The Dutch Scheme – high flexibility in plan contents and possibility to affect group guarantees

The Act on confirmation of private restructuring plans (Wet homologatie onderhands akkoord) – which introduces a framework allowing debtors to restructure their debts outside formal insolvency proceedings (the “Dutch Scheme“) – was adopted by the Dutch Senate on 6 October 2020 and will enter into force on 1 January 2021. In previous blogs we have summarised when the Dutch Scheme … Read more

Dutch Scheme bill to be adopted at short notice

On 29 September 2020, the Dutch Senate’s justice committee decided that the Dutch Scheme bill can be dealt with as a formality (hamerstuk) without further debate. It did so after the Dutch Government submitted to the Dutch Senate’s justice committee its memorandum of reply (Memorie van Antwoord) regarding the Dutch Scheme, or to use the full title: the Act on … Read more

‘Dutch scheme’ adopted by the Dutch Parliament’s House of Representatives

On 26 May 2020, the Dutch Parliament’s House of Representatives (Tweede Kamer) adopted the Act on confirmation of private restructuring plans (Wet homologatie onderhands akkoord (“WHOA”)). The next step will see the WHOA put to vote in the Senate. The WHOA will introduce a framework allowing debtors to restructure their debts outside formal insolvency proceedings (the “Dutch Scheme“). Following the … Read more

The Dutch scheme – when can it be used, and by whom?

As mentioned in our earlier blog, the Dutch legislator has prepared a bill – the Act on confirmation of private restructuring plans (Wet homologatie onderhands akkoord) – which introduces a framework allowing debtors to restructure their debts outside formal insolvency proceedings (the “Dutch Scheme“). In our previous blog, we summarised the Dutch Scheme and explained that either (i) the debtor … Read more

The Dutch scheme – a summary of the upcoming new restructuring tool

As mentioned in our earlier blog, the Dutch legislator has prepared a bill – the Act on confirmation of private restructuring plans (Wet homologatie onderhands akkoord) – introducing a framework that allows debtors to restructure their debts outside formal insolvency proceedings (the “Dutch Scheme“). We expect this highly-anticipated bill to enter into force by this summer. The Dutch Scheme combines features … Read more

Restructuring: introduction of Dutch Scheme one step closer

On 5 July 2019 the Minister of Justice submitted a bill to parliament that will add a new powerful tool to the Dutch restructuring toolbox. The bill on the “Act on the Confirmation of a Private Restructuring Plan” is expected to introduce a serious competitor to the UK’s Scheme of Arrangement and the USA’s Chapter 11. The introduction of the … Read more

Dutch court rules that investors suffer investment loss in the market where securities are listed and traded

On 29 January 2020, the Rotterdam District Court ruled on the question of which laws are applicable to the tort claims brought by (former) Petrobras investors against Petrobras (ECLI:NL:RBROT:2020:614). The Court applied the main rule of EU Regulation Rome II (the “Rome II Regulation”), which stipulates that the law applicable to claims in tort is the law of the country … Read more

KEI pilot ends: reset of digital litigation at Dutch courts, and new procedural rules

On 1 October 2019, legislation will enter into force ending the KEI pilot scheme for digital litigation at the courts of Gelderland and Central Netherlands (Midden-Nederland). However, certain new procedural rules, which were part of the digitalisation pilot, will remain in force and will apply to all Dutch courts. End of digital litigation The pilot for digital litigation started on … Read more

A redundancy payment scheme for a bank manager and court’s obligation to apply statutory provisions ex officio

What if an agreement between parties is in violation of a statutory provision, but the parties do not raise this point in proceedings? Should the court ascertain this violation ex officio and determine whether the contract is void or valid nonetheless (which may be the case under Dutch contract law)? This question was recently submitted to the Dutch Supreme Court … Read more

Dutch collective actions and the question of relativity

On 27 November 2015, the Dutch Supreme Court ruled that a decision on the question of relativity can be obtained in a collective action (ECLI:NL:HR:2015:3399). The concept of relativity in Dutch law concerns the protective scope of a rule and entails that non-contractual damages can only be obtained if the rule that has been violated is intended to protect the … Read more