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After more than six years of development, the legislative
process concerning new Dutch restructuring legislation (Wet
Homologatie Onderhands Akkoord, or WHOA ) that
introduces a Dutch debtor-in-possession proceeding (a Dutch
Scheme ) combining features of chapter 11 of the U.S.
Bankruptcy Code and the English Scheme of Arrangement was finalized
at the end of 2020. The WHOA entered into force January 1, 2021 and
is thus available to companies in distress from now onwards.
Since our previous White Paper of February 2020 on the
Dutch Scheme, the WHOA has been amended in several relevant