# Dutch — Corporate, M&A, JV and Powers of Attorney Sub-Lexicon

Unified Dutch reference covering corporate resolutions and governance under BW Book 2,
mergers and acquisitions, joint ventures, shareholders' agreements and related collateral,
and powers of attorney / proxies. Use alongside `references/corporate-ma-jv.md`. For
tax-related terminology (tax indemnities, tax warranties, tax authorities), see
`dutch-taxes.md` and `references/taxes.md`.

---

## 1. Core M&A Terms

| Dutch | English |
|---|---|
| koopovereenkomst van aandelen | share purchase agreement (SPA) |
| aandelenoverdrachtsakte | deed of transfer of shares (notarial) |
| activa-/passivatransactie | asset deal / asset and liabilities transaction |
| bedrijfsovername | business acquisition |
| fusie | merger |
| juridische fusie | legal merger / statutory merger |
| grensoverschrijdende fusie | cross-border merger |
| splitsing | demerger / division |
| zuivere splitsing | full demerger |
| afsplitsing | partial demerger / spin-off |
| driehoeksfusie | triangular merger |
| omzetting | conversion (of legal form) |
| inbreng in natura | contribution in kind |
| storting op aandelen | payment on shares / subscription payment |
| agio / agioreserve | share premium / share premium reserve |
| koper / verkoper | purchaser / seller |
| doelvennootschap / target | target company |
| koopprijs | purchase price |
| voorlopige koopprijs | preliminary / provisional purchase price |
| definitieve koopprijs | final purchase price |
| due diligence | due diligence |
| juridisch boekenonderzoek | legal due diligence |
| financiële due diligence | financial due diligence |
| fiscale due diligence | tax due diligence |
| commerciële due diligence | commercial due diligence |
| intentieverklaring (LOI) | letter of intent (LOI) |
| memorandum of understanding (MOU) | memorandum of understanding (MOU) |

## 2. Signing, Closing, Conditions and Interim Period

| Dutch | English |
|---|---|
| ondertekening / signing | signing |
| closing / levering | closing / completion / delivery |
| leveringsdatum | closing date / delivery date |
| effectieve datum / overdrachtsdatum | effective date |
| opschortende voorwaarden | conditions precedent / conditions to closing |
| vervullen van voorwaarden | satisfaction of conditions |
| afstand doen van een voorwaarde | to waive a condition |
| long-stop date / uiterste datum | long-stop date |
| interim-periode | interim period / gap |
| tussentijds handelen | interim conduct / interim operating covenants |
| bedrijfsvoering in het gewone handelsverkeer | conduct of business in the ordinary course |
| pre-closing verplichtingen | pre-closing covenants |
| post-closing verplichtingen | post-closing covenants |
| material adverse change (MAC) | material adverse change (MAC) |
| mededingingsrechtelijke goedkeuring | competition / antitrust clearance |
| ACM-goedkeuring | ACM clearance (Autoriteit Consument en Markt) |
| EC-goedkeuring / EU-goedkeuring | EC merger clearance |
| meldplicht concentraties | merger notification |
| Vifo-toets / investeringstoetsing | Vifo / FDI review (Investment Screening Act) |
| sectorale investeringstoets | sectoral FDI regime |

