Restructuring & Insolvency
Clients involved in a company experiencing financial difficulties need thorough advice and a 360° view of the problems confronting them. In situations of cross-border restructuring or imminent insolvency, it is essential to have an understanding of and experience in complex financing structures, as well as the EU Insolvency Regulation and foreign insolvency proceedings such as the US Chapter 11 and the English 'scheme of arrangement'.
It is sometimes also necessary to conduct legal proceedings swiftly and effectively. Insolvency disputes require strategic insight and a thorough approach. Houthoff has built up an unrivalled insolvency practice. Our litigators have the expertise and authority to litigate at the Dutch Supreme Court, and our lawyers regularly act as bankruptcy trustees or administrators in insolvency proceedings.
Houthoff’s Restructuring & Insolvency Team is a market leader. They are internationally recognised and have been ranked highly in legal guides such as Chambers and the Legal 500 for many years. The team has in-depth expertise and experience, and has played a leading role in almost all of the cases in the Dutch market in recent years.
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Band 1Chambers Europe, Restructuring & Insolvency (2024 Edition) -
“A client stated that 'The strongest point of Houthoff is the quality of its lawyers, especially the speed with which they operate and the ability to understand business matters beyond the legal scope'.”Chambers Europe, Restructuring & Insolvency (2024 Edition)
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"Our client mentioned: ‘A truly joined up team which through its composition and leadership performs highly, which results in comprehensive, powerful and robust solutions to our sometimes complex restructurings’."Legal 500, Restructuring & Insolvency (2024 Edition)
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First Tier firmChambers Europe, Restructuring & Insolvency (2023 Edition)
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"A client has mentioned about this team: 'The lawyers have profound market knowledge and know how to get things done'."Chambers Europe, Restructuring & Insolvency (2023 Edition)
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"A client mentions that the lawyers 'are knowledgeable, efficient and result-oriented'."Chambers Europe, Restructuring & Insolvency (2023 Edition)
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"A client hightlights: 'The firm has a true team approach. It is very responsive and combines a pragmatic approach with in-depth and balanced solutions and legal strategising'."Chambers Europe, Restructuring & Insolvency (2023 Edition)
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"One client says: 'Houthoff has a very strong team. They bring carefully considered and creative solutions to complex problems to the table. This is an innovative team that delivers high quality solutions'."Legal 500, Restructuring & Insolvency (2023 Edition)
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"A client mentioned: ‘Houthoff’s team has excellent technical capabilities in the R&I field. They heavily invest in the insolvency training of their team members, which shows in their knowledge across all experience levels. They also have excellent acumen for commercial considerations in international transactions. Lastly, they are noted for being extremely responsive towards clients and ability to give short and level-headed advice'."Legal 500, Restructuring & Insolvency (2023 Edition)
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“A client reports that the team has ‘a lot of experience with the bankruptcy court and provides important insights and advice on the process’.”Chambers Europe, Restructuring & Insolvency (2022 Edition)
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“A client praises the team's ‘alert and quick response’.”Chambers Europe, Restructuring & Insolvency (2022 Edition)
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“Houthoff offers clients a combination of professional excellence and great soft skills.”Legal 500, Restructuring & Insolvency (2022 Edition)
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“They are tough when they need to be but never lose touch with the human side of things.”Legal 500, Restructuring & Insolvency (2022 Edition)
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“They are approachable and never tired of explaining complicated matters.”Legal 500, Restructuring & Insolvency (2022 Edition)
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“A client reports that the lawyers are ‘very diligent, thoughtful, knowledgeable and flexible, as well as result-driven.’”Chambers Europe, Restructuring & Insolvency (2021 Edition)
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“Houthoff is a boutique style law firm with very competent lawyers and a great restructuring practice.”Legal 500, Restructuring & Insolvency (2021 Edition)
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“The lawyers have experience from all angles of restructuring cases and are not afraid to give clear advice.”Legal 500, Restructuring & Insolvency (2021 Edition)
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“Great team, great people, high quality, very reliable and always good.”Legal 500, Restructuring & Insolvency (2021 Edition)
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“Highlighting the firm’s ability to handle cross-border matters, a client underlines that the team ‘offers the same high-quality services, communication and dedication to international clients.’”Chambers Europe, Restructuring & Insolvency (2021 Edition)
Our expertise in restructuring and insolvency
Our Restructuring & Insolvency Team has been involved in complex, high-profile financial insolvencies, including Oi, OSX/OGX, SwissAir, Van der Hoop Bankiers, V&D, DSB Bank, Lehman Brothers, Yukos, Joh. Enschedé, and Landsbanki.Our team works closely with experts in sectors such as M&A, and banking and finance. Houthoff is also a member of Lex Mundi, an exclusive global network of law firms. Moreover, the team has a network of excellent foreign financial experts, and insolvency lawyers and firms, which it has built up in previous cross-border cases. Therefore, our clients can rest assured that we work exclusively with the best domestic and foreign advisers in international matters.
