Firms To Watch: Restructuring and insolvency

Led by Loek Kerstens, Rutgers & Posch’s expanding team focuses on insolvency litigation, including liability disputes and fraud claims, in addition to the restructuring aspects of finance matters.
Handling a number of court-appointments, as well as representing companies and individuals facing distress, Ten Holter Noordam advocaten continues to bolster its restructuring and insolvency expertise, with demonstrable experience across the retail, shipping and energy sectors.

Restructuring and insolvency in Netherlands

Allen & Overy LLP

The team at Allen & Overy LLP leverages the expertise of the firm’s litigation and transactional groups to advise on the full spectrum of restructuring mandates, including pre-pack arrangements, in addition to divestment and distressed loan portfolio sales across the Dutch, European and global markets. The practice is led by Sigrid Jansen, who acts for bankruptcy-remote entities and companies in financial distress. Jansen, who is a member of the board of the Dutch Restructuring Association, also has experience in secured lending, collateral arrangements and distressed debt trading. The team advises all layers of debt providers, including senior and mezzanine lenders and noteholders, with demonstrable experience advising shareholders and companies experiencing financial distress. Brechje van der Velden focuses on financial disputes, including contentious insolvency matters, while Aroen Kuitenbrouwer is active in restructuring transactions, advising on asset finance, leveraged finance and general lending mandates.

Practice head(s):

Sigrid Jansen

Other key lawyers:

Brechje van der Valden; Aroen Kuitenbrouwer; Andrew Thomas; Geza Orban


‘The A&O team applies a pragmatic approach whilst maintaining high quality standards.’

‘Well-informed and up-to-date when it comes to ongoing matters. Clear communication applying a realistic view. High-quality standards.’

‘Really strong team. Both in terms of knowledge, but also personality. Very likeable people who are good at what they do. One of my preferred law firms for that specific reason.’

Key clients



IHC Merwede

Otravo Topholding B.V

Here Technologies

Vroon Group



De Poli Tankers

Work highlights

  • Advised KLM in its negotiations with the Dutch State and a number of domestic and foreign banks to secure €3.4bn in financing.
  • Advised the RCF lender consortium in negotiations with the company and several classes of creditors leading to a balance sheet restructuring of the Dutch retail group HEMA.
  • Acting for IHC Merwede Holding in relation to the restructuring of their EUR 1.5bn syndicated facilities agreement (which is partially ECA backed), which has been provided by a syndicate of 10 banks, involving enforcement through the courts, resulting in a debt for equity swap.

Clifford Chance

Clifford Chance regularly acts for companies, creditors, and shareholders in domestic and cross-border restructurings. The team has been engaged by syndicates of lenders and has a strong focus on stakeholder alignment in cross-border negotiations. Following market developments regarding supply chain bottlenecks and energy price increases, the firm has gained notable experience in heavily impacted sectors including shipping, hospitality, and airlines. The practice is jointly led by Ilse van Gasteren and Jelle Hofland, who are closely involved in bankruptcy legislation initiatives and have considerable experience in syndicate lending, leveraged finance transactions and multi-party cross-border restructurings. The team is also active in contentious insolvency proceedings with counsel Evert Verwey, who specialises in insolvency-related and contentious restructuring matters.

Practice head(s):

Ilse van Gasteren; Jelle Hofland

Other key lawyers:

Evert Verwey

Key clients



ING Bank N.V.

Deutsche Bank

Warmtebedrijf Holding


Damen Shipyards Group N.V.

TMF Netherlands B.V.

Otravo Topholding B.V.

BNP Paribas N.V.

Work highlights

  • Advised a syndicate of national and international banks led by ABN AMRO, Rabobank and ING in negotiations with KLM Royal Dutch Airlines and the Dutch State in relation to the €3.4 billion financial support package for KLM, which was in financial difficulty as a result of Covid-19.
  • Acted as litigation counsel for the RCF Lenders with regard to ongoing issues around the bankruptcy of Royal Imtech N.V., with a variety of disputes between our client base and bankruptcy receivers that remain to be resolved and/or litigated.
  • Advised HEMA in relation to a specific piece of advice required for the sanctioning of its scheme of arrangement by providing a detailed expert report to the High Court of England and Wales on whether a Dutch court would recognise an English court order sanctioning the HEMA scheme of arrangement.

De Brauw Blackstone Westbroek

The finance and restructuring practice at De Brauw Blackstone Westbroek offers a multidisciplinary approach, working closely with tax, M&A, litigation and regulatory departments. The team has experience advising on both US and UK bankruptcy and scheme of arrangement proceedings, acting as counsel for debtors specifically, and Dutch corporates. The practice is led Ferdinand Hengst and Reinout Vriesendorp. Hengst is recommended for his expertise in insolvency-related finance, particularly cross-border distressed finance and debt restructuring, while Vriesendorp has been active in the inception of the new Dutch Scheme legislative initiative, the WHOA. Litigation expert Davine Roessingh focuses on contentious insolvency matters, and senior associate Ryanne Elkerbout-Kok focuses on cross-border restructuring and leveraged finance transactions. Bas Boutellier was promoted to partner in January 2023 and advises on sustainability-linked corporate credit facilities, implementing acquisition financing arrangements and designing capital restructurings.

Practice head(s):

Ferdinand Hengst; Reinout Vriesendorp

Other key lawyers:

Ryanna Elkerbout-Kok; Davine Roessingh; Bas Boutellier


‘The team is uniquely placed for multi-faceted cross-border restructurings. Deep knowledge of not only Dutch law, but various other jurisdictions’ bankruptcy and restructuring laws and long and broad experience enables the De Brauw team to take on any such matter.’

‘The De Brauw R&I team has been and still is leading the market impressively. Their unique combination of first class expertise on all levels of seniority, their strong relationships with Dutch blue chips, multinationals and banks as well as their involvement in academia and new legislative developments are in our eyes unparalleled. And even more importantly, it is always fun and pleasure to work with them.’

