Valuation of BV Shares in DGA Divorce in Utrecht: Methods and Valuations
In Utrecht, the value of BV shares often forms the biggest stumbling block in the divorce of a DGA (Director-Major Shareholder). Under Article 1:141 DCC, the value increase during the marriage must be divided through periodic equalization. At the District Court of Midden-Nederland, Utrecht location, three common valuation methods are applied: discounted cash flow (DCF), multiples of EBITDA, and net asset value, often with input from local experts from the Domstad.
The DCF method calculates future cash flows with a discount rate of 8-12%, tailored to risks in the Utrecht economy, such as real estate influences or tech startups around Utrecht University. Multiples vary by sector: 4-8x EBITDA for SMEs in Utrecht shopping streets or offices along the Catharijnesingel. For goodwill, the formula 'average profit x 3-5' applies, with extra attention to local subsidies from the Utrecht Business Fund. Registered accountants or valuation experts from Utrecht, such as those affiliated with the local NIVRA branch, carry this out and provide reports for the Utrecht family judge.
Tax considerations in share transfer: the Income Tax Act 2001 may lead to cessation levy on the FOR. Marital agreements with cold exclusion provide protection but require periodic equalization of asset growth, in accordance with Utrecht case law. In practice, a summary proceeding is often initiated at the Utrecht District Court for a provisional valuation, preventing blockages in the vibrant regional economy. After agreement, share transfer follows via a Utrecht notary, with articles of association amendment and attention to local real estate values.
Tip: have both parties appoint their own valuer from Utrecht, such as specialists from offices around Vredenburg, for maximum objectivity and insight into the local market.