The WHOA is gradually gaining a foothold in insolvency law

Since the Act on the court approval of private restructuring plans (Wet Homologatie Onderhands Akkoord, and hereinafter “WHOA”) entered into force in 2021, the WHOA Pool - a group of specialised judges and staff tasked with implementing the WHOA - has been issuing annual reports. Their main conclusion of the 2023 annual report, published on 18 June 2024, is that the WHOA is gradually gaining a foothold in insolvency law. Read more about the figures and trends related to WHOA in 2023 below.

Do not wait too long to start the WHOA-proceedings

The Act on the court approval of private restructuring plans (Wet Homologatie Onderhands Akkoord or WHOA) makes it easier for a company in financial distress to sit down with its creditors and shareholders at the negotiating table in order to agree upon a reduction of its debt burden. These agreements are set out in a so-called private arrangement (onderhands akkoord). If not all creditors agree to this arrangement, it can be submitted to the court for ratification. If the court ratifies the arrangement (homologatie), the dissenting creditors will also be bound by the arrangement.

The WHOA is gradually gaining a foothold in insolvency law

Since the Act on the court approval of private restructuring plans (Wet Homologatie Onderhands Akkoord, and hereinafter “WHOA”) entered into force in 2021, the WHOA Pool - a group of specialised judges and staff tasked with implementing the WHOA - has been issuing annual reports. Their main conclusion of the 2023 annual report, published on 18 June 2024, is that the WHOA is gradually gaining a foothold in insolvency law. Read more about the figures and trends related to WHOA in 2023 below.