Public Dutch Scheme automatically recognized in the EU from 9 January 2022

Since 9 January 2022, the public type of the Dutch Scheme is automatically recognized in the EU under the European Insolvency Regulation. This will be further discussed in this blog. Last year saw the introduction of the Dutch Scheme (we refer to our previous blogs for further details on the Dutch Scheme). The Dutch Scheme provides for two types of … Read more

The Dutch scheme – highlights of the 10 judgments rendered to date

On 1 January 2021, the Act on confirmation of private restructuring plans (Wet homologatie onderhands akkoord, the “Dutch Scheme“) came into effect. At time of writing (25 February 2021), the Dutch courts have rendered 10 judgments in connection with the Dutch Scheme. This blog provides you with the highlights of this case law. 1. General observations Based on the information … Read more

The Dutch scheme – Classes and voting

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 (termed 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 can be … Read more

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’ 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

Dutch Supreme Courts decides that pledgees are entitled to execute security rights that are connected to a pledged claim (confirmation of Rabobank/Stormpolder)

On 18 December 2015, the Dutch Supreme Court rendered a judgment (ECLI:NL:HR:2015:3619) which is important for the Dutch banking practice. In its ruling, which concerned a matter between ABN AMRO Bank N.V. and Aannemersbedrijf Marell B.V., the Dutch Supreme Court held that a pledgee collecting a pledged claim is entitled to execute security rights that are connected to such claims. … Read more