Supervised agreement with creditors (WHOA).

The WHOA (Homologation Private Agreement Act) allows the entrepreneur to continue the business activities after debt restructuring, with improved prospects. However, it is also possible to use the restructuring through the WHOA to achieve a controlled settlement (termination) of business operations. This is possible because a better result is achieved through a settlement outside bankruptcy than a settlement in bankruptcy.

If, as an entrepreneur, you wish to offer a composition to your creditors, you would be wise to do so with the guidance of a legal and financial expert. This is because the WHOA requires that a proposal for an arrangement be accompanied by a lot of specific information necessary for creditors to form an opinion about the offered arrangement. TRC's insolvency lawyers specialize in this and can therefore advise and assist you in such a process.