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WHOA The new Dutch scheme

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Jansen Sigrid
Sigrid Jansen

Partner

Amsterdam

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Marshall Jennifer
Jennifer Marshall

Partner

London

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Kuitenbrouwer Aroen
Aroen Kuitenbrouwer

Partner

Amsterdam

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Aarts Simon
Simon Aarts

Associate

Amsterdam

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van der Velden Brechje
Brechje van der Velden

Senior Partner

Amsterdam

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Thomas Andrew
Andrew Thomas

Partner

Amsterdam

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Bondrager Rens
Rens Bondrager

Counsel

Amsterdam

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16 July 2019

The available options to successfully restructure financially distressed, but viable businesses in the Netherlands are about to improve substantially if the Dutch government approves the draft act on the confirmation of private restructuring plans (the Wet homologatie onderhands akkoord (WHOA)) which was officially submitted to parliament on 5 July 2019.

The WHOA has been prepared in close consultation with legal practitioners and with considerable attention to European and global bankruptcy law developments, in particular the recently adopted Preventive Restructuring Framework Directive. Therefore, the WHOA builds upon the most favourable provisions and developments in global restructuring law and we think it will be of interest to many global restructuring professionals and distressed debt investors.

Read our report on WHOA - the Dutch Scheme

In this publication, we provide an overview of the main features of the Dutch scheme (WHOA).

How does the new Dutch scheme compare with the English scheme?

As the Netherlands takes steps to legislate for the introduction of a new restructuring tool, with similarities to the English scheme of arrangement and company voluntary arrangements and the U.S. Chapter 11 procedures, we consider the impact this might have on the global restructuring market and the ability to deliver restructuring solutions for clients.

Podcast: The Dutch Scheme - How it will work and what it will mean for the European restructuring market

Amsterdam-based restructuring partner Sigrid Jansen and Brechje van der Velden, senior partner in Allen & Overy's Amsterdam office, join London-based restructuring partner Jennifer Marshall to discuss the main features of the Dutch scheme and how it compares to the English scheme of arrangement.

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