WHOA Neddies: Dutch create new, flexible restructuring rule

Dutch netherlands holland flag adobe stock
By Owen Sanderson
10 Jul 2019

The Netherlands is about to pass an act inspired by US bankruptcy rules or English schemes of arrangement, updating an insolvency code that has proved ineffective for dealing with companies with secured debt — and has seen companies like Nyrstar redomicile to the UK as part of their restructurings.

The new law, known as WHOA (Wet homologatie onderhands akkord) aims to bring the Dutch code up to date, taking on recent developments in European bankruptcy law, such as the Preventive Restructuring Framework Directive.

According to a client note from Allen & Overy, the law will replace an old ...

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