The Stay in the WHOA: Right on Target or Missing the EU Mark?
A comparison of stay provisions between the ‘Wet homologatie onderhands akkoord ter voorkoming van faillissement’ and the EU Proposal for a Directive on preventive restructuring frameworks
Keywords:Stay provision; WHOA; EU Proposal on preventive restructuring frameworks; Restructuring businesses; Insolvency; Insolvency law
This paper compares the stay provisions of The Proposal
for a Directive of the European Parliament and of the
Council on preventive restructuring frameworks
(hereafter: EU Proposal) and the “Wet homologatie
onderhands akkoord ter voorkoming van faillissement”
(WHOA) by asking: How does Article 375 WHOA
compare to Article 6 EU Proposal?
When compared, the texts mentioned above, reveal
that the main issue is the length of the stay period in the
WHOA. While technically being in line with the EU
Proposal, the stay period in the WHOA is on the shorter
side of the minimum standard which could frustrate the
convergence of EU and national restructuring laws.
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