"Personal undertaking statement"

[mcquiggd]

I have a feeling that this is what will happen once again I will be at an impasse.

I don't have to worry about hector as I operate within Dutch tax law. Under Dutch employment law I have to have an employment contract with myco so MyCo is legally responsible for me.

The Dutch side have said that this is not relevant to me as this is a business to business contract.

Hi Norrahe,

I am also based in the Netherlands, and have Dutch accountants - what you describe is not a requirement from the Belastingdienst for example. Where is your client based? UK I guess..?

What is your setup..? B.V. ..?

Feel free to PM...

[BS1397]

As well as my usual contract I got given a "personal undertaking document" to sign.

Walk away...

[Wanderer]

Other types of businesses including limited companies who need loans, particularly from banks, do.

Yes that is true. Directors and shareholders invest in the business and it will produce rewards if it all goes well or losses if it goes wrong. Loaning money to the company or acting as guarantor for a loan are good examples of this. The investor puts in money or guarantees a loan of a fixed value and that amount is the maximum exposure to loss that they have. In this case the potential losses are finite and a quantifiable and there is a very real possibility that they will make a good return on that investment.

However, the scenario we are talking about here is completely different. The agency are asking the director to personally underwrite an infinite amount of professional indemnity cover for absolutely no benefit or reward. That is what makes this totally unacceptable and we need to stamp down hard on agencies trying to pull that stupid trick.

[norrahe]

Told agency I was not signing this and thankfully they accepted my refusal.

[Old Greg]

Told agency I was not signing this and thankfully they accepted my refusal.

Good work. Much better than walking away.

[Wanderer]

Told agency I was not signing this and thankfully they accepted my refusal.

Good man.

Looks like they were just trying it on..... The scary thing is that some people would feel pressured into signing their life away with this.

[norrahe]

Good man.

Looks like they were just trying it on..... The scary thing is that some people would feel pressured into signing their life away with this.

Man????

Now they are trying to get me to tell them I will not invoke the substitution clause, agent was asking me to e-mail them back saying I wouldn't invoke the clause.

My reply was that If I give either verbal written agreement then it renders the clause null and void and can put me in very weak position should the Dutch tax office decide to investigate my company.