## 3. Price, Adjustments, Warranties, Escrow

| Dutch | English |
|---|---|
| locked box | locked box |
| locked-box datum | locked-box date |
| leakage | leakage |
| permitted leakage / toegestane leakage | permitted leakage |
| completion accounts / closing accounts | completion accounts |
| netto schuld | net debt |
| netto werkkapitaal | net working capital |
| kaspositie | cash position |
| EBITDA | EBITDA |
| earn-out | earn-out |
| koopprijsaanpassing | purchase price adjustment |
| escrow | escrow |
| escrow-rekening | escrow account |
| escrow-agent | escrow agent |
| inhouding (holdback) | holdback |
| ticking interest / interest op de koopprijs | ticking interest |
| verklaringen en garanties | representations and warranties |
| titel van de aandelen | title to the shares |
| garantie (in M&A context) | warranty |
| fundamentele garanties | fundamental warranties |
| specifieke garanties | specific warranties |
| commerciële / business garanties | business warranties |
| belastinggaranties / fiscale garanties | tax warranties |
| schending van garanties | breach of warranty |
| kennis van verkoper | seller's knowledge |
| disclosure letter / openbaarmakingsbrief | disclosure letter |
| general disclosure | general disclosure |
| specifieke openbaarmaking | specific disclosure |
| data room | data room |
| deemed disclosure | deemed disclosure |
| schadevergoeding op basis van vrijwaring | indemnity |
| fiscale vrijwaring | tax indemnity / tax covenant |
| schadeposten | heads of loss |
| directe schade / gevolgschade | direct damage / consequential damage |
| gederfde winst | loss of profit |
| schadebeperkingsplicht | duty to mitigate |
| eigen schuld (BW 6:101) | contributory fault |
| no double recovery / dubbeltelling | no double recovery |
| aansprakelijkheidsbeperking | limitation of liability |
| basket / aansprakelijkheidsdrempel | basket / threshold |
| tipping basket | tipping basket |
| deductible / franchise | deductible |
| de minimis-drempel | de minimis threshold |
| plafond / cap | cap / maximum liability |
| algehele cap | overall cap |
| specifieke cap | specific cap |
| vervaltermijn garanties | warranty claim period / time bar |
| klachttermijn | notification period |
| derdenvordering | third-party claim |
| conduct of claims | conduct of claims |
| W&I-verzekering | warranty and indemnity (W&I) insurance |

## 4. Tax Interface (overview only — see `dutch-taxes.md`)

| Dutch | English |
|---|---|
| fiscale garanties | tax warranties |
| vennootschapsbelasting (Vpb) | corporate income tax (CIT) |
| inkomstenbelasting (IB) | personal income tax |
| omzetbelasting / btw | VAT |
| dividendbelasting | dividend withholding tax |
| Belastingdienst | Dutch Tax and Customs Administration |
| fiscale eenheid | fiscal unity (Dutch tax consolidation) |
| deelnemingsvrijstelling | participation exemption |

## 5. Shareholders' Agreement and Shareholder Loans

| Dutch | English |
|---|---|
| aandeelhoudersovereenkomst (SHA) | shareholders' agreement |
| joint venture overeenkomst (JVA) | joint venture agreement |
| consortiumovereenkomst | consortium agreement |
| samenwerkingsovereenkomst | cooperation agreement |
| investeringsovereenkomst | investment agreement |
| aandeelhouderslening | shareholder loan |
| achtergestelde lening | subordinated loan |
| converteerbare lening | convertible loan |
| zeggenschap | control |
| zeggenschapsrechten | governance rights |
| stemrecht | voting rights |
| dividendrecht | right to dividends |
| vergadergerechtigde | person entitled to attend meetings |
| preferente aandelen | preference shares |
| prioriteitsaandelen | priority shares |
| winstdelende aandelen | profit-sharing shares |
| aandelen zonder stemrecht | non-voting shares |
| letteraandelen | tracking shares / class shares |
| certificaten van aandelen | depositary receipts |
| STAK / stichting administratiekantoor | trust office foundation |
| certificering van aandelen | certification of shares |
| royeerbaar / niet-royeerbaar | redeemable / non-redeemable (depositary receipts) |

## 6. Parties and Capacity

| Dutch | English |
|---|---|
| aandeelhouder | shareholder |
| enig aandeelhouder | sole shareholder |
| meerderheidsaandeelhouder | majority shareholder |
| minderheidsaandeelhouder | minority shareholder |
| rechtspersoon | legal person / legal entity |
| natuurlijk persoon | natural person |
| wettelijk vertegenwoordiger | legal representative |
| uiteindelijk belanghebbende (UBO) | ultimate beneficial owner (UBO) |
| UBO-register | UBO register |

