The Legal 500

Netherlands > Asset finance and structured finance

Index of tables

  1. Asset finance and structured finance
  2. Other recommended firms

Allen & Overy LLP’s team, headed by Victor de Serière, acted as counsel in the covered bond programme of ING Bank. In the securitisation field, the practice acted as counsel to Samsung for its pan-European trade receivables securitisation programme. In 2008 the team advised on a high number of transactions including RMBS and CDOs. Key clients include NIBC, Deutsche Bank, BNP Paribas, and Rabobank. The team offers ‘experience, expertise, and practical, solution-based advice’.

Clifford Chance is ‘without a doubt the best in the field’ of asset and structured finance. Kees Westerman is ‘very strong’ and the team as a whole ‘has strong product knowledge and a global presence’. The team developed the first ever Dutch covered bond programme for ABN AMRO, and is working on a number of other covered bond programmes. Clients praise the team’s innovative practice which ‘established the Dutch Covered Bond law in July 2008’. Tineke Kothe is recommended, as is up-and-coming associate Rezah Stegeman.

Nautadutilh has a ten fee-earner team dedicated to securitisation, including heads of practice Willem Ruys and Michaëla Ulrici. After having assisted ABN AMRO in establishing the first structured bond programme in the Netherlands, the team has gone on to assist clients Achmea, SNS Bank, and NIBC on setting up similar programmes. The team has recently advised Fortis and ING Bank.

Baker & McKenzie Amsterdam N.V. has recently acted for Bank of America Securites as arranger of a €404m European CLO transaction which involves a Dutch SPV as issuer. The team also assisted Citigroup as arranger of the €372m Jubilee CDO IX transaction with Alcentra Limited as investment manager. Philippe Steffens is highly praised.

De Brauw Blackstone Westbroek’s banking team ‘delivers quality work fast’ and ‘does not shy away from high-exposure cases’. The team, led by Menno Stoffer, advised the Municipality of Amsterdam on its purchase of metro cars for the high-profile extension of the Amsterdam metro network. Also in asset finance, Berend Crans advised Export-Import Bank of the United States on the lease-financing of three Boeing 777 aircrafts. On the structured finance side, the team advised ABN AMRO on a joint venture, as well as assisting Dutch Air Traffic Control on US tax lease financing of its air traffic control equipment.

Jeroen Thijssen retired from partnership at Freshfields Bruckhaus Deringer in 2008, leaving Thijs Flokstra to take over as head of practice. The team recently advised NIBC on a high-value CDO of US-situated asset-backed public securities using Netherlands SPV structures. In 2008, the team also advised ABN AMRO on a €300m residential mortgage-backed securitisation. Morgan Stanley and Rabobank are also key clients. David Trott is recommended.

Loyens & Loeff’s Willem Jarigsma is head of a practice which is very busy in the ship finance arena, advising key lenders such as Commerzbank, DVD Bank, ING, and NIBC. The team advised ING, Rabobank, and Dexia Bank of Belgium in connection to a pre delivery and post delivery ship financing with a value of €250m, and is also engaged in securitisation and structured finance, as well as possessing an Islamic Finance team, led by Kees Hooft and Niels Muller.

Norton Rose LLP’s finance practice is headed by Gijds van Leeuwen, and partner Wouter Hertzberger is recommended for asset finance work. The team has recently advised a number of banks in the structured finance arena. The team often advises on the implementation of complex international structures. Paul Vine recently joined the team from the firm’s London office.

Simmons & Simmons has a strong reputation for structured finance work, and Daphne Brinkhuis recommended. Recent highlights include advising Deutsche Bahn on the leasing of 106 rolling stock to the Dutch railway system (Nederlandse Spoorwegen).

Jaap Willeumier heads the practice at Stibbe. Recent highlights include advising JM Huber Corporation on its securitisation of trade receivables, and advising Q-Park in connection with a €300m loan secured by European parking garages provided by Rabobank. Regulatory specialist Rogier Raas was promoted to partner in 2007. Clients include Barclays Bank, ING, and Whirlpool.

Hans Sachse heads the team at Boekel De Nerée, The team, which also includes the highly recommended Angelique Thiele, is advising Rabo/Bouwfonds Asset Management on the setting up of a fund investing in European CMBS Notes. The team has also advised Dutch property financiers FGH Bank, SNS Property Finance, and HSH Nordbank on a high-value financing.

DLA Piper’s ‘client-focused’ team is led by the ‘excellent’ Bart Joosen. The team recently acted, (as part of an international team), as borrowers’ counsel in a high value asset-based lending facility by Lloyds TSB involving the European operations of Milacron. The team is described as, ‘more down to earth, practical and proactive’ than some of its counterparts.

Gérard Moussault leads the practice at Greenberg Traurig LLP, advising Fortis and DVB banks on structured finance transactions.

Aart Barkey Wolf leads the practice at Houthoff Buruma. The team is ‘excellent in advising on real estate financings, and offers a team of lawyers specialised in banking, as well as a team of notaries specialised in real estate’. The team recently advised a bank consortium led by ING Real Estate Finance, on financing to Inflation Exchange Fund Capital for the purchase of part of Unibail Rodamco’s portfolio. Loet Venrooy is highly recommended as a ‘smart lawyer’.

