Regional news: Netherlands
European column: Appeal to ignorance of insolvency
Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, asks a complex question arising from a simple, everyday occurrence: is a payment to someone residing or located in another EU member state, who is already insolvent, legally valid?
22 August 2022
INSOL International, London: practical tips from the bench
A panel of judges from Europe, the US, Asia and the Cayman Islands compared how valuations issues are treated in their respective jurisdictions, and warned delegates to INSOL International’s London conference in June that urgency really needs to mean urgency when it is flagged – or parties risk damaging their credibility.
22 July 2022
Lenders take control of Lycra with advice from Linklaters
Linklaters has helped junior creditors take full equity control of US stretchy fibre maker Lycra from defaulting Chinese fashion conglomerate Shandong Ruyi, in a transaction across Asia, the Netherlands, London and the US, which the firm described as “one of the most high profile and complex enforcement and restructurings implemented in the market in recent years”.
12 July 2022
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