Tapasparty 2020

On the 10th of September, Wintertaling organized a tapas party in the roof garden of the office. In spite of the COVID-19 measures and 1,5-meter distance, it was a pleasant get-together, where people could meet again after a long time.
The evening was all about catching up and networking with old and new acquaintances. The roof garden, the sunny weather and the sangria gave the party a Spanish touch.

We thank all those who were present for the enthusiastic attendance. We hope for this to be repeated in better times!

SolarCreed wins FMO Finture Solutions challenge 2019

SolarCreed wins FMO´s Finture Solutions challenge 2019

SolarCreed is one of the winners of FMO’s Finture Solutions challenge 2019. Finture Solutions aims to scale start-up businesses that have a positive impact in emerging markets. The solutions provided by SolarCreed are supporting the food production of farmers in Nigeria and therefore contribute to food security of the local population by using renewable energy sources.

FMO is the Dutch entrepreneurial development bank. They invest in more than 85 countries, support jobs and income generation to improve people’s lives in those parts of the world where the biggest difference can be. In addition to funding, they help companies to operate transparently and to grow in an ecologically and socially responsible way.

SolarCreed is a Dutch start-up. It was founded in 2016 to empower farmers in Africa to use the sun to grow, preserve, package and distribute food. SolarCreed is providing farmers in Nigeria with solar and water pump solutions to increase their productivity.

SolarCreed was advised by Tim Carapiet from Wintertaling advocaten en notarissen.

Press release:


Bill for an Act on the Confirmation of Private Plans (ACPP)

The bill for an Act on the Confirmation of Private Plans (‘ACPP’), submitted on 5 July 2019, enables a business on the brink of insolvency to impose a compulsory plan on its creditors and shareholders, outside suspension of payments and bankruptcy proceedings. The ACPP bill takes inspiration from the British Scheme of Arrangement and the US Chapter 11 procedure. The pre-insolvency plan provided for in the bill will give companies in financial difficulties an excellent opportunity to restructure. It will then no longer be necessary, as Van Gansewinkel Groep BV did in 2015, for example, to move to England for this purpose. The Netherlands is expected to become a very appealing jurisdiction for struggling businesses wishing to restructure.

Pieter Christiaan van Prooijen of Hermes Advisory and Martin Poelman of Wintertaling discuss the main features of the ACPP bill in a contribution of October 2019, which you can find here. For more information on this subject please contact Martin.


Sympower raises €3 million in Series A funding round

Sympower raises €3 million in Series A funding round

Sympower, an international scale-up driving the energy transition, has raised €3 million in a Series A funding round from Dutch investment funds Social Impact Ventures and Participatiefonds Duurzame Economie Noord-Holland (PDENH), current investors and team. The investment will fund international growth in order to maximise the impact on electricity systems across the globe. The goal is to become the leading global platform for providing sustainable, distributed balancing services to the electricity system. Remaining an independent player on the different energy markets will continue to allow for fast and unrestricted scaling of services and partnerships.

Sympower provides cost-effective and sustainable balancing services to the electricity grid. The Sympower software platform responds to fluctuations in the supply and demand of electricity grid in milliseconds, by regulating the consumption or generation of electrical installations across multiple industrial and commercial sectors, while taking care not to interrupt primary processes.

Sympower was advised by Tim Carapiet from Wintertaling advocaten en notarissen.

Press release:


Wintertaling partner of Amsterdam Capital Tour XXL 2019

On 23 September 2019, Paula Schouten, Jasper Franke and Tim Carapiet, members of the Wintertaling startup desk joined Amsterdam Capital Tour XXL: special Capital Tour by Night edition, as part of the Amsterdam Capital House (former Amsterdam Capital Week).

Also this year, Wintertaling was a proud sponsor of this great event that brings together startups and capital within the Amsterdam startup ecosystem. Amidst the founders, RVO, angel investors and venture capital funds, Wintertaling hosted several roundtables at STAN&CO and talked to founders about the legal aspects of investments, how you commit your (future) employees and how you protect your business under Dutch Law. It was a great capital tour edition with a fantastic closing setting at the Waalse Kerk for networking and drinks. Thank you to all our table guests!