‘Ferdinand Hengst is an outstanding strategic mind capable to manage the expectations and positions of all involved stakeholders even in the most complex and time-pressing restructurings. No doubt that he will lead the market for years to come.’

‘Bas Boutellier is an impressive rising star in the market, who combines great legal skills with a unique understanding of commercial complexities. A combination which is so important in this area.’

‘Reinout Vriesendorp is still one of the most renowned and decorated names in the market. His experience, knowledge and strategic thinking are more than outstanding.’

‘Ferdinand Hengst is very capable, creative thinker, strategic, flexible and has great involvement.’

‘The team’s exceptionally strong both in assessing all options, and execution/implementation of chosen routes. Creativity also by inclusion of other practices within DBBW supports out of the box scenario reviews. Equally, seamless cooperation with other/financial advisors, respecting each parties’ strength.’

‘Ferdinand Hengst combines creativity with reality and provides clients with a clear roadmap of options that are worthwhile to investigate and dismiss those that are unrealistic. Able to present to boards in a concise thoughtful way, making very complex legal structures or restructuring steps easy to grasp.’

Key clients


The Hertz Company

Deutsche Telekom

Unilever plc

Royal Dutch Shell plc

Goldman Sachs International

CVC Capital Partners

Jet Airways

Etihad Airways

LyondellBasell Industries

AGCO Corporation

Premier Oil plc

Yukos Oil Group Companies

Oi Telecom Brazil

The Central Bank of Curacao and Sint Maarten

Credit Suisse Brazil (Bahamas) Ltd

Providence Equity LLP

Centerbridge Partners

BC Partners

Royal Imtech N.V.

DeepOcean Group

APG Group

Bonprix Fashion / Otto Group Germany

Work highlights

  • Acted as counsel in the comprehensive financial restructuring to de-lever and recapitalise the capital structure of HEMA, after facing an unsustainable level of indebtedness, instituted under previous ownership, which limited the ability to execute strategic plans and achieve further growth.
  • Assisting in setting up a Cross-Border Insolvency Protocol for Jet Airways under which the Dutch bankruptcy trustee and the Indian Resolution Professional have been working to sell part of Jet Airway’s business in the Netherlands for the benefit of the creditors.


Advising both creditors and debtors, Houthoff’s practice is active across all elements of distressed situations, including large debt-for-equity restructurings and court proceedings in relation to restructuring and contentious insolvency work, with demonstrable experience before the Supreme Court. Noted for its track record in administrations and court-appointments, the team is highly specialised in this regard and has previously been involved in major receiverships. Christiaan Zijderveld leads the practice, representing foreign and Dutch banks when borrowers face distressed situations, as well as debtor companies, often involving a cross-border element. Frédéric Verhoeven acts on both the debtor and creditor side, and is regularly involved in restructuring acquisition transactions, while David Heems is noted for his capability in insolvency litigation.

Practice head(s):

Christiaan Zijderveld

Other key lawyers:

Frédéric Verhoeven; Karien van Boekel; David Heems; Joost den Hollander


‘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.’

‘Frédéric Verhoeven and Christiaan Zijderveld are both exceptional restructuring specialists. They have an excellent grasp of commercial issues and an exceptional ability to craft innovative solutions to complex problems.’

‘The practice is unique because the team solves problems efficiently. Knowledge, billing, technology and diversity is up to standard and the people collaborate in a pleasant way.’

‘They are very well-regarded in the market and work on most complex international restructurings and administrations. They are very commercial and well-connected.’

‘Christiaan Zijderveld and Frédéric Verhoeven are very commercial, knowledgeable and well-connected. They are able to align parties in difficult situations.

‘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.’

‘Frédéric Verhoeven is noted for his vast experience as bankruptcy trustee and administrator. He has almost unparalleled experience in the practical workings of large insolvency proceedings, giving him an undeniable edge to advise on R&I situations. Christiaan Zijderveld is noted for his outstanding technical knowledge about insolvency law. He is also a very friendly person, making it a breeze to work with. David Heems is a stand-out insolvency litigator; he is extremely quick in delivering output, has a sensible attitude on when to push for litigation (and when not to) and has the ability to get to the heart of a case quickly. Lastly, Karien van Boekel is an outstanding associate in the team.’

‘Christiaan Zijderveld is a very good lawyer and strategist, and Joost den Hollander is a sharp lawyer and good communicator.’

Key clients

Steinhoff International Holdings N.V.

Fortenova Group (continuation of Agrokor)

Dümmen Orange

DSB Bank

Lehman Brothers

Goldman Sachs

ING Bank

CBRE Global Investors


Redwood Capital Management

Solarnow (Shell / Novastar JV)


Imtech N.V.

Sogestran Shipping



Time Bio Ventures


Work highlights

  • Advising South African-based retailer Steinhoff International Holdings N.V. (SIHNV) on a large restructuring.
  • Advising The Fortenova Group, which is the continuation of what was previously called Agrokor, an Eastern European food retailer that went through a restructuring process in 2017-2019.
  • Acting as liquidator of Lehman Brothers Treasury Co B.V. in which over $13bn has been paid out to creditors by the administrators.

Loyens & Loeff

The restructuring and insolvency practice at Loyens & Loeff is supported by civil-law notaries and tax specialists across the Benelux region, and is noted for its expertise across the automotive, energy, financial services, healthcare and life sciences, and retail sectors. The team acts for domestic and international companies, investment firms, noteholders, as well as both debtors and creditors, on financial restructurings and litigation. Vincent Vroom, who currently heads the international committee of the Dutch Restructuring Association, leads the practice and advises Dutch entities involved in US and UK restructuring proceedings. Senior associates Joris Dunki Jacobs and Kim de Bruijn, who has demonstrable experience in the healthcare and finance sectors, both handle contentious insolvency mandates.

Practice head(s):

Vincent Vroom

Other key lawyers:

Kim de Bruijn; Joris Dunki Jacobs

Key clients



Lycra Group


The Learning Network

Frigoglass group

Tennor Holding B.V.

Pierre et Vacances S.A.

