Rechtbank Noord-Holland heeft op 19 februari 2021 de eerste twee akkoorden onder de WHOA gehomologeerd. Het betroffen akkoorden van Jurlights B.V. en Jurlights Holding B.V., een werkmaatschappij en een holding actief in de evenementen-branche.

In de uitspraak van Rechtbank Rotterdam van 3 maart 2021 is door verzoekster aan de rechtbank de vraag voorgelegd, of onderscheid in behandeling van de concurrente crediteuren (een weigeringsgrond oplevert die) aan homologatie van een akkoord in de weg zou staan.

Earlier, at the end of last year, on LinkedIn we posted the legal alert below regarding director’s liability in bankruptcy pursuant to section 2:138/248 of the Dutch Civil Code (‘DCC’). Due to the COVID-19 outbreak, legislation has been enacted that grants directors – under specific, COVID-related circumstances – temporary relief from the strict provisions of section 2:138/248 DCC.

1. Introduction

Following a quick procedure, the Netherlands has seen its first ever court-approved private restructuring plan permitted under the WHOA (Wet homologatie onderhands akkoord), introduced on 1 January 2021.

Since Article 3: 305a of the Dutch Civil Code entered into force on 1 July 1994, a legal person (usually a foundation) can institute legal proceedings that serve to protect interests outlined in its articles of association (for example, recovering damage caused to the members of the foundation concerned). The mass claims foundation was born.

Over the last 12 months, global markets have been amazingly resilient, indeed even buoyant, aided in large part by governments around Europe and the world providing seemingly unlimited funding and extensive financial stabilisation measures, such as quantitative easing.

This, coupled with protective legislation for companies to prevent insolvency filings and to ensure continued trading – for example, moratoriums, relaxations on insolvency filing obligations and restrictions on creditor actions – has given businesses significant breathing space and prevented widespread failures.

On 1 January 2021, new Dutch restructuring law Wet Homologatie Onderhands Akkoord (or WHOA) came into effect. Here, we run through what WHOA is and cover the first decisions handed down under the new law.

What is WHOA?

Quoted WHOA - the Dutch scheme of arrangement JANUARY 2021 EDITION 138 - Introduction - WHOA – main features - WHOA – protection of the debtor and creditors during the ratification process - In conclusion In this edition Quoted 3 1 Introduction 1.1 On 1 January 2021 the draft bill on ‘court sanctioning private composition to avoid bankruptcy” (wet homologatie onderhands akkoord – WHOA, also known as the “Dutch scheme of arrangement”) has been enacted.

Genoteerd JANUARI 2021 NUMMER 138 WHOA - Wet homologatie onderhands akkoord - Inleiding - WHOA - hoofdlijnen - WHOA - bescherming schuldenaar en schuldeisers gedurende het akkoordtraject - Concluderend In deze uitgave Genoteerd 3 1 Inleiding 1.1 Op 1 januari 2021 is het wetsvoorstel wet homologatie onderhands akkoord (de WHOA) in werking getreden.