LinkedIn Post

Holland Capital invests in Valori

Holland Capital invests in Valori

Investment company Holland Capital has acquired a majority interest in Valori, the largest independent software testing and quality assurance player in the Netherlands. With the chosen strategy, Valori wants to further strengthen its position in the field of software testing and quality assurance and achieve a turnover of approximately EUR 50 million.

Valori was founded in 1989 and is based in Utrecht. Valori tests new computer systems or modifications to existing systems. With more than 200 specialized professionals it has knowledge of a large number of sectors, tooling and software platforms. Valori supports its clients in the architecture, testing and monitoring of software implementations. Valori has been a client of both AM and BM at the Utrecht office for many years. There has been extensive cooperation between the three departments.

Holland Capital is one of the first independent private equity firms in the Netherlands. For more than 35 years, they have been investing responsibly and successfully in promising Dutch SMEs with growth ambitions. With a clear investment strategy, they respond to long-term trends in attractive growth markets, focusing on Healthcare and Technology.

Valori was advised by Marein Smits from Wintertaling advocaten en notarissen.

Press releases:


Workshop Wet Arbeidsmarkt in Balans voor uitzendbureaus

Workshop Wet Arbeidsmarkt in Balans voor uitzendbureaus
(in het bijzonder ook de back-office dienstverleners/-gebruikers)
en payrollwerkgevers


Wanneer:     Donderdag 22 augustus 2019

Waar:            Wintertaling advocaten & notarissen
………………. Antonio Vivaldistraat 66
………………. 1083 HP Amsterdam

16:00 uur     inloop

16:30 uur     presentatie + interactieve sessie

17:30 uur     borrel


Per 1 januari a.s. treedt de Wet Arbeidsmarkt in Balans (de ‘WAB’) in werking.

De WAB heeft raakvlakken met het gehele arbeidsrecht, maar raakt in het bijzonder de flexibele arbeidsmarkt. Alle dienstverleners die arbeidskrachten ter beschikking stellen op basis van (thans) de uitzendovereenkomst -maar ook hun inleners- gaan met de consequenties van die wet te maken krijgen en die consequenties gaan best ver.

In onze presentatie geven wij vanuit de advocatenpraktijk een overzicht van de belangrijkste wijzigingen. Wij zullen vooral de praktische aspecten belichten die voor u relevant zijn. U moet daarbij denken aan de volgende aspecten:

1. Wat betekenen de wijzigingen voor de praktijk van uitzendbureaus en payrollwerkgevers?
2. Wat is na de behandeling van de WAB in de Eerste Kamer nu precies het verschil tussen uitzenden en payrollen en hoe dient men daarmee in de praktijk om te gaan?
3. Wat betekenen de wijzigingen voor de back-office dienstverlening en hoe dient men daarmee in de praktijk om te gaan?
4. Welke gevolgen van de WAB treden per 1 januari a.s. direct in werking en welke gevolgen later (overgangsrecht, pensioen)?
5. Met welke risico’s wordt de inlener geconfronteerd en wat kan de inlener daar aan doen?
6. Wat zijn verder de belangrijkste voor- en nadelen van de nieuwe wet?

Omdat een groot aantal aspecten van de WAB direct zullen werken vanaf 1 januari a.s. kunt u eigenlijk niet wachten met uw voorbereiding.

Wij willen u daarom een platform bieden om u tijdig te informeren over de WAB en uw vragen te beantwoorden.

Wij vernemen dan ook graag tegen welke punten van de WAB u aanloopt en met welke vragen u zit. Deze aspecten kunnen wij ook betrekken in onze presentatie.

* * * * *


Na de presentatie is er tijd voor informeel contact met een hapje en een drankje, bij mooi weer op ons dakterras.

