[BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS IN THE NETHERLANDS] 59
The voting can take place within a period of eight days and electronic voting is allowed. The restructuring plan becomes binding, after confirmation by the court. A confirmation decision by the court takes place within eight to fourteen days after acceptance of the plan and the confirmation cannot be appealed. In theory, the procedure could be completed within a period of three to five weeks. In its short existence, The WHOA already has proved to be a quick, flexible and (therefor) very effective tool of reorganization of debts and costs. V. Asset protection Both in bankruptcy and suspension of payments the debtor loses (some sort of) power of disposition and capacity in relation to its assets. Either it loses it completely (bankruptcy) or can only exercise it with authorization of the administrator. The debto r’s assets are protected against all unsecured creditors (bankruptcy) or only against non-preferential creditors (suspension of payment). Secured creditors, such as holder of a right of pledge of mortgage, can enforce their right as if no insolvency proceeding (neither bankruptcy nor suspension of payment) has been opened. In a WHOA procedure, the debtor remains in full possession. Attachments can be lifted during the WHOA in order to realize a restructuring. A restructuring plan cannot be enforced against the will of a small business and entrepreneur- debtor.
ILN Restructuring & Insolvency Group – Bankruptcy, Insolvency & Rehabilitation Series
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