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Over the last decade, the Dutch legislator has been developing new bankruptcy and restructuring laws to equip businesses with enhanced tools to navigate financial challenges. One of these instruments is the Wet homologatie onderhands akkoord, also known as the WHOA or Dutch scheme, which came into effect on 1 January 2021.
The WHOA is a pre-insolvency debtor-in-possession scheme proceeding, which allows the debtor to impose a restructuring plan on dissenting (classes of) creditors and shareholders. The procedure is designed such that court involvement is in principle minimal and can be completed in a relatively short timeframe. If necessary, specialised judges can be involved before the restructuring plan is voted on, to get clarity on any issues that might prevent successful implementation of the restructuring plan and the intended restructuring.
The WHOA provides businesses with a structured and flexible process to negotiate debt agreements and restructure their financial obligations. This promotes collaboration among stakeholders and safeguards business operations and the interests of all involved parties. As such, this highly flexible instrument presents an alternative to insolvency mechanisms like the US Chapter 11 and the UK Scheme of Arrangement and Restructuring Plan.
The WHOA has proven itself as an effective restructuring tool used in both local and cross border restructurings. For more information, please reach out to one of our team members.
Sustainability is becoming an increasingly important factor in the decisions of investors, companies, consumers, shareholders and policy and law makers. The broadly supported awareness of Environmental, Social and Governance (ESG) objectives is reflected in many international voluntary standards as well as in an increasing number of European regulations.
As 2024 nears its end, it is time for our annual tax update. This update focuses on the tax trends and developments we foresee for 2025 and includes tips and takeaways.
On Monday 18 November 2024, the Dutch legislator published its proposal on the implementation of the Corporate Sustainability Due Diligence Directive (CSDDD) in the Netherlands.
Read our memo about the WHOA and find further information here:
