Video: On the brink of bankruptcy? The WHOA may be your way out
- 23 Mar 2023
- Edited 15 May 2023
- 1 min
- In trouble
- Rules and laws
The WHOA helps otherwise viable businesses, that threaten to go bankrupt due to a high debt burden. Restructuring their debts can help these businesses stay afloat. Businesses that are no longer viable can also benefit from the WHOA, as it allows them to stop their business without going bankrupt. The entrepreneur in debt (the debtor) can initiate the WHOA process themselves.
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We see Joep. His business has suffered from the corona crisis. But he does not want to end his business, so he calls KVK. Together with a KVK adviser, he looks at his options to use the WHOA, and reviews the steps. Joep makes a future-proof plan and presents it to his debtors. Enough of them agree with his plan, and the court approves ('homologates') it.
Joep can continue his business.