Regional news: Netherlands
Horticulture company secures Dutch scheme with cut-off date
A Dutch court has sanctioned a scheme of arrangement for a local horticulture business after allowing it to exclude creditors with claims accumulated after a cut-off point.
26 April 2021
Third party payments subject to contract’s governing law not insolvency rules, CJEU says
A shipping company’s German liquidator has failed to recover payment of an affiliate’s Dutch law debt, after an EU court found that third party payments are subject to the governing law of their contract rather than insolvency proceedings.
23 April 2021
DTEK to poll creditors on English schemes amid Russian objection
Ukrainian coal miner DTEK has won permission to hold creditor votes on two English schemes, despite opposition from a Russian bank creditor on lack of jurisdiction grounds.
16 April 2021
Hogan Lovells leads on €4.5 billion restructuring of French hotel operator
A long list of law and advisory firms have helped international hotel operator AccorInvest Group secure additional financing and complete a multi-jurisdictional restructuring of its €4.5 billion debt pile.
07 April 2021
Dutch scheme approved despite “forgotten” creditor missing plan vote
In another first for the new Dutch scheme, a court has approved a farm operator’s restructuring even though an unsecured creditor was mistakenly left out of the vote and there were indications that the creditor class divisions were incorrect.
11 March 2021
Dutch scheme rejected for first time
A Dutch court has issued the first decision refusing to sanction a scheme of arrangement, citing gaps in information given to creditors and questions over the viability of the debtors’ business.
03 March 2021
First Dutch schemes sanctioned
A Netherlands-based events production company has secured the first order sanctioning Dutch schemes of arrangement, in a decision hailed as a “step-by-step” guide to approval.
22 February 2021
Centerbridge withdraws Dutch proceedings after reaching Steinhoff agreement
A US investor linked to Centerbridge Partners has agreed to withdraw its application to appoint a Dutch restructuring expert over South African conglomerate Steinhoff, while the group’s former auditor Deloitte has pledged €70 million to support a global settlement of litigation claims.
15 February 2021
Steinhoff scheme sanctioned
South African conglomerate Steinhoff has secured sanction of its latest English scheme after the High Court dismissed objections made by a US fund linked to distressed investor Centerbridge Partners.
05 February 2021
DeepOcean cross-class cram-down reasons published
The High Court in London has issued its reasons for applying the UK’s cross-class cram-down mechanism for the first time earlier this month, with local lawyers describing the decision as a “game-changer”.
28 January 2021