On October 27, 2020 it was announced that the “Act Homologation of Private Agreement” (Wet Homologatie Onderhands Akkoord, or abbreviated “WHOA“) will enter into force on January 1, 2021.
WHOA will enable compulsory settlements with creditors and shareholders outside a bankruptcy. 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/
In anticipation of the entry into force of the WHOA, entrepreneurs can already start with the preparations. They can enter into consultations with creditors, work out the agreement and submit it to the creditors (and shareholders) in advance. If during this preparation the regulations of the WHOA have already been observed and taken into account by the entrepreneurs, the plan can be submitted to the court for confirmation immediately after January 1, 2021.
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