The moratorium under the WHOA

The Act on the court approval of private restructuring plans (Wet Homologatie Onderhands Akkoord, abbreviated as WHOA) makes it easier for a company in financial distress to sit down with its creditors and shareholders and make arrangements to restructure its debts. The annual report over 2023 of the group of specialised judges and staff tasked with implementing the WHOA (the WHOA Pool) shows, among other things, that in 2023, the moratorium (afkoelingsperiode) was the most frequently requested measure of all the restructuring tools offered by the WHOA.

Preparation, adoption and publication of financial statements: what are the rules again?

Pursuant to Section 2:210 of the Civil Code, the management board of a private limited liability company (BV) or public limited company (NV) must prepare annual accounts and make them available for inspection at the company's offices within five months of the end of the financial year, subject to a maximum five-month extension on account of special circumstances.