How do I get out of debt?
A large client who does not pay on time, few assignments, less income due to illness, an administration that rattles from all sides with a high tax bill as a result ... various causes that can put you in debt as an entrepreneur.
The number of applications for debt assistance has grown in recent years, as has the average debt burden of a (former) entrepreneur. This has increased to an average of € 135.000. This increase is mainly due to the fact that (former) entrepreneurs register too late for debt relief. Initially, entrepreneurs choose to resolve the debts themselves and, for example, make payment arrangements. But because the entrepreneur can no longer meet these after some time, the debts increase. To be eligible for debt assistance in Amsterdam - the process of which can be reimbursed by the municipality of Amsterdam - the (former) entrepreneur must first register with the municipality for a so-called access decision.
This decision gives Zuidweg & Partners permission to invite the (former) entrepreneur for an intake interview in the building of the Chamber of Commerce in Amsterdam, where the Self-employed department is also located. During this intake interview, we, as an independent broker, draw up an action plan, in which we describe, among other things, the origin of the debts, include action points and give advice. After approval of this plan by the municipality of Amsterdam, the stabilization phase will follow. In the stabilization phase it is important to stabilize the financial situation of the (ex) entrepreneur, after which we can proceed to the verification phase. This phase, in which the debt burden is verified, is followed by the restructuring phase. In this phase we present all creditors with a restructuring proposal with final discharge. If a majority of the creditors agree to this, a compulsory settlement can be requested from the court to compel the refusing creditors to cooperate with the debt settlement.
In the event that the amicable process, also called the extrajudicial process, is not successful, we submit a request for admission to the WSNP (Statutory Debt Restructuring of Natural Persons) on behalf of the (ex-) entrepreneur. This is the debt restructuring process through the court. For a WSNP application, the (former) entrepreneur must provide a detailed statement about the origin of the debts, including why the amicable process has not been successful. To be eligible for this, the (ex-) entrepreneur must meet strict conditions. If you want more information, go to the knowledge center on the website of Zuidweg & Partners.
Tip! register in time with the municipality or a debt counseling agency. When in doubt, always contact us so that the debt counselor can assess whether debt counseling is necessary or not.
Burak Düdükcü, insolvency advisor at Zuidweg Schuldhulp.