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.
During this second wave of COVID, new lock-down measures have been taken. Belgium has already provided for numerous measures to mitigate the economic impact of the coronavirus (COVID-19). In addition, the Belgian authorities have again adopted a statutory moratorium imposing a stay on creditors’ right to enforce debts, terminate existing agreements early and initiate bankruptcy proceedings.
Along with a tense election south of the border, 2020 brought COVID-19 and its attendant devastating loss of life and far-ranging economic implications, both positive and negative. The world now looks to 2021 with significant uncertainty with respect to what comes next. Certain sectors of the economy, in particular, may be irreparably damaged.
NOVEMBER 2020 Corona: directors’ duties and restructuring options in the BeNeLuCh Corona: directors’ duties and restructuring options in the BeNeLuCh I Introduction The rapid spread of the coronavirus (COVID-19) pandemic is leading to far-reaching health and safety measures all around the world. For people at home, but also for businesses, this creates a situation of great uncertainty. Certain governments have taken (extensive) measures to help businesses and its employees.
The Swiss Insurance Oversight Act has been subject to a partial revision in order to bring the protection of insurance customers in line with international developments and to improve the competitiveness of the Swiss insurance sector. The new provisions include a new insolvency restructuring regime, a customer categorisation making supervisory requirements proportional to the protection required by customers as well as new rules of conduct applicable to insurance undertakings and intermediaries.
WHOA Dutch scheme of arrangement LAW & TAX I Introduction 1. This memorandum describes the bill on court sanctioning private composition to avoid bankruptcy (de Wet homologatie onderhands akkoord ter voorkoming van faillissement, the WHOA or the Dutch Scheme). The WHOA introduces the possibility in the Netherlands for companies to offer a composition to its creditors outside an insolvency proceeding.1 The WHOA will enter into force on 1 January 2021. II The WHOA II.1 Offering a composition: by whom? 2.
In Chandos Construction Ltd. v Deloitte Restructuring Inc., the Supreme Court of Canada confirmed the application of the common law anti-deprivation rule in the context of a Bankruptcy and Insolvency Act (BIA) proceeding.
Op 26 mei 2020 heeft de Tweede Kamer het wetsvoorstel Wet Homologatie Onderhands Akkoord (WHOA) aangenomen. Als de Eerste Kamer dit voorstel eveneens goedkeurt, is de WHOA een feit en kunnen huurder-schuldenaars die in financiële nood verkeren onder voorwaarden wijzigingen laten aanbrengen in lopende huurovereenkomsten, of deze zelfs geheel doen eindigen. De verwachting is dat de WHOA op 1 januari 2021 in werking zal treden.
LAW & TAX Swiss Restructuring & Insolvency in a nutshell loyensloeff.com LAW & TAX Introduction Ever-changing market conditions require businesses to continuously monitor their earnings and liquidity situation as well as their debt structure. In addition, the overall economic situation remains uncertain and asks for continued operational flexibility and resilience. Thus, it is not surprising that companies need to rethink their organisational obligations in restructuring and insolvency situations.
Earlier this year, the Ontario Court of Appeal released its decision in Urbancorp Cumberland 2 GP Inc. (Re)[PDF], which clarifies the scope and effectiveness of a section 9(1) vendor’s trust under the Ontario Construction Lien Act in insolvency proceedings.