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08 March 2021 / article

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.

Click here to download the pdf-version about 'The race is on to be Europe’s ‘preferred candidate’ for restructurings' or read it below.

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