You are here:
26 May 2020 / news

Second Chamber of Dutch Parliament adopts new “Dutch scheme” (WHOA)

Earlier today, the Dutch House of Representatives (de Tweede Kamer) has voted in favour of the draft bill on “court sanctioning private composition to avoid bankruptcy” (de Wet homologatie onderhands akkoord ter voorkoming van faillissement, the WHOA), together with certain amendments.

This is great news: the WHOA is an effective restructuring tool that is likely to become widely used both in local and cross border restructurings. Especially in light of COVID-19, this is a welcome extra tool for enterprises in distress to avoid bankruptcy.

The Dutch Senate (de Eerste Kamer) will have the final vote on the WHOA. Given that the Dutch government has marked the WHOA as an emergency bill in light of COVID-19, we have good hope that the WHOA will come into force before or during the summer.

If you would like to receive more detailed information, reach out to one of our team members for more details on this new legislation.



business people in building - New draft bill to reform the Luxembourg arbitration law

Reform of the Luxembourg arbitration law

Draft bill reforming the arbitration provisions in the Luxembourg Code of Civil Procedure. read more

Trend Report: Recent developments in Dutch loyalty share schemes

What does the future hold for loyalty share schemes in Dutch corporate governance? read more

NCC clause, COVID-19, share the pain approach and more

Our colleagues Mijke Sinninghe Damsté and Marit Bosselaar discuss both judgements in the Dutch corporate law journal Ondernemingsrecht. read more