International Corporate Rescue
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Vol 21 (2024) - Issue 6
Article preview
Expanding the Restructuring Toolkit: Change of Governing Law Followed by Dutch Scheme Proceedings
Tim Lees, Partner, Clifford Chance LLP, London, UK, Ilse van Gasteren, Partner, Clifford Chance LLP, Amsterdam, Netherlands, Guido Bergervoet, Partner, Clifford Chance LLP, Amsterdam, Netherlands, Evert Verwey, Senior Counsel, Clifford Chance LLP, Amsterdam, Netherlands, Siert Klinkhamer, Senior Associate, Clifford Chance LLP, Amsterdam, Netherlands, and Emma Buchanan, Associate, Clifford Chance LLP, London, UKSynopsis
For the first time, a company has changed the law governing its debt from English to Dutch law to support implementation of a Dutch scheme of arrangement or 'WHOA'. The ability for companies with English law debts to access restructuring processes outside the UK in appropriate cases is a welcome development, but it does not spell the end of the UK as a centre for restructurings nor does it mean the end of the 'rule in Gibbs' that (in short hand terms) provides that an English law debt can only be restructured using an English law process unless the creditor consents.
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