Regional news: Netherlands
Century old car repair business declared bankrupt after WHOA failure
A Dutch auto repair company has fallen into bankruptcy after its WHOA process failed and its restructuring expert withdrew.
26 May 2022
Fraud allegations lead to Ch11 filing for global software group
A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.
18 May 2022
The new Austrian Restructuring Code in the light of Germany’s StaRUG and the Dutch WHOA
Matthias Stipanitz and Stephanie Rendl at Preslmayr Attorneys at Law in Vienna assess Austria’s implementation of the EU’s preventive restructuring frameworks directive, giving a quick comparison with the implementation in Germany and the Netherlands.
17 May 2022
English scheme sanctioned for Germany’s Lowen Play
Arcade gaming group Lowen Play has secured sanction of an English scheme to restructure €350 million worth of senior secured notes, despite German tax authorities not yet providing approval.
05 May 2022
EU court ruling heralds potential revival of Dutch pre-packs
Dutch lawyers have hailed the potential revival of pre-packs in the Netherlands, after the European Court of Justice ruled that exceptions to employee protections afforded to companies in insolvency proceedings under EU law, can extend to pre-pack sales in certain circumstances.
29 April 2022
Stibbe appointed as Dutch bank falls victim to Russia sanctions
A Dutch subsidiary of Russia’s Alfa Bank has entered bankruptcy in Amsterdam, becoming the latest company to struggle following UK and US sanctions imposed as a result of the war in Ukraine.
25 April 2022
Dutch e-commerce group secures cooling off period, cites “explosive” growth
A Dutch e-commerce group with international operations has secured a four-month cooling off period and succeeded in appointing Turnaround Advocaten’s Jaap Van der Meer as its restructuring expert, in a WHOA application arising from explosive growth in online sales, post-pandemic supply chain problems and rising costs.
17 March 2022
New owners for ADO Den Haag as Dutch restructuring plan approved
In what has been described as a “trailblazing” decision, a Dutch court has approved football club ADO Den Haag’s restructuring plan after its Chinese owner failed to raise objections in a timely manner.
28 February 2022
BVI court confirms directors liable in Dutch-Chinese joint venture’s liquidation
A British Virgin Islands court has confirmed that company directors who fail to ensure their duties are being carried out for a “proper purpose” may be liable for restitution, in a case brought by the local liquidators of a Dutch-Chinese joint venture vehicle.
09 February 2022
New restructuring chairs named as A&O continues US expansion
Allen & Overy has named London’s Katrina Buckley and Amsterdam-based Sigrid Jansen as the new co-heads of its global restructuring practice, while the firm has continued its growth in the US with the hire of New York partner Robin Spigel.
02 February 2022