceeds to repay the creditors to the extent possible.

From the date he is appointed, the curator will check whether Paul has done a good job as a director.  Because if he hasn't, the curator can hold him personally liable. In that case, Paul will have to pay his creditors with his private assets as well. Do you have debts? And are you having a hard time? Take action as soon as possible.

Go to kvk.nl/debts or call 0800 2117.

Text on screen: KVK, support for entrepreneurs.