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Represented one of the major airlines involved in the air cargo cartel Dutch civil damage proceedings.
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Represented Fortenova Group, the largest food producer and retailer in South-Eastern Europe with an annual turnover of EUR 5 billion and 47.500 employees, in the implementation of a comprehensive restructuring resulting from the presence of sanctioned debt and equity holders in its capital structure and cross-border litigation in connection therewith.
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Advised Lumileds, a global leader in innovative lighting solutions, in its comprehensive financial restructuring. Lumileds emerged from a Chapter 11, resulting in a leadership transition and a funded debt reduction of approximately USD 1.4 billion.
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Advised and represented Finqus B.V. and DSB Bank N.V. (in bankruptcy) on the sale of Finqus' loan portfolio with a purchase price of approx. EUR 1.5 billion to NIBC Bank N.V.
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Representing Kroonenberg, one of the largest real estate investors in the Netherlands, in a high-profile dispute against the bankruptcy trustees of Memid and Midreth, a large construction company in the Netherlands.
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Representing CBRE Global Investors in proceedings in relation to the bankruptcy of Hudson's Bay Netherlands.
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Representing investment firm Indofin, in relation to the IHC Group's restructuring in 2020.
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Advised OSX Brasil S.A. and its Dutch subsidiaries. on the restructuring of their consolidated debt of over US$ 2.5 billion, including representing the OSX companies in various litigation matters in the Netherlands as well as coordinating litigation abroad. The team worked also on the debt restructuring of OSX 3, the USD 450 million bond structure and the syndicated debt of USD 850 million.
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Advised Aurelius, through its investment vehicle Capricorn, in lodging several claims in the Netherlands, relating to, among others, (a) the voidance of several intercompany transactions of the Oi Group which have been to the detriment of the group's creditors and (b) to prevent the ailing Brazilian parent company from borrowing any more money from one its Dutch subsidiaries.
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Acting as court appointed bankruptcy trustee of DSB Bank, Houthoff continued through 2014 to unwind the legacy of the failed bank following the settlement agreement made with claimants regarding overcharged premiums and interest obligations. To date, 40 employees of the bank are employed.
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V&D was a landmark brand of high street located department stores (63 stores) in the Netherlands and was founded in 1887. Houthoff advised the company in a wide array of matters, including the restructuring of its debt, and representing the company in several high profile litigation matters related to real estate and labour law.
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Houthoff advised Bank of America Merrill Lynch and Neuberger Berman on a large Sharia based financial restructuring.
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Houthoff advised ABN AMRO Bank, ING Bank and ABN AMRO Lease on a complex asset based financial restructuring and LTV pool based financing of an international group of companies.
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Houthoff, together with Stikeman Elliott LLP, advised Essar Steel Algoma, Inc. and its (Dutch) group companies in respect of a USD 200 million DIP-financing, which was provided by Deutsche Bank AG for the purpose of the voluntary proceedings under (i) the Companies’ Creditors Arrangement Act in the Ontario Superior Court of Justice, and (ii) chapter 15 of title 11 of the United States Code.
