Bankruptcy Act

TITLE 1 BANKRUPTCY

Chapter 8 Legal Position of the Debtor after the Termination of the Winding-up

Article 195 Creditors regain their right of foreclosure after the final distribution plan has become binding
After the final distribution plan has become binding, the creditors regain their rights of foreclosure (execution) on the assets of the debtor to the extent that their claims have remained unpaid.

Article 196 Admitted claims are immediately enforceable after the end of the bankruptcy
The admission of a claim in accordance with Article 121, paragraph 4, shall have as resultthat this claim is enforceable immediately against the debtor to the extent that it has remained unpaid; the official record of the verification meeting constitutes an executorial title against the debtor for the admitted claims mentioned in that official record.

Article 197 The previous Article does not apply to claims that have been disputed by the debtor
The provisions of the preceding Article shall not apply if and to the extent that a claim has been disputed by the bankrupt debtor in accordance with Article 126.

Chapter 9 [repealed on 01-01-2003]

Article 198 [repealed on 01-01-2003]

Article 199 [repealed on 01-01-2003]

Article 200 [repealed on 01-01-2003]

Article 201 [repealed on 01-01-2003]

Article 202 [repealed on 01-01-2003]

Chapter 10 Provisions of International Law

Article 203 Recovery of unsecured claims from assets abroad during bankruptcy
A creditor who, after the declaration of bankruptcy, has recovered his claim separately, either in full or in part, from assets situated abroad of a debtor declared bankrupt in the Netherlands, to which assets no priority ranking (right of preference) was attached in his favour, must pay the amount so recovered into the liquidation estate.

Article 204 Transfer of a claim with the purpose to recover it from assets abroad
- 1. A creditor who transfers (assigns) his claim against the bankrupt debtor, either in full or in part, to a third party in order to enable this third party to recover the claim, either in full or in part, separately or with priority (preference), from assets of the bankrupt debtor situated abroad, must pay the amount so recovered into the liquidation estate.
- 2. Unless the contrary has been proven, the transfer (assignment) is deemed to have been effected with the purpose mentioned in the previous paragraph, if it was known to the parties that an application for bankruptcy had been made or would be made.

Article 205 Transfer of a claim or debt to enable a third person to make an unpermitted set-off abroad
- 1. A creditor who transfers his claim or his debt, either in full or in part, to a third party, who as a result thereof is able to effectuate a set-off abroad which is not allowed under the present Act, shall have a similar obligation to the liquidation estate as referred to in the previous Article.
- 2. Paragraph 2 of the preceding Article shall apply in that event.

Chapter 11 Rehabilitation

Article 206 Petition for the rehabilitation of the debtor
After the bankruptcy has ended in accordance with Article 161 or 193, the debtor or his heirs may submit a petition for rehabilitation to the District Court which adjudicated on the bankruptcy.

Article 207 Inadmissibility of the petition
The petition of the debtor or his heirs is inadmissible if no proof is submitted at the same time from which shows that all admitted creditors have been paid to the satisfaction of each of them.

Article 208 Publication of the petition
The petition shall be published in the Government Gazette.

Article 209 Objections of creditors against the petition
- 1. Each admitted creditor may file an objection against the petition within two months after the required publication by means of a reasoned notice of objection lodged with the office of the clerk of the court; the clerk of the court shall issue a receipt to him.
- 2. The only possible ground for such an objection is that Article 207 has not been duly performed by the petitioner.

Article 210 Decision of the District Court is to be rendered after two months
After expiry of the period of two months referred to in the previous Article, the District Court shall grant or reject the petition after having heard the opinion of the Public Prosecution Service, regardless whether any objections have been raised or not.

Article 211 No appeal nor an appeal in cassation available
No further appeal or appeal in cassation (appeal to the Supreme Court) is available against the decision of the District Court.

Article 212 Judgment in open court; registration in the bankruptcy register
The judgment allowing the rehabilitation shall be pronounced in open court and shall be recorded as well in the register referred to in Article 19.