Prof Kathleen van der Linde appointed to committee of representation in the Steinhoff International Holdings case
Professor of Mercantile Law Kathleen van der Linde has been appointed as an independent expert in the Dutch restructuring procedure of Steinhoff International Holdings NV. She serves as an expert in a committee of representation appointed by the Amsterdam District Court. The Dutch procedure involves the ultimate holding company and runs in parallel with compromise proceedings in the South African subsidiary Steinhoff International Holdings (Pty) Ltd. Steinhoff has proposed a global settlement with creditors after multiple lawsuits by aggrieved shareholders stemming from one of South Africa’s worst accounting scandals that first made headlines in December 2017. Prof Van der Linde’s appointment bears testimony to her reputation as a leading company and insolvency law expert. An advocate of the High Court of South Africa, she has legal expertise in corporate restructuring and insolvency, corporate governance, corporate finance, director liability, taxation, securities regulation, financial markets. Furthermore, she has considerable exposure to practical and operational issues in the
Prof Van der Linde’s a leading company and insolvency law expert.
As an advocate of the High Cour t of South Africa, she has legal exper tise in corporate and tax laws. It is only the second time such a committee has been appointed.
claims, and it might be unclear which legal systems are applicable. The committee’s traditional meetings and voting present huge logistical challenges with the 15 committee members voting on the proposed settlement instead of the individual creditors. While most of the committee members represent specific creditors’ interests, Prof Van der Linde and the other three independent experts have to use their votes to promote fairness to the creditors in general, focusing on those that are not otherwise represented. The UJ Faculty of Law wishes her well in fulfilling this important and responsible task.
business environment in an advisory, training and research capacity.
The Amsterdam District Court’s appointment of a committee of representation in the Steinhoff case is an exciting legal development. It is only the second time such a committee has been appointed. The previous occurrence was in 1962, in the very matter that prompted the legislature to enact this exception. With an estimated 66 000 creditors worldwide, the Amsterdam court reckoned that the scope and complexity of the Steinhoff case again warranted such a committee. The majority of creditors have legally complex
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