The client went bankrupt. Will I still get my money?

If you have an unpaid invoice and your client goes bankrupt, there’s a chance you may not receive payment. Learn more about how the bankruptcy process works.

Bankruptcy

A (creditor of the) client can file for bankruptcy at the court. Once the court has given its verdict on the initial bankruptcy, they will appoint a curator.

A curator will investigate whether the client has capital left, to be shared among the due creditors. Often in situations as such, there isn’t enough capital to pay everyone back what they are owed respectively and so the curator equally divides the properties according to the law and its legislation.

But there is an order. The curator, will be the first party to get their salary paid, after which the Tax Administration (Belastingdienst) and the UWV (Employee Insurance Agency) are in line to get their share.

Unfortunately, you as a flex worker, are the last in line in this process. As soon as Finqle is aware of the bankruptcy, you will be notified.

How can you still get paid?

All creditors are required to report to the appointed curator. As a flex worker using the services of Finqle, you don’t need to take any action yourself (unless communicated otherwise). But if you’ve chosen to invoice the client directly yourself, then you will need to take these actions independently.

It can sometimes take up to 6 months before the curator has divided all the remaining properties of the client. Please be aware that the chance exists that you may not receive the money that you are owed. If the client does pay the open invoices or part of, you will receive this as a payment from Finqle. Once and if Finqle receives an update on the status of the open invoices, they will notify all flex workers affected by the bankruptcy.

This means you don’t have to take any action and that the only thing you can really do is to be patient.