Zilveren Kruis

Global Loan Agency Services (GLAS)

Work highlights

  • Assisted an ad hoc group of convertible bondholders of the Steinhoff group in continuous and intensive negotiations with the group and its various stakeholders on the implementation of a global settlement.
  • Acted for an ad-hoc group of noteholders of the Lycra group in their negotiations with the group’s mezzanine lenders on a change of control, which was ultimately implemented through share pledge enforcement proceedings before the Netherlands Commercial Court.
  • Assisted an ad hoc group of noteholders in their negotiations with Yandex on the redemption and restructuring of their notes.


NautaDutilh’s practice covers a broad scope of distressed situations, including out-of-court restructurings, transactional advice and litigation before both the civil courts and the Dutch Supreme Court. The team, led by Marc Orval, acts for banks, debtors, directors, insolvency trustees and sponsors/alternative debt providers. Orval has experience in debt restructuring, special situations and leveraged financings, while Robert van Galen has a strong track record in litigating cases before the Dutch Supreme Court, further demonstrated by his advice to ADO Den Haag on its Dutch scheme process. The practice maintains its involvement in legislative initiatives, and frequently leverages the expertise of the firm's restructuring group in New York, led by Elizabeth van Schilfgaarde, to offer comprehensive, cross-border transactional advice between Dutch and US jurisdictions. Barbara Rumora-Scheltema is a key contact for contentious insolvency matters, litigating on behalf of both domestic and international clients.

Practice head(s):

Marc Orval

Other key lawyers:

Catrien Rozeman; Robert Woudenberg; Robert van Galen; Teun Struycken; Barbara Rumora-Scheltema


‘The team is very reactive and concerned with delivering a quality service corresponding to the needs of the client.’

‘Catrien Rozeman has a deep knowledge of the insolvency proceedings. Her advice in this field is always accurate and fits with the client’s needs, with a pragmatic approach.’

‘Great team, good knowledge of the field, hard-working and dedicated.’

‘Catrien Rozeman was a great adviser in an insolvency court case. The sparring partner we just needed.’

‘Pragmatic, efficient and pleasant to work with. A truly fantastic professional experience to work with the Nauta team.’

‘Robert Woudenberg took lead on the project, supervised by Marc Orval. Very knowledgable, thorough and skilled negotiator. Very good communicator both in writing and orally.’

Key clients

Deutsche Bank

BNP Paribas

Nordic Trustee

Forever 21


Deloitte Accountants

Odeon Cinemas Group Limited (AMC Entertainment)






McDermott International Inc.

Maersk Supply Services

Partners Group


Work highlights

  • Advising an educational service provider with respect to its financial recapitalisation and M&A sale to a new investor.
  • Advising a group of lenders in connection with a cross-border restructuring and implementation of recapitalisation.
  • Advising Dutch professional football club ADO Den Haag with respect to its Dutch Scheme process (WHOA).


CMS is frequently appointed by the Dutch courts as trustee in high-profile insolvency proceedings and continues to offer extensive experience when called upon. The Amsterdam-based team is also active in several restructuring and recovery matters including large-scale bankruptcies, with a focus on real estate funds, consumer products, retail, life sciences, and hotel industries. The team is seated within the banking and finance group to consolidate its corporate backdrop and is part of the firm’s wider network of international restructuring and insolvency offices, strengthening its cross-border restructuring capacity. Marc van Zanten and Marcel Groenewegen lead the practice and Marlous de Groot was recently promoted to partner, focusing on court appointed trusteeships particularly in the healthcare and retail sectors. Former practice head Jan Willem Bouman recently retired from the firm.

Practice head(s):

Marc van Zanten; Marcel Groenewegen

Other key lawyers:

Marlous de Groot


‘Personal, professional, competent and friendly.’

‘Thorough analysis of the cases, plenty of expertise per knowledge segment.’

‘Excess in expertise and network. Open communication, customer strategy involvement.’

‘The CMS restructuring and insolvency team has a broad focus. It has particular strength in the health services and insurance sectors. Overall, a strong team with excellent hands-on insolvency experience and noted for responsiveness towards its clients.’

‘Stand-out individual is Marcel Groenewegen, who heads the restructuring and insolvency practice at CMS. He is very knowledgeable in the field of insolvency law and a pleasure to work with.’

‘Marcel Groenenwegen is very intelligent and finds great solutions for difficult issues. Marlous de Groot will be able to develop her practice, very friendly and knowledgeable.’

Key clients

ABN Amro Bank N.V.

ING Bank N.V.

Schroder Securitisation / Neos


Official receivers of the Thomas Cook Group

MC Slotervaart

AEB Holding


J.M. Levarht & Zonen B.V.

Taste Productions B.V.

Work highlights

  • Acting as trustee in the bankruptcy of McGregor Fashion Group, dealing with cross-border insolvency law issues and complex shareholders’ concerns.
  • Advised the Liquidators/Special Managers on all Dutch corporate, tax and insolvency law related issues in connection with the envisaged liquidation of three Dutch Thomas Cook entities.
  • Appointed as trustee in the bankruptcy of J.M. Levarht & Zonen B.V., a wholesaler of fruit and vegetables.

DLA Piper

The team at DLA Piper, which forms part of the firm’s wider finance, projects and restructuring department, is led by Marc Molhuysen, who has experience advising companies in distress, as well as purchasers, banks and other financial institutions, on insolvency matters. The multidisciplinary team acts on both contentious and non-contentious issues, with Lex Oosterling and Ewald Netten bringing experience in refinancing, inter-creditor negotiations, stakeholder leverage analysis and debt restructuring. Senior associate Wilmy Westerhof acts for clients on insolvencies and is often appointed as trustee in bankruptcies.

Practice head(s):

Marc Molhuysen

Other key lawyers:

Lex Oosterling; Ewald Netten; Wilmy Westerhof

Key clients

Aberdeen Standard


Deutsche Bank

Diebold Nixdorf

European Bank of Reconstruction and Development

HPS Investment Partners

ING Bank

Oost NL

Standard Investment


Work highlights

  • Appointed by the Enterprise Chamber of the Amsterdam Court of Appeal as co-CEO of De Poli Tankers Holding B.V., a holding of a vessel owning group of companies specialised in deep sea transport of speciality chemicals.
  • Assisting with the restructuring of Holterman Staal initially through a WHOA and later a private sale and debt restructuring.
  • Advising on the debt restructuring of The Learning Network (Van Dijk Educatie).


