Our restructuring team is also, apart from handling individual matters, heavily involved in making recommendations on bills submitted by the Dutch government.
Legislative programme ‘Reassessment of Dutch insolvency law’
The Dutch Minister of Security and Justice announced on 26 November 2012 the legislative programme ‘Reassessment of insolvency law’. The purpose of the programme is triple: (i) fight insolvency fraud, (ii) enhance the restructuring ability of companies and (iii) modernise liquidation proceedings.
We have exercised significant influence on the (draft) legislation introduced in the course of the programme. For instance, the draft bill on the Continuity of Companies Act II (Wet continuïteit ondernemingen II) was heavily influenced by a proposal we submitted in 2013 to include a restructuring device in the Dutch Bankruptcy Act comparable to legislation abroad (especially US Chapter 11 reorganisation plans and UK Schemes of arrangement). We also submitted our response to the public consultation on the draft bill. Because of the response to the public consultation, the Minister is now considering further amendment of the draft bill.
For more information about the Continuity of Companies Act II, you can visit our dedicated mini-site at www.debrauw.com/wco2. The site provides insights into the new legislation, materials from a seminar that De Brauw held and additional coverage and materials from De Brauw and others.
For more information about the Modernisation of Liquidation Proceedings Act (Wet modernisering faillissementsprocedure), you can visit www.debrauw.com/wmf.