1 June 2021 Dutch government likely to extend virtual general meeting option to 1 October 2021
The emergency bill on coronavirus-related matters includes temporary facilities to mitigate the impact of the coronavirus outbreak on various aspects of society. For Dutch companies, the bill includes measures aimed at helping organise and time general meetings amidst the coronavirus pandemic, including the option of holding virtual shareholder meetings.
17 March 2021 The WHOA in practice: with
greater clarity, come teething
On 1 January 2021, the Act on Court Confirmation of Extrajudicial Restructuring Plans (WHOA) came into force. Also known as the "Dutch Scheme", this new tool allows financial restructuring outside of insolvency proceedings. If certain formalities are met, courts can confirm an extrajudicial restructuring plan, making it binding on all affected creditors and shareholders regardless of their vote on the plan.
The WHOA has been a long time in the making and is widely welcomed, especially considering the economic challenges imposed by the COVID 19 crisis. It was therefore no surprise that the first court requests under the WHOA were filed at the start of 2021, as soon as the law took effect. Since then, fourteen court orders have been handed down in a variety of cases. In these decisions, a pool of specialised “WHOA judges“ provide guidance on the interpretation of the WHOA. We discuss three important practical lessons that can be learned from the court decisions to date.
18 February 2021 Pre-election update on Dutch
With a caretaker government in place and elections set for March 2021, we take a moment to look at the status of pending corporate governance legislation. The government has not declared any of these bills controversial, but the lower house election recess, lasting through 22 March 2021, may cause delays.