The restructuring and insolvency team at corporate boutique Florent frequently collaborates with the firm's robust asset recovery practice to advise on bankruptcy proceedings. The group focuses on court appointments as trustees and administrators in bankruptcy and suspension of payment cases, and is noted for its expertise in these receiverships. Kees van de Meent and co-managing partner Hanneke De Coninck-Smolders jointly lead the team and are active as court-appointed trustees, with demonstrable capability in insolvency litigation. The practice, which has experience across the retail, energy and travel sectors, relies on the expertise of associates Joris Opstroom and Merijn Moeliker.

Practice head(s):

Hanneke De Coninck-Smolders; Kees van de Meent

Other key lawyers:

Joris Opstroom; Merijn Moeliker; Jurgen van den Heuvel


‘Both Kees van de Meent and Hanneke De Coninck-Smolders are very knowledgeable and able to grasp the complete picture in a short period of time, providing support in those areas where attention is needed. They understand the challenges that management faces and are available at any point in time to provide support.’

‘Kees van de Meent is very experienced and has a strategic mind.’

‘Hanneke de Coninck-Smolders has the gift to always be accessible, emphatic, solution-focused and knowledgeable and professional at the same time. She makes a great difference in any conversation or case.’

‘Merijn Moeliker’s strength is his ability to explain the legal points with great understanding. He challenges his own thinking while working on the case.’

‘Florent has become a market leader in the past five years. It is great what the team achieved since the start of the firm.’

‘Florent’s team is the biggest insolvency and restructuring team that includes appointments as court appointed trustee within the Netherlands. The team has an outstanding reputation.’

‘Jurgen van den Heuvel has the ability to transfer the diagnosis and conclusions swiftly into the required legal positions and documentation required. He found pragmatic solutions to ensure that documentation requirements and court acceptance was secured despite the short timeframes at hand.’

‘Joris Opstroom is hands-on, practical and quick to respond.’

Key clients


Theo Henkelman Footwear B.V.


La Place

Thomas Cook Nederland B.V.


Van der Moolen

Leapp group

Integrated Green Energy Amsterdam B.V.

Exem Energy B.V.

Work highlights

  • Appointed by the Amsterdam District Court as trustees in the bankruptcy proceedings for V&D.
  • Acting as court-appointed bankruptcy trustee in the insolvency proceedings for La Place, a chain of more than 250 restaurants in the Netherlands and abroad.
  • Acting as court-appointed bankruptcy trustee of Exem Energy B.V., a company connected to Isabel dos Santos, the daughter of the former President of Angola, which allegedly participated in a corruption scheme to the benefit of Mrs Dos Santos.

Freshfields Bruckhaus Deringer

With experience across the retail, energy and offshore sectors, Freshfields Bruckhaus Deringer advises on high-profile matters concerning the introduction of the Dutch WHOA. The tight-knit practice is well-placed to leverage the firm's global footprint and cross-practice expertise in banking and finance, debt capital markets, antitrust and litigation, to advise clients in financial distress on both contentious and non-contentious matters. The team is led by Michael Broeders, who focuses on distressed transactions and restructuring-related litigation. Other key contacts in the group include counsel Tim Elkerbout and associate Huub Boekhorst.

Practice head(s):

Michael Broeders

Other key lawyers:

Tim Elkerbout; Huub Boekhorst

Key clients

Stichting Garantiefonds Reisgelden (SGR)








The Guarantee Providing Lenders and the Security Agent and Common Agent to Royal Imtech NV


Work highlights

  • Acted as counsel on the first Dutch WHOA case, resulting in a cross-class cram down of the senior lender.
  • Advised RNBH on a liability management transaction with the bankruptcy estate of Amsterdam Trade Bank.
  • Advising the guarantee proving lenders and the security agent and common agent on the insolvency of Royal Imtech.

Norton Rose Fulbright

The ‘proactive and knowledgeable’ restructuring team at Norton Rose Fulbright regularly advises on both the lender and debtor side of major restructurings, often involving an international element. The team has notable experience in Dutch restructurings and has bolstered its advisory capacity regarding the novel Dutch scheme (WHOA), as well as demonstrating fluency with parallel US and UK restructuring proceedings. Practice head Omar Salah continues to strengthen the firm’s restructuring and insolvency expertise and is consistently instructed by major banks, financial institutions, distressed debt funds and direct lenders on high-end restructuring deals.

Practice head(s):

Omar Salah


‘A well-balanced mix between theoretical knowledge and depth on the one hand and practical applicability on the other. Despite the fact that there were different loan agreements between the various lenders, NRF came up with a good solution without risking regulatory offences.’

‘Our contacts were able to translate the complex matter in an understandable way and at the same time preserving the rights of the various lenders. They were responsive and available when needed.’

‘Omar Salah is extremely skilled both professionally and socially; very intelligent, proactive, combines strategic skills with sincerity, very amiable person.’

‘For cross-border restructuring work, especially with and UK component, they are well positioned.’

‘Omar Salah is a rising star in the field of restructuring and insolvency. We have used him on many large global restructurings, and he has done an excellent job.’

‘Pro-active, knowledgeable and understanding client’s entrepreneurial approach.’

‘Bright individuals able to break up very complicated situations to the essence and come up with pragmatic and creative solutions.’

‘Omar Salah proved to be a seasoned restructuring advisor, thinking along the client’s interests, providing perspective from different angles and out-of-the-box strategic advice.’

Key clients




Banco Santander S.A.

Bank of America, N.A.

BNP Paribas

British Petroleum

Danish Ship Finance


DVB Group Merchant Bank (Asia) Ltd.

GFG Alliance

GLAS Trustees Limited


ING Bank N.V.