Van Doorne’s practice concentrates on leasing and property finance work. Partner Evert Wiggers has been particularly engaged in the Dutch hotel market, assisting on the financing of Holiday Inn Hotel, Mariott Hotel, and Schiphol Crowne Plaza. In the leasing field, the team has assisted a number of big players including BNP Paribas Leasing. Roel Botter is also recommended.

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Legal Developments in Netherlands for Asset finance and structured finance

  • Financial assistance and debt pushdown

    IN PRINCIPLE, FINANCIAL ASSISTANCE IS prohibited under Dutch law. Transactions that violate the financial assistance prohibition may be void.
    - Boekel De Nerée

Legal Developments in Netherlands

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • State aid risks involved in real estate transactions and public-private partnerships

    Private undertakings that engage in commercial transactions with public authorities located in the EU should be more aware of the risk of unlawful state aid. This is especially true for construction or development companies, as well as real estate funds, when participating in projects with public authorities involving the sale and/or finance of buildings or land. In many of these transactions the risks of state aid are either ignored or overlooked. In general, state aid is forbidden and any unlawful state aid including interest is to be recovered from the recipient undertaking. The recipient undertaking therefore bears the risks of unlawful state aid. Hence the importance for undertakings to determine whether a risk of state aid exists in relation to commercial transactions with public authorities. If so, appropriate steps should be taken to seek compliance with rules on state aid or to notify such aid to the European Commission.
    - Boekel De Nerée
  • Distributing dividends in the Netherlands

    Several questions arise when your  Dutch subsidiary distributes dividends. Below we set out numerous issues, on a non-exhaustive basis, that have to be addressed in the process of distributing dividends.
    - Boekel De Nerée
  • Employee participation and works councils in the Netherlands

    Companies going through global reorganisations often have to deal with local rules and regulations relating to employee participation. Observing these rules and regulations is often of major importance to avoid any delay in the implementation of business decisions. This article describes some of the main aspects of the consultation process relating to works councils in the Netherlands. It covers the special provisions that apply to entrepreneurs employing at least 50 people.
    - Boekel De Nerée
  • Privatising environmental resources

    Anne-Marie Klijn, Joyeeta Gupta and Anita Nijboer discuss current investments in greenhouse gas reduction projects, and consider whether there is enough supervision of these contracts in the Netherlands and worldwide.
    - Boekel De Nerée
  • Price fixing on transfer of shares and the (non-performing) trustee in bankruptcy

    When entering into a joint venture, a great deal of attention can be devoted to the exit. For many hypothetical situations, the parties wish to lay down how the price of the interest to be transferred when a party exits is fixed. In practice, a substantial degree of flexibility is required in fixing the value of the interest to be transferred. Parties want to make the ‘reward' for the exiting partner depend on the circumstances of the exit. If, for example, a partner is being ousted on account of negligence, then this is a good reason to apply a discount to the real value of the interest involved.
    - Boekel De Nerée
  • Real estate funds under pressure: new round, new opportunities?

    Many reports have recently appeared in the media about downward revaluations of real estate portfolios. Although it is not exactly clear how big the decline in value has been, there seems to be a consensus in the market that the value of real estate has decreased considerably since autumn 2008. As a result, real estate investors have seen the value of their assets go down. This may also have far-reaching consequences for private, non-listed real estate funds. Because the financial crisis has now affected the economy as a whole, the risks have further increased. As commercial tenants are having more and more difficulty keeping their businesses going at the same level, rental income may be wiped out completely or in part. Real estate funds may have to endure a very rough period because of these developments. This may provide cause for financing banks to impose additional requirements on funds, under the threat of terminating credit or enforcing security interests.
    - Boekel De Nerée
  • Grote bouwprojecten niet in gevaar

    Als het aan de voorzieningenrechter van Utrecht ligt, kan op basis van een onder de oude Wet op de ruimtelijke ordening verleende vrijstelling gewoon een bouwvergunning worden verleend, ook als deze pas onder de per 1 juli 2008 in werking getreden nieuwe Wet op de ruimtelijke ordening (Wro) wordt aangevraagd. De Arnhemse voorzieningenrechter oordeelde op 22 april nog anders (FD 23 juli, in Recht en belastingen: 'Grote bouwprojecten dreigen te stranden'), maar daarvan is op 17 juli afstand genomen.
    - Lexence
  • Labour Law

    As a foreign employer in the Netherlands, it is important to know that there are many legal provisions that protect the interests of the employee. These are, among others, provisions regarding holidays, minimum wages, working hours and employment of disabled employees. As a consequence, you are not entirely free in concluding employment agreements. In this article, mr. Jan Dop will discuss the definition, contents and termination of an employment agreement, as well as matters relating to sickness of employees and discrimination. He will also give practical information on working conditions, pregnancy and parental leave.
    - Russell Advocaten
  • Private enforcement of competition law: a Dutch perspective

    T he European Commission (The Commission) plays hardball with respect to breaches of antitrust rules by companies. The fight against cartels remains a key priority for the Commission and record fines (for example with respect to elevator companies and car glass producers) have been frequently imposed.
    - Boekel De Nerée
  • Parent company protection

    This article discusses how to ensure that your Dutch subsidiaries do not contaminate the parent company with liabilities in times of financial crisis.
    - Boekel De Nerée

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to