Dutch Scheme - Wet Homologatie Onderhands Akkoord (WHOA)

By using the various instruments under the Court Approved Restructuring Plan Act will be enacted (in Dutch: Wet Homologatie Onderhands Akkoord, or ‘WHOA’) a company or group of companies that has run into financial difficulties can, on its own initiative or at the initiative of creditors, reach or enforce a restructuring plan with its creditors outside bankruptcy. In doing so, a major advantage of a WHOA process is that the company continues its operations and the board remains at the helm.

Kennedy Van der Laan's WHOA team is ready to advise its clients in WHOA process. The team has expertise and experience in assisting companies with financial problems, as well as in assisting companies that are involved as stakeholders in a WHOA trajectory.

• adequate legal and strategic guidance throughout the WHOA process;
• communication with stakeholders, including negotiations with major creditors such as the house bank and tax authorities;
• drafting of the restructuring plan and litigation documents and conducting court proceedings (if necessary) on a cooling-off period or other important aspects of the process;
• advising in (international) group restructuring, where a WHOA process may also be part of a wider restructuring process;
• cooperation with external financial advisor(s) with extensive experience in such WHOA processes;
• deployment of our excellent network including restructuring experts, financial experts for WHOA financial reports, valuation firms, organisation experts, etc.;
• digital portal for e.g. submission of claims and voting procedure.

• advising on your position and recourse options at the various stages of your debtor's WHOA process;
• (financial) assessment of the feasibility of a submitted restructuring plan;
• drafting of procedural documents and litigation in court proceedings;
• assistance with your debtor's request for WHOA proceedings or appointment of an observer and/or restructuring expert.

Due to the team's extensive knowledge in (financial) restructuring, (re)financing, negotiations and litigation, the WHOA lawyers know how to assist their clients in the most adequate way. Both at national and international level.

Our WHOA lawyers advise their clients decisively in the various (pre-)stages of a WHOA process. For the desired result, a combination of legal, economic and business advice is indispensable, as well as the right strategy and timing. Our WHOA lawyers' approach remains pragmatic at all times.

The WHOA team serves clients from various sectors, including Fashion & Retail, Hospitality, Food & Beverage, Semi-public Institutions, Technology, Telecom and Financial Institutions.

Recently, a WHOA restructuring plan assisted by us was successfully completed. A significant portion of the company's debts were restructured, while all creditors received higher distributions than if no restructuring plan had been reached. This saved the company and the jobs of 320 employees.

The WHOA team will guide you through the process. All members have experience in (financial) restructuring, litigation and settlements. We work closely with other experienced advisers in these types of projects, with whom we would be happy to put you in touch.

Would you like to know more or to discuss anything in more detail? Please contact Bart de Man, Jeroen Postma or Marleen Anneveld.