The new “Dutch scheme” (WHOA) will enter into force on 1 January 2021
On 27 October, it was announced that the bill on “court sanctioning private composition to avoid bankruptcy” (de Wet homologatie onderhands akkoord ter voorkoming van faillissement, the WHOA) will enter into force on 1 January 2021.
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.
If you would like to receive more detailed information, reach out to one of our team members for more details on this new legislation or read our memo about the WHOA below.
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 protected]