The voluntary liquidation (vrijwillige liquidatie) of a legal entity starts with a resolution of the shareholders, members, an interested party or the Court (as the case may be) to that effect. In case of a liquidation, a liquidator (vereffenaar) will have to be appointed. This can be either an individual or a company, which does not necessarily have to reside on the BES-islands. In the absence of the appointment of a liquidator, the board or the Chamber of Commerce and Industry (as the case may be) are to act as liquidators.
Once a company is in liquidation, the liquidator manages its affairs. The legal entity continues to remain in existence, but only insofar as this is necessary for the liquidation and dissolution of its affairs. The liquidator converts the assets of the legal entity into cash, settles the relationships with third parties and pays the debts of the legal entity. The balance that remains after payment to the creditors is distributed to the persons that are entitled thereto by virtue of the articles of association, or to the members or shareholders. If the assets are not sufficient to pay all debts, the liquidator must file the legal entity’s bankruptcy and the liquidation is then converted into a bankruptcy subject to the Court’s supervision.