Supreme Court of the Netherlands 11 July 2014 (ABN AMRO vs Berzona)

If a creditor wishes to have a debtor declared bankrupt in the Netherlands, Dutch law requires proof that the debtor has ceased paying his debts when they fall due. This test implies, according to long standing case law, that the debtor has at least two creditors, at least one of whom has a claim which is due and payable. On 11 July 2014 the Dutch Supreme Court delivered a judgment which not only clarifies this "bankruptcy test", but also contains important – and somewhat surprising – rules on the right of a bankruptcy trustee to default under existing executory contracts.