Het bijwonen van de workshop is kosteloos. Als u belangstelling heeft in onze workshop dan zien wij uw aanmelding graag voor 8 augustus a.s. tegemoet. U kunt zich aanmelden via w.groustra@wintertaling.nl of j.horsten@wintertaling.nl.
Mocht u op de geplande datum onverhoopt verhinderd zijn maar wel belangstelling hebben voor de workshop, dan verzoeken wij u dat ook aan te geven. Dan zoeken we voor u naar een alternatief.

Wij hopen u op onze workshop te mogen verwelkomen.

Met vriendelijke groet,


Wilfred Groustra en
Jennifer Horsten

An Overview of Chinese Art Law: Collectors on Tiptoes

An Overview of Chinese Art Law: Collectors on Tiptoes

Transition from Irrationality to Maturity

The Chinese art market is continuing its restructuring which started from 2015. While its global share shrunk with a 5.21% reduction in 2018, the market is moving towards maturity and leaving the days of much-hyped bidding behind. The latest report from the European Fine Art Foundation (TEFAF)[1] indicates that artwork trading through auctions in China no longer is deemed as an investment vehicle. Chinese secondary-market sales is less irrational than it was in 2011, when turnover hit a record US$ 5.1 billion for fine art and antiques in mainland auctions.[2]

According to the report, a new generation of collectors is shaping a different landscape of Chinese art market. There is a steady progress for Chinese oil paintings and contemporary art. As a young market, it has a clear potential for academic and marketing growth. Although sales figures indicate that Chinese calligraphy and painting market is plummeting, there were still eight contemporary works in the 2018 top 100, and three of them were sold for over $10 million. Such phenomenon demonstrates that investors’ attention is slowly shifting to artistic value.[3]

An Outline of Chinese Art Law on the Purchase and Export of Artworks

The term “artwork”, according to Article 1 of Interim Provisions on the Importation and Exportation of Artwork[4], refers to paintings, works of calligraphy, seal cuttings, sculptures and carvings, artistic photographs, installation art, industrial art and the limited replicas of the above-mentioned works. It does not encompass cultural relics that are governed by the Relics Protection Law and its associated laws and regulations, e.g. ancient tombs, ancient architectural structures and cave temples.

Restrictions on cross-border artwork sales

Any artworks created after 1911 are controlled according to the lists of artists issued by the State Administration of Cultural Heritage (SACH)[5]. While these artworks can be freely sold domestically, the export is subject to prior examination and approval of the related authorities. As for other artworks which are not part of the list, nor fall into the category of cultural relics, the export of a reasonable number of pieces for personal use should be declared to customs beforehand. In the case of export for public purposes, the exporter must entrust a qualified export agency to assist with the application process.

It is worth noting that Beijing, Shanghai and Xiamen have established free-ports for artworks, the principle of which is to promote free entry and exit.

Tax on artwork transaction

Capital gains tax is levied as a kind of income tax under the Circular Regarding Strengthening and Regulating the Imposition of Individual Income Tax on Incomes Derived from Auctions by Individuals.[6] The sale of an artwork by someone other than its creator is considered to be a transfer of property – which is taxable. When the sale is made at auction, the basic expenses for taxation should be evidenced by formal documents.

Regarding the value-added tax, the Provisional Regulations of the PRC on Value-added Tax (VAT)[7] provides that the VAT rate is 17%. The VAT for exported goods, however, is 0%. Moreover, there is no wealth tax levied in China.

Future Prospective: Keep Up with Tax Reform

As the Chinese art market matures, cumbersome supervisory procedure and heavy tax burden have created hurdles to foreign collectors who are interested in Chinese art market. Even though significant tax breaks are unlikely, it is feasible that Beijing reduces tax and currency restrictions that have limited the art market’s growth.

We shall be happy to assist you with any queries on the transfer of artworks in- and out of China, and subsequent tax issues.

