On 26 May 2020, the House of Representatives of the Dutch Parliament passed the Act of Court Confirmation of Extrajudicial Restructuring Plans (CERP). This long-awaited plan for a new restructuring law in the Netherlands features elements of both the US Chapter 11 procedure and UK schemes of arrangements. It is an important development in the evolution of Dutch insolvency practice.
Temporary Payment Deferral Act 2020
This proposal aims to prevent avoidable insolvencies and offer the court the option to:
The COVID-19 crisis has pushed intellectual property holders and implementers into a distressed situation. In this webinar, we explore what happens if a party to an IP licence becomes insolvent, and discuss practical tips for the non-insolvent party to protect its position.
The number of bankruptcies in the Netherlands is rising.
Therefore, in mid-April, a number of professors, insolvency practitioners, employers and labour unions petitioned to accelerate the introduction of WHOA (Wet Homologatie Onderhands Akkoord – the Act on Dutch Court Confirmation of Extrajudicial Restructuring Plans to Avert Bankruptcy), the introduction of which was already planned.
Unfortunately your business can be confronted with bankruptcy of one of your (Dutch) business partners. In most cases this will damage your business. We can help you to avoid or limit damages. In this edition of TW FOUR we will set out FOUR ways to protect your business from the bankruptcy of one of your (Dutch) business partners.
In 2015 oordeelde de Hoge Raad dat een curator met succes in verzet kan komen tegen een faillissement dat op eigen aangifte van de rechtspersoon is uitgesproken. Er was in dit geval sprake van een (bijna) lege boedel en er bestond geen verwachting dat er gedurende het faillissement nog activa konden worden gegenereerd. De curator zou de afwikkelingskosten van het faillissement daardoor niet vergoed krijgen uit de boedel, maar zou deze kosten zelf moeten dragen.
European Insolvency Regulation
On 28 June 2021 the Dutch government initiated a public consultation procedure concerning a legislative proposal intended to make expedited liquidation of legal entities more transparent for creditors. To achieve this goal, the Minister has proposed that the management board of a legal entity should file a number of documents with the Trade Register within 10 days of liquidation and then notify their creditors that they have done so. The proposal also allows for the possibility of disqualifying a managing director who should fail to observe the new rules.
De fiscale wetgever heeft in het kader van het Belastingplan 2018 voorgesteld om artikel 17 lid 2 Invorderingswet 1990 (hierna: “IW 1990”) te laten vervallen. Indien dit voorstel daadwerkelijk wordt ingevoerd, dan zou dit betekenen dat aan het verzet tegen de tenuitvoerlegging van een dwangbevel van de Ontvanger niet langer schorsende werking toekomt. Dit kan grote gevolgen hebben voor uw onderneming.
The Netherlands is planning to adopt new restructuring legislation, allowing for court confirmation of extrajudicial restructuring plans (Wet Homologatie Onderhands Akkoord, or WHOA). The bill combines features of the U.S. chapter 11 procedure and the English Scheme of Arrangement. With its broad range of jurisdiction and flexibility, the "Dutch Scheme" will prove to be an effective addition to the restructuring toolbox for both Dutch and non-Dutch entities, for groups of companies, and with the possibility of automatic recognition throughout the European Union.