On 1 April 2011, new rules on restructuring came into force. The new rules replaced the provisions contained in the insolvency act up to then on suspension of payments and compulsory composition, and will serve as a standard for future restructurings, both within the auspices of the bankruptcy court or outside. 

The purpose of the new rules is to effectively support endeavours to continue viable businesses and to provide for the interests of the creditors at the same time. 

DELACOUR has worked intensively with the new rules, and on the basis of our experience and work with the restructuring of businesses, we have the best qualifications for assisting in connection with the restructuring of companies and private persons. It applies regardless of whether restructuring is effected by filing an application for restructuring with the bankruptcy court, and regardless of whether such application for restructuring is filed by the company or the creditor. 

Pursuant to the new rules, restructuring must involve a business transfer and/or compulsory composition. If restructuring fails, insolvency will be the consequence. 

Due to DELACOUR's extensive experience within insolvency, business transfers and compulsory composition arrangements, you will get the best of all worlds by involving us in a restructuring process. 

As creditors to a company that applies for restructuring, you will indeed benefit from our advice. This is due to the new rules containing a number of instruments that may contribute effectively to restructuring. It concerns among other things: 

  • Prohibition against legal proceedings
  • Access to avoidance
  • Possibility of sale of claim for avoidance
  • Assessment of assets with binding effect on composition (though not real property)
  • Relaxation of the rules for voting in connection with adoption of compulsory composition
  • Access to continuation of bilateral agreements, also in case of default payment
  • Reduced notice periods with preferential status in bankruptcy
  • Regulation of unusually long notice periods
  • Statutory substitution of debtor in the transfer of bilateral agreements

DELACOUR is recommended by IFLR1000 within the area of restructuring and insolvency: