You are here
WHOA, the Chapter 11 Bankruptcy of The Netherlands
The coronavirus has (had) a major impact on our economies. Especially the entertainment business (e.g., bars, clubs, theatres) and its suppliers are hit hard. A traditional bankruptcy was the well-known answer, but there is a new hope for companies with fruitful activities.
In 2021, the Dutch introduced the WHOA (in Dutch: Wet Homologatie Onderhands Akkoord), which is a bankruptcy act that is somewhat similar to the Chapter 11 procedure. The WHOA can be used to force dissenting creditors to agree to a restructuring plan. Such a plan can be presented if it is reasonable to assume that the company soon will not be able to continue paying its debts. If that company has some profitable activities, the WHOA can be used to restructure the debts in order to revitalize the company.
Are you interested in the application of the WHOA to your company? Contact the attorneys of Bos Van der Burg Advocaten in The Netherlands by 003179 320 3366 or visit www.bosvanderburg.nl