Intertrust Nederland B.V.

NNIP / Goldman Sachs

Nordic Trustee AS

Pareto Bank ASA




Trustee of Lehman Brothers Inc.

Stichting Uniconsult


Work highlights

  • Advising the Monitoring Committee, representing eighteen lenders to a large shipping and offshore service group, on a $1.4bn financial restructuring.
  • Advising the lenders in a EUR 750m financial restructuring of a global group active in the offshore industry.
  • Advising on the restructuring and recovery proceeding of an insurance group to restructure and recover a solvency deficit of approximately $800m.


With an ‘excellent team both in restructuring and insolvency’, Stibbe acts for a broad range of high-profile international and domestic debtors, creditors, sponsors and bidders in distressed transactions. Members of the team frequently act as court-appointed bankruptcy trustees, and the practice itself is noted for its capability in contentious bankruptcy proceedings. Following the departure of Toni van Hees in September 2022, Job van Hooff leads the team and regularly advises on cross-border restructuring schemes and distressed transactions for a range of borrowers and lenders. Gertjan Boekraad, who focuses on insolvency and restructuring-related litigation, is another key contact in the group.

Practice head(s):

Job van Hooff

Other key lawyers:

Gertjan Boekraad; Rein van Helden; Daisy Nijkamp


‘Stibbe has an excellent team both in restructuring and insolvency, taking complex legal issues and getting to the heart of the matter quickly and efficiently.’

‘What I like about Job van Hooff is his excellent support and insights into how to navigate difficult negotiations.’

‘Likeable, down to earth people. Very easy going and kind.’

‘Job van Hooff is a very pragmatic and kind lawyer. Able to get people aligned with his charming way of communication. Also down to earth and not afraid to make himself vulnerable and to learn. Also, good to reach.’

Work highlights

  • Appointed by the Amsterdam Court as bankruptcy trustees of Amsterdam Trade Bank N.V., a subsidiary of Alfa Bank, which was severely hit by the sanctions following the Russian invasion in Ukraine, in close consultation with the Dutch Central Bank.
  • Acting as court appointed restructuring expert in respect of the Dutch scheme (WHOA) concerning Warmtebedrijf Rotterdam (WBR).
  • Advising an ad hoc committee of noteholders, representing approximately 35% of the outstanding principal amount of the notes, on the restructuring of the 10.75% Senior PIK Toggle Notes due 2024 issued by DTEK Finance PLC.

Van Doorne

The recent partner promotions of Joost Volkers and Jelmer Baukema has bolstered the offering of Van Doorne’s finance and restructuring practice. The team advises on both contentious and non-contentious matters, with a focus on large-scale transactional restructurings. The firm’s litigation department has a track record advising on professional liability claims, and the restructuring expertise of the firm’s senior partners is accredited to their strong finance background and an increased capacity for complex creditor and financing arrangements. The team is regularly engaged by hedge funds, financial institutions and distressed debt investors, often concerning cross-border mandates. Practice head Stefan van Rossum acts on both the lender and borrower side of financial restructurings, and Jelmer Baukema was promoted to partner in January 2023.

Practice head(s):

Stefan van Rossum

Other key lawyers:

Jelmer Baukema; Joost Volkers


‘The team is solid and knowledgeable. The people make the team distinct and diversity is strong.’

‘Stefan van Rossum is trustworthy, creative and very knowledgeable lawyer. Pleasant to work with. Gives clients comfort and thinks several steps ahead.’

‘What makes Van Doorne unique is that they are always available and always up to date with the latest developments in legal practice, such as the latest case law and literature. They charge a reasonable price. It is in proportion to the quality they deliver. They always have a whole team ready to give advice. The people are friendly and sharp, ask questions and are excellent and fast in analysing a problem and deliver us advice.’

‘Very committed team and partner involvement, very knowledgeable in their sector and on their peers.’

Key clients

Aluminium Delfzijl (Aldel)


Aurelius Finance



Davidson Kempner

Fidera Vecta

Innsworth Advisors Limited

JNE Partners

King Street


Nordic Trustee


SeaMex Group

Vue Cinemas

Waarborgfonds Sociale Woningbouw

York Capital

Work highlights

  • Advising Vue Cinemas on a EUR 1bn cross-border debt restructuring involving a combination of English law and Dutch law restructuring instruments.
  • Advised Waarborgfonds Sociale Woningbouw (WSW) on the EUR 1.8bn restructuring of Vestia and two EUR 700m and EUR 120m disputes against the Dutch State concerning restructuring subsidies.
  • Advised Aurelius Finance Company on the debt restructuring of Office Depot through the recently introduced Dutch Scheme.

Wijn & Stael Advocaten N.V.

Based in Utrecht, the independent Dutch firm Wijn & Stael Advocaten N.V. has a track record of insurance insolvencies, with particular strength advising financial and retail clients, including large Dutch financial institutions and key real estate finance and commerce companies, on a range of restructuring and insolvency matters. The firm is also active in court appointments and was appointed by the Amsterdam Court in the Conservatrix insolvency case. The practice is collectively led by Noor Zetteler, Willem Jan van Andel, Remco Vermaire and Robert van Faassen, while associate Anne Mennens focuses her practice on financing securities, restructuring and bankruptcy-related litigation.

Practice head(s):

Noor Zetteler; Willem Jan van Andel; Remco Vermaire; Robert van Faassen

Other key lawyers:

Anne Mennens


‘Outstanding expertise and experience; practical approach.’

‘Remco Vermaire has years of experience, is proactive, practical and always quick to reply.’

‘Wijn & Stael always offers us good and practical advice in our day-to-day operation and special projects. Furthermore, they have stepped-up when we were facing resources problems.’

‘W&S has a broad team and is one of the few quality teams not located in Amsterdam. The restructuring team is also quite sizable.’

‘Noor Zetteler is pleasant to work with and knows how to align parties when needed, without losing sight of her client’s interests.’

‘Very good quality versus cost balance. Have strong expertise in Dutch real estate market (financing, bankruptcy, lease and zoning/environmental issues). Transparent, easy to approach and highly knowledgeable.’

