Overview
1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions?
Traditionally, the Dutch jurisdiction was predominantly creditor friendly. The Dutch Bankruptcy Act (“DBA”) primarily aimed to satisfy creditors, rather than providing debtors with a reorganisation mechanism. However, the introduction of the Act on confirmation of private restructuring plans (Wet homologatie onderhands akkoord, the “Dutch Scheme”) on 1 January 2021 was somewhat of a turning point. Under the Dutch Scheme, debtors now have an effective avenue to restructure their businesses and secure partial debt relief, subject to certain requirements designed to protect creditors. As a result, the Dutch…