On January 1st, 2021, the Dutch Scheme (the Dutch Act on Court Confirmation of Extrajudicial Restructuring Plans, also known by its Dutch acronym “WHOA”) became law in the Netherlands. The enactment of the Scheme is an important event in the development of the Dutch restructuring practice. The Association was founded and formally incorporated on 31 December 2020 with the aim to enhance the quality and effectiveness of the restructuring practice in the Netherlands as a jurisdiction for an efficient implementation of restructurings of both domestic and International companies in the Netherlands.
The Association focuses primarily on financial restructurings, often with judicial restructuring processes as the backdrop. This goes beyond the Dutch scheme; therefore, the Association also focuses on capturing and sharing knowledge and best practices emanating from in- or out-of-court processes either in the Netherlands or abroad. Furthermore, because there is more to a successful restructuring process than just managing and implementing the legal framework, the Association is also focused on other aspects involved in restructurings including the financial, commercial, operational and human relation aspects that need to be dealt with during a successful restructuring.
The diversity of our membership and the focus on restructuring content are the two most important reasons for joining the Association. Our membership reflects all stakeholders and parties who are involved in a financial restructuring process. Also, those who have a keen interest in the restructuring process from the academic world are represented. Our members are diverse in terms of their professional background and experience. This diversity serves as a broad platform to be the leading body in the restructuring community. This platform of people and content is also a major driver to improve the continued quality and professionalism of the Dutch restructuring practice and community. The Association also actively seeks connections with international restructuring associations in order to maximize the collection and sharing of worldwide restructuring expertise.
In order to meet its objectives, the Association is focused on the following initiatives:
The Association has set up a series of operating committees tasked with the development and execution of the above initiatives.