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Five Years of the Dutch WHOA: Looking Back
Lenneke (L.D.N.) de Baar, Counsel, NautaDutilh N.V., Amsterdam, the Netherlands, and Saskia (S.B.A.) Heumakers, Partner, NautaDutilh N.V., London, UKSynopsis
This article is the first of two and provides an overview of the Dutch debt restructuring proceedings pursuant to the Wet Homologatie Onderhands Akkoord (WHOA), which entered into force on 1 January 2021. It details its historical development within Dutch insolvency law, its legislative process, its key characteristics, and how the proceeding fits within European legislation, showing the WHOA's role as a flexible, 'debtor in possession' debt restructuring framework inspired by UK and US procedures. WHOA proceedings have proven an effective restructuring tool over the first five years, but continues to evolve through practical application.
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