‘The team has a strong position in the Dutch insolvency law market, especially their insolvency practitioners.’

‘Noor Zetteler is a strong player in the field and very pleasant to work with. Apart from being a good lawyer, she is also financially savvy.’

Key clients


Boemer Rental Services Group

Rabobank (Eurocommerce)

Mirage Retail Group (formerly known as Blokker)

Hudson’s Bay



Yarden Uitvaartverzekeringen

Phone House

Montagny B.V. (owner of the brand ‘Sissy-Boy’)

Work highlights

  • Appointed as trustees for the insolvency of Conservatrix, the first life assurance company to go into insolvency since 1993.
  • Acted on behalf of RNHB regarding the termination of a €20m finance facility and the execution by RNHB of its security rights resulting in several preliminary relief proceedings.
  • Appointed by the Court in Amsterdam as one of the ten members of the Commissie van Vertegenwoordiging (Committee of Representation) for DSB Bank, a Dutch bank and insurer that failed in 2009.


A member of Interlaw, AKD is active in cross-border insolvencies and appointments by the court as trustees and administrators in bankruptcy proceedings. The team advises companies in distressed situations, including reorganisations, recapitalisations and winding up matters, in addition to advising banks in circumstances of recovery. The team, which has demonstrable experience across the real estate and construction, logistics and retail sectors, is led by Barend de Roy van Zuidewijn, who regularly receives appointments as bankruptcy trustee from the courts. Other key contacts in the group include Fouad el Houzi and Thijs Hekman.

Practice head(s):

Baend de Roy van Zuidewijn

Other key lawyers:

Fouad el Houzi; Thijs Hekman; Paul Peters


‘Fouad el Houzi is a strong and leading individual in his domain. He provides very clear and effective strategies that help safeguard the client’s interest to the best level possible.’

‘The team has the perfect combination of experienced lawyers and young, bright lawyers that can take on any case.’

‘Baend de Roy van Zuidewijn is a very experienced insolvency lawyer and bankruptcy trustee. The combination of these roles gives value to clients. Thijs Hekman is a very bright young partner. He works effectively by directly focusing on the core of the issue at hand.’

Key clients

Bankruptcy trustee of Royal Imtech N.V. and its group companies

Cerberus Capital Management LP

Bankruptcy trustee of De Donge group companies

Bankruptcy of Veldhoven Group No 2 years

Ortolan Nederland Credit OplossingenGmbH

Svenska Handelsbanken AS

Bankruptcy trustee of Atlantic Marine Services B.V.

Bankruptcy of Fortress group companies

Centraal Beheer Achmea

Bankruptcy trustee of E.P. Trade Support

Crowe Horwath

Libyan Foreign Bank

Work highlights

  • Acting as the trustee in the high-profile bankruptcy of Royal Imtech N.V. and several of its subsidiaries.
  • Acting as project manager on behalf of Cerberus regarding a run off of the non-performing loan portfolio Cerberus acquired from Van Lanschot.
  • Assisting as co-counsel for the bankruptcy trustees of Dutch real estate company Fortress in their claw-back action against Rabobank and directors liability claims against the board of directors.


Dentons maintains a strong debtor-focused practice, often acting for both Dutch and international companies facing financial distress, as well as handling insolvency-related litigation between management and shareholders. The practice is also responsible for several court-appointments in receiverships and is able to leverage the firm's international footprint to advise on restructurings of multinational companies. The team, which has demonstrable capability in representing banks and other financial institutions on the creditor side, is led by Krijn Hoogenboezem.

Practice head(s):

Krijn Hoogenboezem

Other key lawyers:

Angelina Bakker; Frans Crul


‘This firm has a sharp view on the complexities of the restructuring and insolvency process. Capable to manage complex and cross-border cases, which they do fast and efficiently.’

‘Krijn Hoogenboezem is a smart and likeable restructuring lawyer, who is great to work with. He oversees the playing field and knows how to assess the interests of parties.’

‘This practice group has multi-jurisdictional depth and expertise. In the matter they assisted with, they were able to apply their general insolvency experience to a very complex, specialised insolvency matter involving a reinsurance dispute.’

‘Krijn Hoogenboezem was lead counsel on our matter. He was responsive, his knowledge of the law in this area first-rate, and he offered sound and practical advice that allowed us to resolve our US litigation and the companion Dutch arbitration on very favourable terms for the client.’

‘Strong restructuring capabilities. Excellent in corporate law and insolvency law. Strong international network.’

‘Professional business approach. Direct and solution oriented.’

Key clients

Steinhoff International NV

Tennor Holding

Gibson Brands

Digital Media Centre

Estro Kinderopvang




Colorado Bankers Life Insurance Company


Work highlights

  • Representing the joint deputy receivers of Colorado Bankers Life Insurance Company, an American insurance company that went into receivership, in respect of its reinsurance contract with Conservatrix.
  • Involved in the bankruptcy proceedings as foreign counsel on behalf of a Gibson Brands subsidiary called Gibson Innovations Netherlands, which makes consumer electronics products under the Philips brand.
  • Appointed by the District Court of Amsterdam as trustee in the bankruptcies of the Belvar companies, part of Maribel, a group of companies headquartered in Norway.

Jones Day

Jones Day has demonstrable capability advising on restructuring and insolvency mandates across the Dutch market, including court appointments and corporate transactional matters. The team is led by Jasper Berkenbosch, who regularly acts as court-appointed trustees on high-profile cases and engages with institutional investors and ad hoc lenders on a variety of debt rearrangements and credit facility agreements. The firm leverages a strong global disputes practice, led by Gerjanne Te Winkel in Amsterdam, to efficiently handle contentious matters.

Practice head(s):

Jasper Berkenbosch

Other key lawyers:

Gerjanne Te Winkel


‘Jasper Berkenbosch is the name to note. He is a down to earth lawyer with a lot of experience in insolvency, who will be appointed to solve problems within distressed companies. A very approachable lawyer who is easy to work with.’

