1.0Office Hong Konghttps://www.amsadvocaten.comWatson Arpswaw/blog/author/marco/rich600338<blockquote class="wp-embedded-content"><a href="waw/blog/insolvency-law/first-rulings-based-on-the-court-confirmation-of-extrajudicial-restructuring-plans-act-wet-homologatie-onderhands-akkoord-or-whoa/">First rulings based on the Court Confirmation of Extrajudicial Restructuring Plans Act (Wet Homologatie Onderhands Akkoord or WHOA)</a></blockquote> <script type='text/javascript'> <!--//--><![CDATA[//><!-- /*! This file is auto-generated */ !function(d,l){"use strict";var e=!1,o=!1;if(l.querySelector)if(d.addEventListener)e=!0;if(d.wp=d.wp||{},!d.wp.receiveEmbedMessage)if(d.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!/[^a-zA-Z0-9]/.test(t.secret)){var r,a,i,s,n,o=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),c=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]');for(r=0;r<c.length;r++)c[r].style.display="none";for(r=0;r<o.length;r++)if(a=o[r],e.source===a.contentWindow){if(a.removeAttribute("style"),"height"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;a.height=i}if("link"===t.message)if(s=l.createElement("a"),n=l.createElement("a"),s.href=a.getAttribute("src"),n.href=t.value,n.host===s.host)if(l.activeElement===a)d.top.location.href=t.value}}},e)d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",t,!1),d.addEventListener("load",t,!1);function t(){if(!o){o=!0;var e,t,r,a,i=-1!==navigator.appVersion.indexOf("MSIE 10"),s=!!navigator.userAgent.match(/Trident.*rv:11\./),n=l.querySelectorAll("iframe.wp-embedded-content");for(t=0;t<n.length;t++){if(!(r=n[t]).getAttribute("data-secret"))a=Math.random().toString(36).substr(2,10),r.src+="#?secret="+a,r.setAttribute("data-secret",a);if(i||s)(e=r.cloneNode(!0)).removeAttribute("security"),r.parentNode.replaceChild(e,r)}}}}(window,document); //--><!]]> </script><iframe sandbox="allow-scripts" security="restricted" src="waw/blog/insolvency-law/first-rulings-based-on-the-court-confirmation-of-extrajudicial-restructuring-plans-act-wet-homologatie-onderhands-akkoord-or-whoa/embed/" width="600" height="338" title="“First rulings based on the Court Confirmation of Extrajudicial Restructuring Plans Act (Wet Homologatie Onderhands Akkoord or WHOA)” — Office Hong Kong" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe>waw/app/uploads/2021/01/pexels-andrea-piacquadio-3760067-1-1-scaled.jpg25601707The Wet Homologatie Onderhands Akkoord (WHOA) came into effect on 1 January 2021. The WHOA aims to reorganise companies in financial difficulties outside bankruptcy by obliging creditors (and other stakeholders) to cooperate in a private compulsory settlement. In the meantime, both the District Court of The Hague and the District Court of Amsterdam have issued a WHOA ruling in which the WHOA has been declared applicable and the debtor can try to enforce a settlement outside of bankruptcy. The final element of the procedure is homologation (or not) by the court, whereby the settlement binds all creditors (and other stakeholders) involved in the settlement. In this blog Watson Arps discusses the ruling by the Amsterdam District Court. Insolvency law attorney Mariëlle de Wild will soon discuss the decision of the District Court of The Hague in a new blog.