Netherlands: Financial Restructuring

FP Nieuwegein B.V., operating under the name Fat Phill's, has been declared bankrupt by the District Court of The Hague. The curator is investigating possibilities for a restart of the hospitality business, with interested parties invited to submit expressions of interest by September 14th. Employee contracts will be terminated following standard bankruptcy procedures, with salary payments handled through the UWV wage guarantee scheme.

A Dutch court granted homologation despite finding that the debtor violated information disclosure requirements by failing to explicitly communicate material changes between the preliminary ruling and final restructuring plan. The case examines how significantly altered facts—including changes in reorganization value, secured creditor claims, and priority arrangements—impact the absolute priority rule and creditor voting rights in WHOA proceedings.

A new survey by Intertrust, a global leader in providing tech-enabled fund and corporate solutions, reveals how COVID-19 has impacted the decision making behind carve-outs.