[1] TEFAF, Art Market Report – The Chinese Art Market, < https://www.tefaf.com/about/art-market-report>

[2] Tim Schneider, The Much-Hyped Chinese Art Market’s Best Days May Already Be Gone, <https://news.artnet.com/market/tefaf-chinese-art-market-1488982>

[3] TEFAF, Art Dealer Finance 2018, < https://amr.tefaf.com/assets/uploads/TEFAF-Art_Market_Report.pdf >

[4] http://www.lawinfochina.com/display.aspx?lib=law&id=8134&CGid=

[5] http://www.sach.gov.cn/

[6] http://www.fdi.gov.cn/1800000121_39_3151_0_7.html

[7] http://www.gov.cn/zhengce/content/2017-12/01/content_5243734.htm

5th Judicial Interpretation of China’s Company Law

5th Judicial Interpretation

of China’s Company Law

On April 28, 2019, the Supreme People’s Court promulgated the Provisions on Several Issues concerning the Application of the Company Law of the People’s Republic of China (V)[1] which came into effect on April 29 2019. In China it is customary for the Supreme Court from time to time to share their views on how they interpret legislation as few cases are published in jurisprudence. It applies to all companies established in China, including both domestic and foreign-invested companies. While the interpretation is short with only 5 provisions, it has strengthened the protection of minority shareholders and demonstrated a clear intention to encourage the resolution of disputes between shareholders in ways that avoid dissolving the invested company.

  1. Connected Transactions (Article 1 & Article 2)

Article 1 is based on article 21 of Company Law which prohibits connected parties from prejudicing the interests of the company by abusing their connected relationship with it. Accordingly, a minority shareholder of a company who satisfies the conditions under Article 151 of China’s Company law is entitled to claim loss and damage against the company’s controlling shareholder, actual controller, director, supervisor or senior management for the benefit of the company, if a connected transaction has damaged the interests of the company and the company has failed to take legal action itself.  A qualified minority shareholder is, according to Article 151 of Company Law, any shareholder with more than 1 percent shares of the company for at least 180 consecutive days by itself or with others. Additionally, to loosen the shareholder’s burden of proof, it was stipulated that the liabilities cannot be waived by simply claiming that all necessary procedures for the transactions have been fulfilled (e.g. fulfilling obligation of information disclosure, etc.).

Furthermore, Article 2 of the 5th Judicial Interpretation provides that if under any circumstance which may render the connected transaction contract voidable or revocable, a qualified shareholder may sue to the court to invalidate or to revoke the contract pursuant to Article 151 of Company law if the company itself fails to take such action.

  1. Removal of Directors (Article 3)

The 5th Judicial Interpretation makes it clear that a director may be removed from the board by effective resolutions of the shareholders meeting or shareholders general meeting prior to the expiry of the director’s term of office. However, this mechanism still does not work in the situation of a deadlock within the company.

  1. Time limit 1 year for profit distribution (Article 4)

If resolutions to distribute profits to the shareholders have been passed by a shareholder’s meeting or general meeting, such profit distribution should be completed in accordance with the times stated in the resolutions, or in the absence of that, in accordance with the relevant provisions of the company’s Article of Association (“AoA”), but in any event it shall be within 1 year after the date of the resolutions.

  1. Resolution of shareholder’s disputes (Article 5)

Material disputes between shareholders of a limited liability company may lead to a termination of the shareholder’s participation agreement and, ultimately, dissolution of the company. That may in turn affect local community and economy, especially the smaller ones. The 5th Judicial Interpretation provides that the court which hears major disputes between shareholders should endeavor to mediate and support any agreements between them to resolve the disputes in the following events:

  • Redemption of some shareholder’s equity interests by the company;
  • Transfer of equity interests between the shareholders;
  • Transfer of equity interests to a third party;
  • Capital reduction of the company;
  • Split-up of the company;
  • Other ways that can resolve the shareholders’ disputes, resume the normal operation, and prevent dissolution of the company.

For any questions regarding China’s Company Law and its interpretations, please feel free to contact Wintertaling China Desk.

[1] Provisions of the Supreme People’s Court on Some Issues about the Application of the Compnay Law of the People’s Republic of China V, < http://lawv3.wkinfo.com.cn/document/show?aid=MTAxMDAxMzE1MjE%253D&collection=legislation&showType=0&lang=zh_CN >