## 7. Notarial Deeds and Corporate Formalities

| Dutch | English |
|---|---|
| notariële akte | notarial deed |
| verlijden van akte | execution of deed (before notary) |
| akte van oprichting | deed of incorporation |
| akte van statutenwijziging | deed of amendment of articles |
| akte van aandelenoverdracht | deed of transfer of shares |
| akte van uitgifte | deed of issue |
| onderhandse akte | private deed |
| volmacht (notariële) | power of attorney (notarial) |
| legalisatie | legalization (of signatures) |
| apostille | apostille |
| handelsregister | trade register |
| KvK / Kamer van Koophandel | Chamber of Commerce (KvK) |
| inschrijving in het handelsregister | registration with the trade register |
| KvK-uittreksel | KvK extract / trade register extract |
| deponering van de jaarrekening | filing of the annual accounts |
| UBO-opgave | UBO notification |

## 8. Joint Venture Governance, Deadlock and Exit

| Dutch | English |
|---|---|
| reserved matters / voorbehouden besluiten | reserved matters / consent matters |
| vetorechten | veto rights |
| blokkeringsregeling | transfer restriction / lock-up |
| aanbiedingsplicht | offer obligation (right of first refusal) |
| voorkeursrecht | pre-emption right / right of first refusal |
| tag along / meeverkooprecht | tag-along right |
| drag along / meesleeprecht | drag-along right |
| lock-up / overdrachtsverbod | lock-up / transfer restriction |
| deadlock / impasse | deadlock |
| deadlockregeling | deadlock resolution mechanism |
| Russian roulette | Russian roulette |
| Texas / Mexican shoot-out | Texas / Mexican shoot-out |
| call option / koopoptie | call option |
| put option / verkoopoptie | put option |
| good leaver / bad leaver | good leaver / bad leaver |
| fair-market value (FMV) / reële waarde | fair market value |
| onafhankelijke waardering | independent valuation |
| bindend advies (BW 7:900) | binding advice / expert determination |
| bindend adviseur | binding adviser / expert |
| exit | exit |
| trade sale | trade sale |
| beursgang / IPO | initial public offering (IPO) |
| secondary buy-out | secondary buy-out |
| recapitalisatie | recapitalization |

## 9. Core Resolution Terminology

| Dutch | English |
|---|---|
| besluit | resolution / decision |
| besluit van het bestuur / bestuursbesluit | management board resolution |
| besluit van de raad van commissarissen | resolution of the supervisory board |
| besluit van de algemene vergadering | resolution of the general meeting |
| aandeelhoudersbesluit | shareholders' resolution |
| schriftelijk besluit / besluit buiten vergadering | written resolution / resolution outside meeting |
| unaniem besluit | unanimous resolution |
| rechtsgeldig genomen besluit | validly adopted resolution |
| voorstel tot besluit | proposed resolution |
| besluitvorming | decision-making / adoption of resolutions |
| stemming | vote / voting |
| aangenomen besluit | resolution adopted |
| verworpen besluit | resolution rejected |
| nietig besluit (BW 2:14) | null and void resolution |
| vernietigbaar besluit (BW 2:15) | voidable resolution |
| vernietiging van besluit | annulment of resolution |

## 10. Types of Meeting

| Dutch | English |
|---|---|
| algemene vergadering (AV) | general meeting |
| algemene vergadering van aandeelhouders (AVA) | general meeting of shareholders (GMS) |
| jaarvergadering | annual general meeting (AGM) |
| buitengewone algemene vergadering (BAV) | extraordinary general meeting (EGM) |
| bestuursvergadering | board meeting / management board meeting |
| commissarissenvergadering / RvC-vergadering | supervisory board meeting |
| auditcommissie | audit committee |
| remuneratiecommissie | remuneration committee |
| selectie- en benoemingscommissie | nomination committee |

