16 December 2014

De Brauw publishes consultation feedback on proposed Continuity of Companies Act II (WCOII)

De Brauw partners Reinout Vriesendorp and Ruud Hermans and Senior Associate Rob van den Sigtenhorst have submitted consultation feedback on a draft bill concerning extrajudicial debt restructuring compositions. When the draft bill becomes law, it will introduce a relatively cheap and quick process for restructuring a company through a binding composition between the company and all or certain of its creditors or shareholders.

De Brauw has been intensively involved in the drafting of this legislative proposal from the very beginning. Ruud Hermans and Reinout Vriesendorp drew up a proposal in 2013 that significantly influenced the draft bill as submitted for public consultation.

The next step is for the Minister to send the draft bill – most likely in amended form – to the Council of State for advice. The draft bill will then be submitted to parliament for debate and the likely date of entry into force is 1 January 2016.

Click here to read De Brauw’s consultation feedback on debrauw.com/wco2, a microsite dedicated to the draft bill. It provides insights into the new legislation, materials from a seminar that De Brauw organised about it, additional De Brauw coverage and materials and coverage by others.