Clifford Chance

Dutch Scheme (WHOA) update – approval and new amendments

26 May 2020

On 26 May 2020, the Dutch House of Representatives (Tweede Kamer) has approved the legislative proposal for the Dutch Scheme (also called the WHOA).

The Dutch Scheme will be an important tool to implement restructurings in an effective manner, most importantly because it provides a tool to cram-down hold out creditors. This is currently not possible under Dutch law outside of insolvency, which frequently complicates finding solutions for companies in distress.

In our briefing we have set out the recent changes made by the Dutch House of Representatives as well as a reminder of the highlights of the (amended) Dutch Scheme itself.

Download PDF