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COVID-19 and the cultural sector

Far from being immune, the cultural sector has been hit hard by the Corona crisis. We have curated the knowledge within De Brauw within practical tools for use within the cultural sector, both in a broad sense through Q&A's on Labour Law and pensions, Taxes, State Aid, and Agreements, and by providing advice on specific matters.

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Best Friends Publications

Together with our Best Friends, we share our insights on how your company can mitigate risks.

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23 March 2022

One year and 100 court decisions later: Dutch restructuring scheme in practice

The new Dutch restructuring tool, referred to as "WHOA" or the Dutch scheme, entered into force on 1 January 2021. We previously reported on the first three court orders handed down in WHOA cases. Since then, the courts have reviewed WHOA applications approximately 100 times, which demonstrates the appetite for this new restructuring instrument. We have carefully selected the three most relevant lessons that can be learned from the published court decisions. The new law appears to live up to its potential and is being used in a creative and pragmatic way by debtors and courts alike - making the WHOA the effective and expedient restructuring tool envisaged before being enacted.
18 January 2022

New debt restructuring scheme in Netherlands now automatically recognised EU wide

A recent amendment of the European Insolvency Regulation recast (EIR recast) means that the public version of the "WHOA", also known as the Dutch scheme, falls in the regulation's scope as of 9 January 2022. This is relevant for cross-border restructurings, most notably because the effect of a public Dutch scheme will be automatically recognised in the EU (except for Denmark and Ireland, which are not parties to the amendment). Given that the Dutch scheme provides great flexibility in the design of the restructuring plan and offers various tools to reach a consensual deal with a qualifying majority of creditors, automatic recognition will make the public version a powerful cross-border restructuring tool. The Dutch scheme's private version remains outside of the EIR recast's scope, but might be recognised based on other treaties or domestic private international law.
17 March 2021

The WHOA in practice: with greater clarity, come teething problems

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.

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