Insolvency & Restructuring, Netherlands updates

 
Dutch scheme of arrangement: new pre-insolvency restructuring instrument
AKD
  • Netherlands
  • 19 June 2020

The House of Representatives recently voted in favour of the Court Approval of a Private Composition (Prevention of Insolvency) Act (WHOA). Inspired by the UK scheme of arrangement and US Chapter 11 proceedings, the WHOA will introduce to the Netherlands a legal framework that enables debtors to restructure their debts outside formal insolvency proceedings by means of a court-approved restructuring plan.

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