Two years ago, liberal professionals were given the status of entrepreneur, meaning they can declare bankruptcy and be declared bankrupt. In their article, Sophie and Stan point out that if a business has passed the point of no return, appropriate action should be taken in a timely manner in order to avoid being held personally liable for unpaid business debts.
If it's not possible to reach a settlement with creditors, there is however life after bankruptcy. Liberal professionals can be given a second chance through the debt cancellation measures introduced by the new Bankruptcy Act.
The full article is available here (in Dutch).