## 11. Calling the Meeting and Notice

| Dutch | English |
|---|---|
| oproeping | convocation / notice of meeting |
| oproepingsbrief | notice letter |
| oproepingstermijn | notice period |
| agenda | agenda |
| agendapunt | agenda item |
| oproepingsvereisten | notice requirements |
| plaats van de vergadering | venue of the meeting |
| elektronische vergadering | electronic / virtual meeting |
| hybride vergadering | hybrid meeting |
| deelname op afstand | remote participation |
| volmacht / proxy | proxy |
| stemvolmacht | voting proxy |
| schriftelijk gevolmachtigde | written proxy holder |
| agenderingsrecht | right to place items on the agenda |
| aandeelhoudersvergadering op verzoek | shareholders' meeting on request |
| gerechtelijk bevel tot het houden van een vergadering | court order to convene a meeting |

## 12. Conduct of the Meeting

| Dutch | English |
|---|---|
| voorzitter | chair / chairperson |
| secretaris | secretary |
| notulist | minute-taker |
| opening van de vergadering | opening of the meeting |
| vaststelling van de agenda | adoption of the agenda |
| presentielijst | attendance list |
| aanwezig / vertegenwoordigd | present / represented |
| zitting / schorsing / heropening | session / adjournment / reopening |
| rondvraag | any other business (AOB) |
| sluiting van de vergadering | closing of the meeting |
| beraadslaging | deliberation / discussion |
| stemgerechtigd | entitled to vote |
| één aandeel, één stem | one share, one vote |
| stem per hoofd | one vote per member (cooperatives/associations) |
| onthouding van stem | abstention |
| ongeldige stem | invalid vote |
| blanco stem | blank vote |

## 13. Quorum and Majorities

| Dutch | English |
|---|---|
| quorum | quorum |
| vereist quorum | required quorum |
| meerderheidsvereiste | majority requirement |
| gewone / volstrekte meerderheid | simple / absolute majority |
| meer dan de helft van de uitgebrachte stemmen | more than half of the votes cast |
| gekwalificeerde meerderheid | qualified majority / supermajority |
| tweederde meerderheid | two-thirds majority |
| driekwart meerderheid | three-fourths majority |
| unanimiteit | unanimity |
| meerderheid die ten minste X% van het geplaatste kapitaal vertegenwoordigt | majority representing at least X% of the issued capital |
| tweede vergadering (na niet-halen quorum) | second meeting (after quorum failure) |

## 14. Minutes (Notulen)

| Dutch | English |
|---|---|
| notulen | minutes |
| notulen van de algemene vergadering | minutes of the general meeting |
| notulen van de bestuursvergadering | minutes of the board meeting |
| vastgestelde notulen | approved / adopted minutes |
| concept-notulen | draft minutes |
| ondertekening van de notulen | signing of the minutes |
| actiepunten | action points |
| samenvatting van de beraadslaging | summary of deliberations |
| besluiten van de vergadering | resolutions of the meeting |

## 15. Common Substantive Resolutions

| Dutch | English |
|---|---|
| vaststelling van de jaarrekening | adoption of the annual accounts |
| dividendbesluit | dividend resolution |
| dividenduitkering | dividend distribution |
| vaststelling van bestemming van het resultaat | resolution on allocation of the result |
| kwijting / decharge | discharge (of directors) |
| benoeming van bestuurder | appointment of director |
| ontslag van bestuurder | dismissal of director |
| herbenoeming | reappointment |
| benoeming van commissaris | appointment of supervisory director |
| benoeming van accountant | appointment of auditor |
| vaststelling van bezoldiging | adoption of remuneration |
| emissie / uitgifte van aandelen | issue of shares |
| machtiging tot uitgifte van aandelen | authorization to issue shares |
| uitsluiting voorkeursrecht | exclusion of pre-emptive rights |
| inkoop van eigen aandelen | repurchase of own shares |
| machtiging tot inkoop | authorization to repurchase |
| intrekking van aandelen | cancellation of shares |
| kapitaalvermindering | capital reduction |
| statutenwijziging | amendment of the articles of association |
| ontbinding en vereffening | dissolution and winding-up |
| vereffenaar | liquidator |
| eindafrekening | final statement / final accounting |
| verlenen van volmacht | grant of power of attorney |
| uitkeringstoets / balans- en uitkeringstoets | balance sheet and distribution test |

