If you are no longer able to pay off your debts, you can petition the court to be declared bankrupt. All your assets are seized in a bankruptcy. The director of a BV that is no longer able to pay taxes, employees or pension contributions, should report this immediately to the Dutch Tax and Customs Administration, the Employee Insurance Agency (UWV) or your pension fund. Failure to do so may result in personal liability.
When the court declares your company bankrupt, an official receiver will be appointed. This is the only person who is allowed to administer your company from the day that you have been declared bankrupt. The receiver is allowed to sell your assets and divide the proceeds among your creditors.
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