The Act on the confirmation of private restructuring plans (Wet homologatie onderhands akkoord or WHOA) was submitted to the Dutch parliament (2019) and, once adopted, introduces a framework under which tailor-made (financial) restructuring plans can be implemented outside formal insolvency proceedings. The WHOA combines elements of the English Scheme of Arrangements, US Chapter 11 and the EU Restructuring Directive (EU 2019/1023). The Act will enter into force on 1 January 2021.

In summary

The WHOA provides for a fast and efficient restructuring procedure outside of formal insolvency which, in principle, can be completed within a matter of months. The restructuring plan may bind (a selection of) secured, unsecured and preferential creditors as well as shareholders, whilst at the same time adequately protecting the interests of any dissenting party.

The WHOA enables both the debtor as well as other important stakeholders the opportunity to, at an early stage and outside the public domain, avoid an uncontrolled insolvency and preserve the debtor’s value. In addition, the WHOA provides for a high level of deal certainty as a result of, amongst others, the various supportive measures, offers flexibility on the contents of the restructuring plan and has the option to be (automatically) recognised throughout the EU.

With the Dutch courts assuming jurisdiction in a wide variety of cases, the WHOA offers a world class platform for international debt restructurings.

Legislation documents

Dutch documents

English documents

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23 September 2020
WHOA-we­bin­ar groot suc­ces (kijk hier ter­ug)
Mar­cel Groe­newe­gen en Mar­lous de Groot presen­t­eer­den gister­en een we­bin­ar over de nieuwe Wet ho­mo­log­atie on­der­hands akkoord (WHOA), waarmee een on­dernem­ing in zwaar weer haar schul­de­isers een dwangakkoord...
02 September 2020
'De WHOA heeft voor­al voor­delen'
Een on­dernem­ing in zwaar weer kan dankz­ij de nieuwe Wet ho­mo­log­atie on­der­hands akkoord (WHOA) haar schul­de­isers een dwangakkoord aan­bieden. Met de dreigende golf aan corona-fail­lisse­men­ten een nieuw en...

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27 October 2020
Dutch scheme avail­able as of 1 Janu­ary 2021
It took the le­gis­lat­or more than six years, but as of 1 Janu­ary 2021 the “Act on the con­firm­a­tion of private re­struc­tur­ing plans” (Wet Ho­mo­log­atie On­der­hands Akkoord (WHOA)) will fi­nally come in­to...
6 October 2020
Dutch scheme fi­nally ap­proved
On 6 Oc­to­ber 2020, the Sen­ate (Eer­ste Kamer) of the Dutch Par­lia­ment de­cided that the bill “Act on the con­firm­a­tion of private re­struc­tur­ing plans” (Wet ho­mo­log­atie on­der­hands akkoord (WHOA)) could...
08/06/2020
Par­lia­ment­ary ad­op­tion of the act on con­firm­a­tion of private re­struc­tur­ing...
On 26 May 2020, the Act on the con­firm­a­tion of private re­struc­tur­ing plans (Wet ho­mo­log­atie on­der­hands akkoord or WHOA) was ad­op­ted by the Dutch par­lia­ment­ary House of Rep­res­ent­at­ives (Tweede Kamer)...
04/03/2020
WHOA – the fu­ture of (in­ter­na­tion­al) debt re­struc­tur­ings in The Neth­er­lands
The Act on the con­firm­a­tion of private plans (Wet ho­mo­log­atie on­der­hands akkoord or WHOA) was sub­mit­ted to the Dutch par­lia­ment last year and, once ad­op­ted, in­tro­duces a frame­work un­der which tail­or-made...