## 16. Directors' Duties, Bodies, Conflicts

| Dutch | English |
|---|---|
| bestuur | management board |
| bestuurders | directors / managing directors |
| statutair bestuurder | statutory director |
| titulair directeur | title-only director (not a corporate officer) |
| raad van commissarissen (RvC) | supervisory board |
| commissaris | supervisory director / non-executive director |
| one-tier board / monistisch bestuursmodel | one-tier board / monistic model |
| dualistisch bestuursmodel | two-tier / dualistic model |
| uitvoerende / niet-uitvoerende bestuurders | executive / non-executive directors |
| taakvervulling (BW 2:9) | performance of duties |
| behoorlijke taakvervulling | proper performance of duties |
| belang van de vennootschap | interest of the company |
| stakeholder-belangen | stakeholder interests |
| persoonlijk ernstig verwijt | personal serious reproach (liability standard) |
| tegenstrijdig belang | conflict of interest |
| meldplicht bij tegenstrijdig belang | duty to notify conflict |
| onthouding van beraadslaging en besluitvorming | abstention from deliberation and voting |
| aansprakelijkheid van bestuurders | directors' liability |
| aansprakelijkheid bij faillissement (BW 2:138/248) | liability in bankruptcy |
| kennelijk onbehoorlijk bestuur | manifestly improper management |
| WBTR (Wet bestuur en toezicht rechtspersonen) | Management and Supervision of Legal Entities Act |
| onafhankelijke commissaris | independent supervisory director |

## 17. Shareholder Rights

| Dutch | English |
|---|---|
| informatierecht | right to information |
| vraagrecht | right to ask questions |
| enquêterecht (BW 2:344–359) | right to initiate inquiry proceedings |
| Ondernemingskamer (OK) | Enterprise Chamber |
| wanbeleid | mismanagement |
| onmiddellijke voorzieningen | immediate measures (Enterprise Chamber) |
| geschillenregeling (BW 2:335-ff) | statutory dispute resolution procedure |
| uittredingsrecht (BW 2:343) | right to withdraw / exit |
| uitstotingsrecht (BW 2:336) | right to expel |
| uitkoopprocedure (BW 2:201a / 2:92a) | squeeze-out proceedings |
| voorkeursrecht (BW 2:96a / 2:206a) | pre-emption right / pre-emptive right |
| stemgerechtigde vergadergerechtigde | voting meeting-participant |
| niet-stemgerechtigd vergadergerechtigde | non-voting meeting-participant |

## 18. Powers of Attorney — Types and Formalities

| Dutch | English |
|---|---|
| volmacht | power of attorney (POA) |
| algemene volmacht | general power of attorney |
| bijzondere volmacht / specifieke volmacht | special power of attorney / limited POA |
| onherroepelijke volmacht | irrevocable power of attorney |
| herroeping van volmacht | revocation of the power of attorney |
| beëindiging van volmacht | termination of the power of attorney |
| substitutiebevoegdheid | power of substitution |
| substitutie | substitution / sub-delegation |
| notariële volmacht | notarial power of attorney |
| onderhandse volmacht | private power of attorney |
| volmacht met legalisatie van handtekening | POA with signature legalization |
| apostille / Apostille van het Verdrag van 's-Gravenhage | apostille / Hague Convention apostille |
| consulaire legalisatie | consular legalization |
| levenstestament | living will / lifetime POA (Dutch private-client instrument) |

