Regional news: Netherlands
Indian conglomerate secures English scheme meeting
A Dutch subsidiary of Indian multinational conglomerate Jain Irrigation Systems has won permission to poll creditors on its English scheme of arrangement while the group seeks a connected restructuring in India.
14 June 2021
Baker McKenzie guiding Indian conglomerate’s English scheme
A Dutch subsidiary of an Indian multinational conglomerate is pursuing an English scheme of arrangement to restructure Singapore-listed notes, with Baker McKenzie and Kirkland & Ellis both taking roles.
10 June 2021
Steinhoff investors’ consortium drops claims, but settlement still faces hostility
A consortium of shareholders seeking to disrupt South African conglomerate Steinhoff’s global settlement has withdrawn its opposition to the group’s Dutch suspension of payments proceedings – but other claimant groups remain hostile in the Netherlands and South Africa.
08 June 2021
Dutch footballer’s transfer denied protection in WHOA case
In what has been described as “the most important WHOA case so far”, a Dutch court has approved a restructuring expert and cooling-off period for football club ADO Den Haag, but refused to approve the sale of one of its players to another team.
26 May 2021
Dutch construction company made bankrupt following observer decision
A Dutch court has explained why missing information led it to give intention to appoint an observer for a local construction company’s scheme of arrangement, before eventually declaring the company bankrupt.
14 May 2021
Gazprombank challenges DTEK’s English schemes
The Swiss branch of Russia’s Gazprombank has told an English court that one of Ukrainian coal miner DTEK’s English schemes does not have a “real prospect” of being recognised in key foreign jurisdictions following Brexit.
13 May 2021
NautaDutilh advising as Dutch football club kicks off restructuring
Dutch football club ADO Den Haag has launched WHOA proceedings in the Netherlands, blaming its Chinese owner for failing to meet €2 million of loan obligations.
07 May 2021
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