Valuation of a company according to law?

Questioner

My brother inherits my father's company. It was recently valued at 1.2 million euros. My brother will have to pay me and my sister a portion of it. In the will it is described as follows: 'The value of the company will be determined by mutual agreement between the legatee and my heirs. The going concern value of the assets at the time of my death will be used as the starting point. If no agreement can be reached on this, the valuation will take place in the manner prescribed by law. Article 679 paragraph 1 of the Code of Civil Procedure will then apply accordingly. I request the court to appoint an expert.' What does 'the valuation in the manner prescribed by law' mean? Does the appraisal value apply? Or will a judge determine the going concern value?

Lawyer

As you write, the company was bequeathed by your father to your brother. That will then be a legacy against contribution of the value, to be contributed to the estate. The article 679 you mentioned is placed in the section of the relevant code that deals with the division of the community. In your case, that is the estate. The article regulates the appointment of an expert by the subdistrict court if the parties cannot agree on who that should be. From your message I understand that a valuation has already taken place, was that a valuation as a going concern, as prescribed in the will? Article 679 itself does not prescribe on what basis the valuation should be based. There are (certified) experts who can be expected to be able to carry out a valuation. If you do not agree with the valuation issued, which amounts to 1.2 million, you can ask the subdistrict court to appoint an expert. In the event of a dispute between the parties, the subdistrict court itself only deals with the appointment of an expert, not with the valuation itself. It is quite a complicated matter. If you wish, you can send me an email about the matter with further information. Please send an email to: vanderkolk@arsjuris.nl