## 19. Powers of Attorney — Scope of Authority

| Dutch | English |
|---|---|
| bevoegdheden | powers / authorities |
| algemene bevoegdheden van beheer | general powers of administration |
| bijzondere bevoegdheden | special powers |
| beschikkingsbevoegdheid | power of disposition |
| volmachtgever | grantor / principal |
| gevolmachtigde / gemachtigde | attorney-in-fact / authorized representative |
| volmacht tot vertegenwoordiging | power to represent |
| zelfcontracteren / Selbstkontrahieren | self-dealing |
| BW 3:60 ev (volmacht) | Dutch Civil Code Arts. 3:60 ff. (power of attorney) |
| BW 3:68 (Selbstkontrahieren) | Dutch Civil Code Art. 3:68 (self-dealing prohibition) |
| handelingsbekwaamheid | legal capacity |
| handelingsonbekwaamheid | legal incapacity |

## 20. Proxies for Meetings

| Dutch | English |
|---|---|
| volmacht voor de algemene vergadering | proxy for the general meeting |
| volmacht in blanco | blank proxy |
| stemming bij volmacht | voting by proxy |
| elektronische volmacht | electronic proxy |

## 21. Verbal Anchors (POA / Proxy)

| Dutch | English |
|---|---|
| verleent volmacht aan | grants power of attorney to |
| machtigt | authorizes / empowers |
| met de meest uitgebreide bevoegdheden | with the broadest powers |
| inclusief de bevoegdheid tot substitutie | including the power of substitution |
| uitgesloten is de bevoegdheid tot substitutie | the power of substitution is excluded |
| ten behoeve van | for the benefit of |
| voor onbepaalde tijd | for an indefinite period |
| voor de duur van | for the term of |
| tot wederopzegging | until revoked |
| onherroepelijk in het belang van | irrevocable in the interest of |

## 22. Section Headings

| Dutch | English |
|---|---|
| DEFINITIES | DEFINITIONS |
| ONDERWERP | SUBJECT MATTER |
| KOOPPRIJS EN BETALING | PRICE AND PAYMENT |
| INTERIM PERIODE | INTERIM PERIOD |
| VRIJWARING | INDEMNIFICATION |
| NON-CONCURRENTIE | NON-COMPETE |
| GEHEIMHOUDING | CONFIDENTIALITY |
| ALGEMENE BEPALINGEN | MISCELLANEOUS |
| BENOEMINGEN | APPOINTMENTS |
| KWIJTING | DISCHARGE |
| VOLMACHTEN | POWERS / AUTHORIZATIONS |
| SLUITING | CLOSING OF THE MEETING |

