Netherlands:
Compulsory Composition In Insolvency Law: Freedom With Strings Attached?
08 January 2014
De Brauw Blackstone Westbroek N.V.
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After the end of the creditors' meeting in the bankruptcy of
Lehman Brothers Treasury Co. B.V., the composition plan was adopted
by a large majority and approved by the Amsterdam District
Court.
The composition and the court's approval have been
criticised. This criticism was directed at the liquidation, which
will fall outside the scope of the Dutch Bankruptcy Act as a result
of the composition and will no longer be subject to supervision by
a bankruptcy judge. But there were also reservations about the
composition imposing obligations on creditors, in this case an
exoneration of bankruptcy trustees and affiliated parties.
This publication by Ruud Hermans and Reinout Vriesendorp is part
of XL-40, a "liber amicorum" presented to Mart
Franken.
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