International Corporate Rescue
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Vol 22 (2025) - Issue 6
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No Recourse Does Not Always Mean No Recourse, Or Does It? Recourse Rights of a Guarantor under the Dutch Scheme (WHOA)
Lilian F.A. Welling-Steffens, Associate Professor, Dept. of Private Law, Vrije Universiteit, Amsterdam. the NetherlandsSynopsis
The prevailing opinion in the Netherlands is that Art. 370 subs. 2 (second sentence) DBA, which provides that in the event a third party acquires a recourse claim after confirmation of a plan under the WHOA it cannot take recourse on the debtor, does not apply to secured recourse claims. I beg to differ and in this article I argue why. However, in order to grant the third party the protection of the rules and principles of the WHOA, I suggest alternative solutions.
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