Introduction

Following the introduction of the Dutch Court Approval of a Private Composition (Prevention of Insolvency) Act (the WHOA), the first court approval for a private composition was granted on 19 February 2021.

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.

European Insolvency Regulation

The French conciliation procedure, introduced in 2005, has become such a key procedure in France that it cannot be ignored. For any restructuring involving France (whether partially or wholly), the possibility of a conciliation procedure has to be seriously considered.

Concept of conciliation procedure