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.