In its first two years, the Dutch Act on Court Confirmation of a Restructuring Plan (Wet homologatie onderhands akkoord) (the WHOA also known as the Dutch Scheme) was mainly used for the restructuring of SMEs (See International Restructuring Newswire Q2 2022, The Dutch Scheme (WHOA) in practice: First two large restructuring plans confirmed by the Dutch courts. In the last twelve months, large multinational companies have successfully used the WHOA in complex cross-border restructurings. In 2023, the restructurings of Vroon, Steinhoff and Royal IHC were implemented using the WHOA.1 In this article, we will focus on the latter and discuss various novelties in this WHOA proceeding, which has resulted in ground-breaking case law with far-re…
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