New Draft Bill seeking to introduce Pre-Insolvency Proceedings in The Netherlands

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On 5 September 2017, the Dutch government published a new draft bill seeking to introduce pre- insolvency proceedings in the Netherlands, report Michael Veder and Nicolaes Tollenaar of RESOR.

“By way of short summary, the intended procedure will be very similar to the English scheme, with a few notable differences.

Under the proposed bill, both the debtor and, under certain circumstances, a creditor can propose or initiate a restructuring plan. Like the English scheme, the restructuring plan can be implemented outside formal insolvency proceedings. The restructuring plan can bind all types of creditors and shareholders. It need not include all, but can be directed to only a subset of them. The plan can include third party releases.

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