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 restructuring plan under the WHOA

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 as set out in a restructuring plan. Such a restructuring plan can be submitted to the court for ratification (homologatie). After ratification of the restructuring plan, all affected creditors or shareholders are bound by the terms of the plan.

Eenzijdige opzegging van lopende overeenkomsten onder de WHOA.

De Wet Homologatie Onderhands Akkoord (hierna: WHOA) maakt het voor een onderneming die in financieel zwaar weer verkeert makkelijker om met haar schuldeisers en aandeelhouders rond de tafel te gaan zitten en afspraken te maken om haar schuldenlast te verlichten. De WHOA biedt verschillende instrumenten voor een effectieve herstructurering van de onderneming, zoals de eenzijdige opzegging van lopende overeenkomsten.