The statutory rules governing Dutch private companies with limited liability ("B.V.") are being simplified and there will be more flexibility in the governance structure of BVs. The bill for the Wet vereenvoudiging en flexibilisering van het bv-recht (Private Company Law (Simplification and Flexibilisation) Act was submitted to the Lower House of Parliament on 31 May 2007.The bill will make extensive changes in the law governing private companies and goes a long way to meeting the needs of current practice. The following general summary of the amendments contained in the bill will give an impression of the scope of the changes.