Rob Lemmens
Partner
Deeply Rooted in Insolvency Law & Restructuring
Facing Financial Distress? We’re Here to Help
If you are an entrepreneur facing the threat of bankruptcy and potential liability, specialist legal support is indispensable. You need a steady hand that can create calm and stability in dealings with creditors and stakeholders. Someone who can serve as an equal counterpart to special asset management teams or the tax authorities, and who can work alongside your financial advisor to develop and implement a restructuring plan.
This could include a restructuring through a WHOA (Dutch Debt Restructuring Scheme) agreement, a suspension of payments, or a fresh start after bankruptcy.
When a key debtor of your business faces bankruptcy, a host of legal questions arise. The specialized attorneys at Thuis Partners are regularly appointed by the court in larger bankruptcy cases and suspensions of payments. These attorneys possess extensive legal expertise in the field, paired with a strong background in business economics.
They are also accustomed to working in crisis situations involving companies facing severe financial challenges.
A Selection of Our Focus Areas within this Expertise
Restructuring Plan
When a business is facing significant financial difficulties, it is crucial to work closely with your financial advisor, insolvency lawyer, and other specialists to develop a restructuring plan. The first step in such a plan is to identify and assess the issues at hand. How did they arise? What is the liquidity forecast? What are the implications for financing? Once the problems are understood, potential solutions are explored, including what is required to implement them. This may involve injecting fresh capital, restructuring debts, or selling off business assets. Ultimately, the plan outlines how the restructuring should be legally implemented to ensure the best possible outcome for the business and its stakeholders.
Debt Restructuring Scheme (WHOA)
The WHOA (introduced on January 1, 2020) allows businesses to propose a creditor agreement outside of bankruptcy proceedings (i.e., without a trustee). If a sufficient number of creditors agree to the plan, the court can even impose the agreement on creditors who refuse to cooperate. Furthermore, as part of a WHOA agreement, burdensome contracts (such as lease or rental agreements) can be modified to ease the financial strain on the business. Specialized knowledge from an insolvency lawyer is essential in navigating a WHOA procedure, ensuring that the restructuring process is carried out effectively and in compliance with legal requirements.
Specialized Asset Management Department
Many entrepreneurs view being placed in the bank’s Specialized Asset Management Department as the beginning of the end. However, this does not have to be the case. In such situations, it is crucial to have a legal advisor who understands the process and can engage with this powerful party effectively. A skilled advisor knows when to push for critical issues and also understands the opportunities and potential solutions within specialized asset management. As Thuis Partners frequently acts as legal counsel in restructurings, we have extensive experience in this role, offering clients the strategic support needed to navigate these complex situations and protect their interests.
Litigation
Insolvencies often lead to legal proceedings with the trustee, the bank, the tax authorities, or other creditors. These may involve issues such as (director) liability, the so-called actio pauliana, tort claims, and other bankruptcy-related procedures. We represent businesses, institutions, governments, directors, supervisory boards, banks, creditors, and trustees who, for various reasons, prefer to engage an external lawyer rather than one from within their own organization. Additionally, we have strong relationships with major director liability insurers in the Netherlands and frequently represent their policyholders. Our team has extensive experience in handling complex litigation in the context of insolvencies and restructuring.
