The act on the confirmation of out-of-court restructuring plans (WHOA)Wet homologatie onderhands akkoord
The new Dutch legislation on out of court restructuring plans will enter into force as per 1-1-2021. Other EU member states and the United Kingdom are developing similar tools in accordance with European Directive EU/2019/1023. The Dutch plan proceedings will enable distressed debtors to restructure their debts and equity and modify or terminate burdensome contracts without opening insolvency proceedings. Leading insolvency lawyer Robert van Galen has written two articles about the new legislation for the Dutch legal magazine “Ondernemingsrecht”, in which he discusses the legislation and also highlights a number of issues requiring further thought. This is an English compilation of those articles.