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Another successful Dutch Scheme: a milestone in the complex and multi-jurisdictional Steinhoff restructuring
2023-07-04

In yet another major restructuring in the Netherlands, the Dutch Court confirmed a restructuring plan under the Dutch Act on Court Confirmation of a Private Restructuring Plan (WHOA). The public restructuring of the Steinhoff Group (Steinhoff) was approved by the Amsterdam Court on 21 June 2023, only seven days after the confirmation hearing.

Filed under:
Netherlands, Insolvency & Restructuring, Freshfields Bruckhaus Deringer
Authors:
Charlotte Ausema
Location:
Netherlands
Firm:
Freshfields Bruckhaus Deringer
View Original Article
Dutch Supreme Court clarifies the concept of de facto director
2023-05-04

The Dutch Supreme Court ruled that "setting aside" or replacing the board is not a requirement to qualify as a de facto director. De facto directors are not required to manage the company instead of, and to the exclusion of, the formal directors.

Background

Under Dutch law, as a matter of principle, only the company (ie a Dutch B.V. or N.V.) is liable for its debts. The directors of the company are in principle not liable.

Filed under:
Netherlands, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing
Location:
Netherlands
Firm:
Taylor Wessing
View Original Article
Groundbreaking Royal IHC Restructuring: Dutch scheme proves itself (again) as highly effective and flexible restructuring tool
2023-03-29

Since the Dutch Act on Court Confirmation of a Private Restructuring Plan (“WHOA” or “Dutch Scheme”) entered into force on 1 January 2021, Dutch Courts have rendered over 200 judgments.

On 9 March 2023, (one of) the largest Dutch Schemes so far was successfully completed: the restructuring of Royal IHC and its subsidiaries (as announced in IHC’s press release). In this case, the Rotterdam Court made several important decisions enhancing the effectiveness and legal certainty surrounding the WHOA, including regarding:

Filed under:
European Union, Netherlands, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Insolvency Regulation (1346/2000) (EU)
Authors:
Tim Elkerbout , Michael Broeders
Location:
European Union, Netherlands
Firm:
Freshfields Bruckhaus Deringer
View Original Article
New Dutch restructuring law and the transfer of an account receivable portfolio
2023-02-01

Introduction

Filed under:
Netherlands, Banking, Insolvency & Restructuring, Taylor Wessing, Insolvency
Authors:
Andrei Babiy , Paul Orij
Location:
Netherlands
Firm:
Taylor Wessing
View Original Article
Dutch directors' liability for bankruptcy deficit only reduced on specified grounds
2022-12-08

Background

Under Dutch law, the directors of a (private) company can be held personally liable by the trustee for the bankruptcy deficit. Liability can arise when the directors have manifestly performed their management duties improperly and if it is reasonable to assume that bankruptcy was declared as a result. Section 2:248(4) of the Dutch Civil Code (DCC) contains a list of grounds for reducing the amount of the directors’ liability.

Decision

Filed under:
Netherlands, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing
Authors:
Ralf van der Pas
Location:
Netherlands
Firm:
Taylor Wessing
View Original Article
Dutch directors' liability for bankruptcy deficit only reduced on specified grounds
2022-12-08

Background

Under Dutch law, the directors of a (private) company can be held personally liable by the trustee for the bankruptcy deficit. Liability can arise when the directors have manifestly performed their management duties improperly and if it is reasonable to assume that bankruptcy was declared as a result. Section 2:248(4) of the Dutch Civil Code (DCC) contains a list of grounds for reducing the amount of the directors’ liability.

Decision

Filed under:
Netherlands, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing
Authors:
Ralf van der Pas
Location:
Netherlands
Firm:
Taylor Wessing
View Original Article
Dutch directors' liability for bankruptcy deficit only reduced on specified grounds
2022-12-08

Background

Under Dutch law, the directors of a (private) company can be held personally liable by the trustee for the bankruptcy deficit. Liability can arise when the directors have manifestly performed their management duties improperly and if it is reasonable to assume that bankruptcy was declared as a result. Section 2:248(4) of the Dutch Civil Code (DCC) contains a list of grounds for reducing the amount of the directors’ liability.

Decision

Filed under:
Netherlands, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing
Authors:
Ralf van der Pas
Location:
Netherlands
Firm:
Taylor Wessing
View Original Article
Dutch directors' liability for bankruptcy deficit only reduced on specified grounds
2022-12-08

Background

Under Dutch law, the directors of a (private) company can be held personally liable by the trustee for the bankruptcy deficit. Liability can arise when the directors have manifestly performed their management duties improperly and if it is reasonable to assume that bankruptcy was declared as a result. Section 2:248(4) of the Dutch Civil Code (DCC) contains a list of grounds for reducing the amount of the directors’ liability.

Decision

Filed under:
Netherlands, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing
Authors:
Ralf van der Pas
Location:
Netherlands
Firm:
Taylor Wessing
View Original Article
Dutch directors' liability for bankruptcy deficit only reduced on specified grounds
2022-12-08

Background

Under Dutch law, the directors of a (private) company can be held personally liable by the trustee for the bankruptcy deficit. Liability can arise when the directors have manifestly performed their management duties improperly and if it is reasonable to assume that bankruptcy was declared as a result. Section 2:248(4) of the Dutch Civil Code (DCC) contains a list of grounds for reducing the amount of the directors’ liability.

Decision

Filed under:
Netherlands, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing
Authors:
Ralf van der Pas
Location:
Netherlands
Firm:
Taylor Wessing
View Original Article
Dutch directors' liability for bankruptcy deficit only reduced on specified grounds
2022-12-08

Background

Under Dutch law, the directors of a (private) company can be held personally liable by the trustee for the bankruptcy deficit. Liability can arise when the directors have manifestly performed their management duties improperly and if it is reasonable to assume that bankruptcy was declared as a result. Section 2:248(4) of the Dutch Civil Code (DCC) contains a list of grounds for reducing the amount of the directors’ liability.

Decision

Filed under:
Netherlands, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing
Authors:
Ralf van der Pas
Location:
Netherlands
Firm:
Taylor Wessing
View Original Article

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