Natural Persons Debt Rescheduling Act
The Statutory Natural Persons Debt Rescheduling Scheme (hereafter: WSNP) came into force at the end of 1998. The WSNP complements the Bankruptcy Act (further: Fw.) and allows citizens with financial problems to have a debt-free future and, on the other hand, aims to safeguard the interests of joint creditors (further: creditors).
Purpose and operation of WSNP
The law is not meant as punishment, though it may seem so. This is because the trustee is appointed by the court to ensure that the sanitee (the person entering the debt restructuring scheme) fulfils his agreements and to go through the sanitee’s mail before it reaches the sanitee himself. To inform creditors, the name of the sanitee even appears in the Official Gazette and on the internet. Also, the name of the debtor appears in the register of pronounced debt restructuring arrangements at www.wsnp.rvr.org or on insolvencies.rechtspraak.nl. When requested by a creditor, the sanitee’s name will appear in the register of the Bureau Krediet Registratie.
Role of the administrator
The trustee tries to receive the most viable amount from the sanitee to ultimately distribute as much as possible to creditors.
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