Regional news: Netherlands
Heads-up: Allen & Overy’s Katrina Buckley in London and Sigrid Jansen in Amsterdam
The co-heads of Allen & Overy’s global restructuring practice, Katrina Buckley in London and Sigrid Jansen in Amsterdam, discuss the need for a workable stay to support the UK’s Part 26A plan, and how new restructuring procedures across Europe have decreased holdout creditors’ power.
21 September 2023
McDermott International to file parallel UK-Dutch restructurings with Ch15 in US
Three years since Houston-headquartered oil and gas engineering group McDermott International exited a pre-packaged Chapter 11, it has entered an agreement with creditors and bank lenders that will see its UK subsidiary launch an English restructuring plan and two Netherlands entities pursue WHOA proceedings.
11 September 2023
Europe column: who is the “foreign representative” under the UNCITRAL Model Law?
Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses an issue that came before a Dutch court in a case GRR reported on a few days ago: who is the foreign representative under the UNCITRAL Model Law?
04 September 2023
VanMoof bought out of bankruptcy after securing Ch15 stay
A subsidiary of motorsport technology company McLaren Applied has agreed to buy Dutch e-bike manufacturer VanMoof out of bankruptcy, two days after the company secured a temporary Chapter 15 stay to halt an injury claim brought against a non-debtor subsidiary in New York.
31 August 2023
Dutch court issues reasons for unprecedented Ch11-style stay
A Dutch court has issued its reasons for granting shipping group Vroon an unprecedented worldwide stay on enforcement, which had a similarly far-reaching effect to the Chapter 11 automatic stay and helped the shipping group complete its parallel English scheme and WHOA restructuring.
29 August 2023
Restructuring experts cannot settle valuation disputes, Dutch court says
A Dutch court has issued its reasons for rejecting a German shareholder’s request to appoint a restructuring expert in South African retail conglomerate Steinhoff’s WHOA restructuring plan, noting that such experts cannot settle valuations disputes.
23 August 2023
VanMoof seeks Ch15 recognition to stay New York personal injury suit
A global bicycle manufacturer is seeking US recognition of its Dutch bankruptcy and an emergency order to stay a personal injury lawsuit brought against it in New York.
23 August 2023
Europe column: can digital data be the subject of property rights?
Bob Wessels discusses a recent case of the Netherlands Commercial Court on whether digital data can be legally owned.
11 August 2023
Cash machine maker secures first recognition of Dutch scheme
Ohio-headquartered cash machine manufacturer Diebold Nixdorf has secured Chapter 15 recognition of its Dutch WHOA plan, marking one of the last steps in a cross-border restructuring that will see it eliminate over US$2 billion in debt through an equity swap.
09 August 2023
Cayman liquidators win access to funds held by New York court
The foreign representatives of funds affiliated to fraud-engulfed International Investment Group have secured permission to distribute almost US$23 million held by a US court in Cayman Islands liquidation proceedings.
19 July 2023