## 23. Notes

- **Aandelenoverdrachtsakte**: Share transfers in a Dutch BV must be executed before a
  Dutch civil-law notary — a hard statutory requirement, not a mere formality. Translate
  as "deed of transfer of shares" and flag the notarial requirement. NV listed-share
  transfers go through Euroclear Nederland and do not require a notarial deed.
- **STAK / certificering**: A Dutch foundation (stichting administratiekantoor) holds
  legal title to shares and issues depositary receipts (certificaten) to economic owners.
  Used for employee participation, family wealth and control locks. Translate STAK as
  "trust office foundation" with gloss; certificaten as "depositary receipts".
- **Prioriteitsaandelen**: Distinct from preferente aandelen. Carry special governance
  rights (board nomination, veto). Translate as "priority shares" with gloss — there is
  no direct English equivalent.
- **Statutair bestuurder vs titulair directeur**: Critical distinction. Statutair
  bestuurder = formally appointed by general meeting, registered at KvK, bears full
  director's duties and BW 2:9 / 2:138/248 liability. Titulair directeur = employee with
  a "director" title but no corporate office. Never translate both as "director" without
  qualifying.
- **Commissaris**: Member of the supervisory board. Translate as "supervisory director"
  or "non-executive director" — never "commissioner" (too political/civilian in English).
- **Besluit**: Generic for "resolution" or "decision". In corporate-law context use
  "resolution"; in administrative/regulatory context "decision" may be appropriate.
- **Schriftelijk besluit / besluit buiten vergadering**: Written resolution adopted
  outside a formal meeting. Requires unanimity of all vote-entitled persons (BW 2:238
  for BV, BW 2:128 for NV). Always note the unanimity requirement.
- **Nietig vs vernietigbaar besluit**: Nietig = null and void ab initio (BW 2:14;
  contrary to mandatory law or articles). Vernietigbaar = voidable on challenge (BW 2:15;
  procedural defects). Different remedies and limitation periods. Do not translate both
  as "invalid".
- **Kwijting / decharge**: Discharge of directors and supervisory directors from
  liability for the past financial year. Granted by the general meeting (usually at the
  same time as adoption of annual accounts). Only covers matters disclosed or reasonably
  known. A foundational Dutch governance concept — translate as "discharge".
- **Tegenstrijdig belang**: Conflict-of-interest rule. A director with a direct or
  indirect personal interest conflicting with the company's interest cannot participate
  in deliberation or decision. The decision then passes to the supervisory board or
  general meeting. Since 2013 reform, contracts entered under conflict are not voidable
  — it is now an internal governance rule only.
- **Kennelijk onbehoorlijk bestuur**: Trigger under BW 2:138 / 2:248 for personal
  director liability for unpaid deficits in bankruptcy. "Manifestly improper management"
  is the standard translation; requires identifiable failings (no timely accounts, no
  proper records etc.), not mere business-judgment errors.
- **Persoonlijk ernstig verwijt**: "Personal serious reproach" — the BW 2:9 standard for
  director's personal liability vis-à-vis the company. Higher than ordinary negligence.
- **Enquêterecht / Ondernemingskamer**: Unique Dutch shareholder remedy. Minority
  shareholders meeting threshold requirements (typically 10% or EUR 225k of issued
  capital) can petition the Enterprise Chamber for an inquiry. If wanbeleid
  (mismanagement) is found, the Chamber can annul resolutions, suspend or dismiss
  directors, set aside share transfers, and appoint a trustee.
- **Geschillenregeling (BW 2:335-ff)**: Statutory dispute resolution — a shareholder who
  harms the company's interest can be compelled to transfer shares to fellow shareholders.
  No common-law equivalent. Translate as "statutory dispute resolution procedure" with
  gloss.
- **Vifo Act**: Dutch FDI screening regime (Wet veiligheidstoets investeringen, fusies en
  overnames) in force since 1 June 2023, with retroactive effect to 8 September 2020 for
  certain transactions. Reviewed by BTI (Bureau Toetsing Investeringen). Sectoral FDI
  regimes (energy, telecoms etc.) continue to apply in parallel.
- **Balance sheet and distribution test**: Post-2012 BV regime — distributions are
  approved by the management board (not the notary) based on a balance-sheet test (net
  equity above statutory reserves) AND a liquidity/solvency outlook test. Directors are
  personally liable if a distribution is made when they knew or should have known the
  company would be unable to continue paying its debts.
- **Juridische fusie / splitsing**: A statutory merger (BW 2:309) or division (BW 2:334a)
  effects universal succession — assets and liabilities transfer by operation of law.
  Distinct from an asset deal.
- **Volmacht under Dutch law (BW 3:60-79)**: Civil-law POA. Distinguish lastgeving
  (mandate, BW 7:414 — the underlying contractual relationship) from volmacht (the
  authority to bind the principal vis-à-vis third parties). Both can subsist
  independently. BW 3:68 prohibits self-dealing unless expressly authorized.
- **Levenstestament**: Dutch private-client instrument combining a continuing/lifetime
  POA with practical care and end-of-life directions. Distinct from a wilsbeschikking
  (testamentary disposition). Translate as "living will" or "lifetime POA" with gloss —
  there is no direct English equivalent.
- **Belgian Dutch documents**: Belgian deals use similar Dutch terminology but operate
  under the Belgian Code of Companies and Associations (WVV/CSA). Belgian BV
  (previously BVBA) is distinct from Dutch BV; no Enterprise Chamber equivalent. Always
  flag Belgian provenance for cross-check.
