The race is on to be Europe’s ‘preferred candidate’ for restructurings
Vincent Vroom and Joris Dunki Jacobs together with Dr. Johannes Lappe of Kirkland & Ellis LLP together wrote the article, “The Race Is On to Be Europe’s ‘Preferred Candidate’ for Restructurings,” for the Journal of Corporate Renewal, the official publication of the Turnaround Management Association.
The article provides for an overview of the main features of the new German StaRUG-scheme and Dutch WHOA-scheme, which were enacted on 1 January 2021. Both are highly flexible debtor in possession proceedings, providing for long-awaited additions to the German and Dutch restructuring toolboxes, allowing debtors to implement a composition plan with their creditors outside formal insolvency proceedings.
Given that both instruments strive to (partially) implement the EU Directive on preventive restructuring frameworks they show some interesting similarities, but there are some notable differences as well.
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Vincent VroomPartner Attorney at law
Vincent Vroom, attorney at law, is chairman of the Litigation & Risk Management Group. He specialises in restructuring and insolvency matters. He handles a range of issues in restructuring cases whether they arise within the courtroom or outside.T: +31 20 578 59 84 M: +31 6 51 26 63 19 E: email@example.com