Today, October 6, 2020, the legislative proposal “Act Homologation of Private Agreement” (Wet Homologatie Onderhands Akkoord, or abbreviated “WHOA“) has been passed as a formality (hamerstuk) without a debate by the Dutch Senate. Prior preparatory study of the legislative proposal was not necessary, since the Dutch Senate’s committee was of the opinion that the memorandum of reply (Memorie van Antwoord) was sufficiently prepared.
The WHOA will allow a debtor or restructuring expert to propose a private agreement that may help avoid the debtor’s insolvency. For more detailed information with regard to the WHOA, we refer to our previous blog on this topic: https://vancampenliem.com/blog/private-homologation-agreement-for-the-prevention-of-bankruptcy/
The WHOA will enter into force upon publication in the Dutch Bulletin of Acts and Decrees (Nederlands Staatsblad).
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