13 May 2020

Is your company in trouble because of Covid-19? These are your options

The government's measures to help companies in difficulty are far-reaching.

However, this will not be sufficient for everyone. Although everyone is trying to make the best of it, in these financially difficult times many will be not be able to keep their heads above the water.

What are your options?

As a result of Covid-19, many companies will run into financial difficulties. Accounts payable positions are rising. Debts can no longer be collected. And while you may not have to pay taxes in the near future, this will (undoubtedly) have to be made up after the summer. In short, liquidity is necessary, but difficult to obtain.

In such circumstances, which options exist? Among others, you can think of:

Application for suspension of payments
Offering a creditors’ agreement
Remediation of (part of) the company
Selling (part of) the company
Guidance in and towards bankruptcy

Advice: don’t wait too long

The best solution will of course have to be determined for each company individually. However, we advise you not to wait too long. The sooner measures are taken, the faster the path to a financially healthy company can be followed.

We are ready for you

If you have any questions about this, you can always contact GMW lawyers. Our specialists are ready to help you.

Mechteld van Veen-Oudenaarden

Lawyer/associate partner

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