Key clients


Syncreon Group B.V.

Esperaza Holding B.V.

Nordics Onsite

Barcelona Investments B.V. (Vroon Shipping)

De Poli Tankers Holding B.V.

ICTS International N.V.

Work highlights

  • Appointed by the Enterprise Chamber of the Amsterdam Court of Appeal as co-CEO of De Poli Tankers Holding B.V.
  • Assisting with the restructuring of Holterman Staal through initially a WHOA and later a private sale and debt restructuring.
  • Advising Rabobank on the (debt) restructuring of The Learning Network (Van Dijk Educatie).


Linklaters has established itself as a go-to firm for high-profile restructurings, as demonstrated by its representation of Steinhoff International Holdings in its recent €14bn suspension of payment process. Noted for its banking and finance expertise, the team advises on distressed finance mandates arising out of the Dutch market and continues to consolidate its capability in handling liquidation and insolvency proceedings. Practice leader Paul Kuipers acts for financial institutions and corporates on distressed situations and restructuring matters.

Practice head(s):

Paul Kuipers

Other key lawyers:

Marc Noldus; Richard Bussell; James Douglas; Daniella Strik


‘The Linklaters restructuring team have done a great job. Legal quality is high. Drafting is good and responsiveness is great.’

‘Paul Kuipers and Marc Noldus are proactive, deliver on time and weigh risks correctly. The matter was under pressure and as a team they performed.’

‘The interaction with and legal advice received from Richard Bussell, James Douglas, Paul Kuipers, Daniella Strik and Marc Noldus has been excellent.’

Key clients

Steinhoff International Holdings N.V.

Joint Provisional Liquidators of Genting Hong Kong Limited and Dream Cruises Holding Limited

Tor Investment Management (Hong Kong) Limited

Work highlights

  • Advised the Steinhoff group on its EUR 14bn global restructuring through a Dutch suspension of payments process in parallel with South African scheme proceedings, involving several ground breaking features such as voting by a committee of representation and bespoke distinctive treatment between creditor groups.
  • Advising the junior lenders on a creditor-led enforcement against the LYCRA Company involving $400m mezzanine facilities in the context of a cross-border restructuring.
  • Advising the joint provisional liquidators in relation to the provisional liquidation of the Genting group, one of Asia’s largest cruise operators, and wind-down of its Dutch subsidiaries.

Boels Zanders Advocaten

Boels Zanders Advocaten has a strong footing across the Southern region of the Netherlands and operates with a focus on the industrial engineering, trade, construction and materials sectors. The team, which is regularly appointed as trustee in insolvency proceedings and pre-pack procedures, is collectively led by Jeroen Bakkers, Peter Brouns, Flip Schreurs, who was previously president of INSOLAD, and Remco Rosbeek.

Practice head(s):

Jeroen Bakkers; Peter Brouns; Flip Schreurs; Remco Rosbeek


Flip Schreurs is a fine lawyer and well versed in insolvency law. A pleasure to work with. Focused on the intended result and gets things done. I would definitely recommend him to others.’

Key clients

Arbor Projects BV

Golfcourt Echt-Susteren BV

Marsna Papers

Just Welness

Componenta BV

Brabant Alucast The Netherlands site Heijen BV

Lips Group

Work highlights

  • Appointed as one of the insolvency trustees of the Lips Real Estate Group.
  • Appointed as the bankruptcy trustee of Brabant Alucast.


Based in The Hague, Buren’s restructuring and insolvency team is well-placed to collaborate with the firm's offices in Amsterdam, Beijing, Luxembourg and Shanghai on cross-border matters. The team is well-equipped with in-depth experience of the WHOA Dutch Scheme, in addition to handling insolvency issues as a result of the Covid-19 pandemic. Stefan van Wijk, who was promoted to partner in September 2021, jointly leads the team alongside Martijn Vermeeren. Praised as an ‘excellent professional’, senior associate Ruud Brunninkhuis is another key contact in the group.

Practice head(s):

Martijn Vermeeren; Stefan van Wijk

Other key lawyers:

Ruud Brunninkhuis


‘Tailored service suited to the client’s needs.’

‘Ruud Brunninkhuis is an excellent professional who was able to think out of the box and come up with brilliant solutions.’

‘The experience we have had with Buren is very positive.’

‘The cooperation with Buren was very pleasant. We were very impressed with the expertise and knowledge of the team and the various individuals. The practical approach and advice on all fronts was of an unprecedented level.’

Key clients

Tetteroo Bouw en Projectontwikkeling B.V.

Tenbos B.V. (Riverdale)



Stichting GGZ Momentum

Royal van Lent Shipyard

Soulsistah Beach B.V.

Galladio Corporate Fashion B.V.

De Roo Taxi B.V.

Hotel Stay at 7 Operations B.V.

Work highlights

  • Acting as court appointed bankruptcy trustee of Tetteroo Bouw en Projectontwikkeling B.V., responsible for winding up projects and assets of a total value of approximately EUR 14.8 m.
  • Advised Stichting GGZ Momentum with an out of court composition plan worth EUR 16m with creditors and related insolvency aspects.
  • Assisted Iris Parc on the sale of three French campsites for a purchase price of EUR 23m, giving juridical advice and managing the process with foreign lawyers, accountants, tax advisors and Rabobank.

Davids Advocaten BV

Boutique restructuring and insolvency firm Davids Advocaten BV represents Dutch companies, directors, creditors, shareholders, bondholders and investors in a variety of insolvency and conflict situations. The practice is led by Jan Davids, who focuses on restructurings and court-appointments as bankruptcy trustee, while Mark-Hendrik de Vries has experience in restructuring and insolvency litigation, with notable expertise representing directors and companies in financial difficulties against liability claims instigated by court-appointed Bankruptcy Trustees and creditors.

Practice head(s):

Jan Davids

Other key lawyers:

Mark-Hendrik de Vries; Joris Boddaert; Nils Reerink


‘The team of Davids Advocaten is pragmatic and effective.’

‘We have worked with Jan Davids, Mark-Hendrik de Vries and Joris Boddaert. All of them are good lawyers.’

