Solving debts: the stichting (foundation)

Liability for debts

A foundation is a legal entity (a rechtspersoon in Dutch). This means that in principle you are not liable for its debts. There are some exceptions to this rule. Directors are liable if there has been misconduct that has led to bankruptcy, or if the foundation has not been registered with the Netherlands Chamber of Commerce KVK Business Register yet. Report changes in the board of directors to KVK within 8 days. Directors who have left but who have not been deregistered from the Business Register remain liable. Read more about directors' liability.

Solutions for business debts

If you have business debts, there are several options:

Payment agreement and conferring

Does your foundation owe the government money? See if you can come to a payment agreement for the foundation. If your foundation cannot pay its taxes, contact the Dutch Tax Administration straightaway. Does your foundation have loans or credits from a bank, other financiers, or suppliers? Confer with your creditors and discuss how to solve your foundation's debts.

Homologation private agreement in bankruptcy Act (WHOA)

Is your foundation in danger of going bankrupt? You can try to avoid bankruptcy using the homologation private agreement in bankruptcy Act (Wet Homologatie Onderhands Akkoord, WHOA). You come to an arrangement with your creditors and have it approved by the court. The WHOA allows you to come to an arrangement even if not all creditors agree.

Bankruptcy

Is your foundation temporarily unable to pay its debts? You can file for a suspension of payment for your foundation from the court. Your foundation will not have to pay its creditors for a period of time. In most cases, suspension of payment ends in bankruptcy.

If you can no longer come to a payment arrangement with your creditors, the court can declare your foundation bankrupt. The court appoints a curator, who will take over all the foundation's decisions and money matters. Before the court decides, a petition for bankruptcy must be made. The foundation can do this itself, but a creditor may also file for bankruptcy.

Note: if a creditor files for your foundation's bankruptcy, you may try to avoid it by preparing a WHOA agreement. 

Options for private debts

Did you co-sign on a loan for your foundation? And are you now in private debt? There are several options for solving your debts:

Amicable settlement

You can apply for an amicable settlement to your municipality. An amicable settlement means that you look for a way out of your debts with support from municipal debt counselling. For example, by payment agreements, refinancing, or debt mediation. After the settlement trajectory, you will be free of debt.

Natural Persons Debt Restructuring Act (Wsnp)

If the amicable settlement fails, you can appeal to the district court for admission to the Natural Persons Debt Restructuring Act (Wet schuldsanering natuurlijke personen, Wsnp). In most cases, you will have to end your foundation. After debt restructuring, you will be free of debt.

Help

You do not have to solve your debts on your own. In the next step, we tell you where to turn for help. Use the dealing with debts step-by-step plan.