In line with the European directive regarding preventive restructurings (2019/1023), new legislation for a Dutch Scheme of Arrangement / Chapter 11 procedure – the Act on the Confirmation of Private Restructuring Plans (ACPRP, or WHOA in Dutch, Private Agreement Act) entered into force on 1 January 2021.
The purpose of the legislation is to provide the Netherlands with an effective and flexible tool to restructure viable enterprises and to prevent their bankruptcies.
