There is no company that exists forever. Businesses also come to an end sooner or later. This can happen in many different ways, such as through bankruptcy, a takeover, a (turbo-)liquidation, dissolution, and so on. Each legal form of business has its own rules regarding termination. GMW lawyers can advise and assist you on every form of business termination.
If a business is no longer viable, or in the context of a restructuring, you may decide to liquidate your company. This requires a shareholders’ resolution to dissolve the company. A liquidator (vereffenaar) is then appointed to wind up the ongoing affairs, liquidate all assets of the company, that is to say sell them with a view to distributing the proceeds to the creditors and, if any funds remain, to the shareholders. If there are insufficient funds to pay all debts, the liquidator will have to file for the company’s bankruptcy.
If a company has no assets at all, liquidation may be omitted. This is known as a “turbo-liquidation”. By means of a shareholders’ resolution to dissolve the company, the company ceases to exist. No liquidator, no bankruptcy and no trustee are involved. Such a turbo-liquidation is also possible where unpaid debts remain outstanding. Creditors who consider that they have been prejudiced because, in their view, the company did in fact have assets or funds from which they could have been paid in whole or in part, may ask the court to order the company’s liquidation or declare it bankrupt.
The liquidation of companies is generally a more complex and time-consuming process than you may initially expect. The lawyers of the Insolvency & Corporate team of GMW lawyers are regularly appointed as liquidator or bankruptcy trustee, and can assist you with expert advice based on that experience. We also regularly advise on issues relating to the (turbo-)liquidation of a company, and assist creditors who are confronted with the liquidation of a debtor. We can draft the shareholders’ resolutions for you, consult with your stakeholders, and support you with advice and practical assistance in all aspects of business termination.
GMW lawyers are happy to help you with all your insolvency and restructuring matters.
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13 August 2026
New Act on Transfer of Undertakings in Bankruptcy (WOVOF): consequences for employees and restart entrepreneurs
Some time ago, a blog was published on our website about the protection of employees in a restart following bankruptcy. It was relevant then and remains a topical issue now, as the Act on the Transfer of Undertakings in Bankruptcy (Wet Overgang van Onderneming in Faillissement, WOVOF) is approaching.
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6 August 2026
Set-off and bankruptcy: what is and isn’t allowed?
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3 September 2025
What to do as a creditor in a bankruptcy?
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15 July 2025
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25 June 2025
The most difficult period for directors
It’s a situation no director likes to think about: the realisation that their company may not survive. Although this can be an emotionally challenging time, as a director you must also consider your new obligations.
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2 June 2025
Can you start legal proceedings for €0,01?
On 26 November 2024, the Rotterdam District Court ruled on a case involving an amount of €0,01. Despite the minimal value, the court decided that there was insufficient interest to proceed. This judgment highlights the principle that a claimant must have sufficient interest to initiate legal proceedings.
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