Entry into force of Intervention Act in the Netherlands/ Inwerkingtreding Interventiewet 28 June 2012

In recent months, the Netherlands Supreme Court has rendered judgments in which it provided further guidance to insolvency practitioners (bankruptcy trustees) and (bank) lenders on certain topics that were not completely clear. The Supreme Court sometimes supported the trustee and sometimes the bank.... click attachments to read more....

On 28 April 2011 the one-day international conference ‘The Future of the European Insolvency Regulation’ took place in Amsterdam in the Koepelkerk, attended by 150 delegates and speakers from 16 jurisdictions.

As of 1 January 2012, offerors (both Dutch and foreign) of financial products and services on the Dutch market will be subject to important new rules. Click here for more..

Appointment An IP is appointed in all types of business-related insolvency proceedings, including insolvency proceedings relating to insurance companies and financial institutions. In practice an IP appointed to an insurance company will come from a small group of experienced IPs. Qualifications There are no formal criteria to satisfy to act as an IP in The Netherlands. However, in 99 per cent of cases a qualified lawyer (advocaat) is appointed. In practice, experienced practitioners are appointed in the more important insolvencies.

The restructuring practice often calls for creative solutions, especially when the stakes are high and the debtor is in serious financial distress.

On March 8 2010 the Amsterdam District Court dismissed an application by the administrators of the Dutch branch of Landsbanki hf to extend the term of the emergency regulations that had been declared applicable to the Dutch branch by the court on October 13 2008.(1) As a result, the regulations ceased to apply on March 13 2010. Facts Landsbanki hf is an Icelandic bank based in Reykjavik and a credit institution pursuant to Article 1(1) of the EU Directive on Consolidated Banking (2000/12/EC) and Section 1:1 of the Dutch Financial Supervision Act.