‘Strong expertise on insolvency law and hands on.’

‘Davids Advocaten is one of the few small firms in Amsterdam with an excellent insolvency practice. All members of the firm have longstanding experience and are capable advisors.’

‘Mark-Hendrik de Vries is down to earth and great to work with. Knowledgeable and in control of his cases.’

‘The team distinguishes itself through the combination of a competent legal and practical approach in a cross-border transaction. In addition, the team gets to the point quickly, which leads to clear and swift advice for the client. The communication is of high quality.’

‘Jan Davids distinguishes himself by a thorough and quick analysis of the case, clear communication skills and a hands-on approach in an international environment. His advice is practical and to the point. A perfect match between a ‘get the deal done’ mentality and safeguarding clients’ interests.’

‘Davids Advocaten stands out because the firm focuses exclusively on restructuring, insolvency and litigation. All the firm’s lawyers are highly specialised in these areas, which adds value to clients with financial distress cases.’

Key clients

Stichting Atalmedial

Shipyard De Hoop

Miss Etam


Asianos (Asian Offshore Services)

van Roemburg

Willemse France SRAL


Emotional Brain

IP 2




Naess Ship Management

Taxi Electric

Stichting Kanjerwens



Work highlights

  • Appointed administrator in the bankruptcy of the G3-group winding up.
  • Advising professional football organisation AFC Ajax NV on various insolvency disputes, on securitizations regarding financial transactions and commercial contracts, and represented Ajax in litigation.
  • Successfully realised a special out-of-court restructuring on the basis of the new WHOA (as per January 2021) by means of a debt for equity swap.


As part of the EY global network, HVG Law LLP’s restructuring and insolvency practice is well-placed to act on cross-border mandates and counts Dutch companies, shareholders, banks, investors and creditors among its key roster of clients. The team is noted for its experience acting as insolvency administrators and trustees in bankruptcy cases, and has demonstrable expertise across the retail, life sciences, energy and real estate sectors. Robin de Wit leads the practice alongside Jan Padberg and Johan Westerhof.

Practice head(s):

Robin de Wit; Jan Padberg; Johan Westerhof


‘The team has a unique mix of bankruptcy experience in an international environment.’

‘Simply good lawyers with a practical approach.’

‘This team is highly pragmatic and knowledgeable. This is also due to the cooperation with other disciplines within the organisation.’

‘HVG’s restructuring team is part of an international network of specialists.’

‘HGV Law is uniquely placed with a strong restructuring and insolvency offering alongside the corporate law offering.’

‘Good practice knowledge of Dutch insolvency and banking law.’

Key clients

Exem Energy B.V.


Court appointed liquidations of GFH fund and Allegretto Fund / Dutch Authority of Financial Markets

Joost Zorgt

Nortel Networks

Charles Vögele


Stichting Legal Owner Melanion Dividend Fund

Tidal Operations Netherlands B.V.

Salon B B.V.

Work highlights

  • Acted as bankruptcy trustee of Travelbird, a high-tech online travel and leisure platform.
  • Acting as bankruptcy trustee in an expansive real estate bankruptcy with approximately 40 projects in eight different countries, successfully selling most of the aforementioned projects, in close cooperation with the financing banks.

Windt Le Grand Leeuwenburgh

Rotterdam-based firm Windt Le Grand Leeuwenburgh is noted for its capability advising on restructurings arising out of the Dutch shipping sector, with additional experience across the investment, retail and life sciences industries. Practice head Richard le Grand ‘stands out in complex restructuring cases on the edge of insolvency’, taking administrator appointments and the role of expert investigator in the financial mismanagement of companies. Praised for ‘his exceptional commercial acumen and ability to guide clients through tough storms’, Marcel Windt is another key contact in the group. 

Practice head(s):

Richard le Grand

Other key lawyers:

Mark Mouthaan; Michiel Bindels; Marcel Windt; Ruben Leeuwenburgh


‘Richard le Grand is a clever thinker and willing to understand customer’s challenges. Has a wealth of experience in different segments with insolvency and entrepreneurial law.’

‘Ruben Leeuwenberg is excellent. He is smart, thoughtful and unflappable in challenging situations. Michiel Bindels is very hard-working, sensible and knows the market very well, and Richard le Grand is a master tactician.’

‘Mark Mouthaan is a standout associate. He has an excellent manner.’

‘Very practical and knowledgeable team. Accessible and a pleasure to work with. They are all-round insolvency experts, also having many insights in dealing with the debtor side.’

‘Richard le Grand stands out in complex restructuring cases on the edge of insolvency and corporate litigation. He thinks and acts extremely fast and has the ability to turn a case in favour of his clients.’

‘The team at Windt Le Grand is noted especially for their technical expertise and commercial acumen. Are very capable at determining when to apply commercial flexibility. Lastly, the team is very approachable for both clients and peer firms, which makes working with them very pleasurable.’

‘Marcel Windt is noted for his exceptional commercial acumen and ability to guide clients through tough storms. He is also an excellent communicator and knows how to take a leading role in negotiations and bring parties together. Excellent trait in distressed restructuring scenario’s. Another noteworthy individual is Michiel Bindels. He is noted for excellent technical knowledge about insolvency law. He’s also noted for his diligence: he works tirelessly to get the job done.’

‘Windt Le Grand Leeuwenburgh provide an exceptionally personalised experience marked by understanding and compassion.’

Key clients

Steinhoff Recovery Foundation



Quality Plants Europe B.V.

Vendo Nederland B.V.

Eendracht Gerechtsdeurwaarders B.V.



Tennor Holding B.V.

Work highlights

  • Appointed as Chairman of the Steinhoff Recovery Foundation in relation to the global settlement for the €7bn insolvency of Steinhoff International.
  • Appointed trustee in bankruptcy in the insolvency of Verolme, a previously large shipbuilder.
  • Advising RMC, a regional healthcare transport company of which RET, Rotterdam’s main transport operator, is a shareholder, on establishing a bilateral scheme with its main creditors.