IFLR 1000
The Guide to the World's Leading Financial Law Firms

"The worst effect is still to be felt," says one partner, "90% of what could be insolvencies have in fact been solved in the banks through in restructuring, and this has been successful, but the crisis is not over yet".

There is a lot of pressure and stress in the Dutch market say some partners, "pressure to make profits, to keep balance books healthy and pressures on banks to avoid further write offs, there is also pressure in the real estate sector, in transport and in retail thanks to weak consumer confidence".

"Real estate is very much 'watch this space'; 12 months ago they were trying to keep everything under wraps and now it is very much distressed," says a partner. "Lending to corporates has been rolled out and extended, everybody hoping that the problem will just go away - we have seen ships, real estate, drilling platforms... now everyone is waiting for real estate to collapse," says another.

On the bankruptcy side, the collapse of DSB Bank in 2009 and Lehman Brothers in 2008 has continued to keep firms busy primarily dealing with creditors and claimants. The Dutch subsidiary of Lehman Brothers, Lehman Brothers Securities, acted as a finance vehicle for the US parent company and was its biggest creditor and claims against it are estimtaed at €35 billion. "That is the size of the claim against the Dutch issuer and the US guarantor," says a partner, "it is a 'double dip' claim, so there is lots of innovative work to be done, everybody wants to avoid litigation and it will take a minimum of one to two more years".

Nevertheless, the number bankruptcies has gone down. According to one partner: "Everyone expected it to be worse than it was, there were fewer than expected a year to a year and half ago, which leads us to the conclusion that the banks are still able to role forward debt." Another partner adds that the problem is "banks are not in the driving seat" and under pressure not to write off debts with insolvencies.

Firms have been very busy at the pre-insolvency restructuring phase, with equity restructurings and debt to equity swaps and the restructuring market has been getting increasingly sophisticated, with Dutch versions of UK and Chapter 11 mechanisms being used. The market saw some very big restructurings in 2010, most notably for Almatis.

On the legislative side, the Netherlands currently has the oldest insolvency act in Europe and although a new act was developed, the current government has abandoned it. Partners tend to say the old act is inadequate but will suffice.

In terms of the legal market, law firms handle a number of different disciplines within restructuring and insolvency. There is restructuring work, insolvency work and finally court appointed bankruptcy administrators. All three are included in the rankings however the three disciplines are often quite separate.

Allen & Overy moves into the top tier. The move is based on its restructuring practice purely as it does not act as liquidators or receivers. "The only other firm with the depth, breadth and size of team to do the complex multi-layered complex restructuring," says a competitor.

According to peers, Rob Abendroth "is a very well known name" while Sigrid Jansen is "very pleasant to work with and very good". "Sharp and good," says a peer, "I always like them, Abendroth is one guy I would always recommend". According to a client of Abendroth's, "we are very happy to use him, he is very reliable and if I had a sticky situation I would go to him".

In 2010 Andrew Thomas, Abendroth and Jansen advised the agent (a bank syndicate comprised of ABN AMRO, Lloyds TSB, Deutsche Bank GE Artesia, Danske Bank and Société Générale) on the €150 million restructuring, acquisition and refinancing of a company in the production sector, which saved the company from bankruptcy.

Victor de Seriere and Jansen advised the coordinators, agents and senior lenders, made up of a banking syndicate including ABN AMRO, Rabobank, ING Bank, NIBC, Lloyds TSB, BNP Paribas and Commerzbank, on the €400 million restructuring and refinancing of the Kroymans Group, one of the biggest restructurings in the market. The deal successfully ringfenced the Group's lease from the rest of the Group and significantly reduced the €250 million debt.

The firm handled two confidential restructurings just shy of a €1 billion, one being a consensual restructuring of a maritime sector company and the other a non-consensual restructuring opposite a syndicate of banks.

Clifford Chance moves up to tier two however it has a strong claim to the top tier for its restructuring practice. The firm's strength is entirely on the restructuring side as it does not act as receiver in bankruptcies. "It does some very high level work and landmark cases," recognises a peer.

The restructuring team operates within the banking department, and did well in the aftermath of the crisis when the first port of call was financial restructurings. Over the past year the firm has handled the highest profile restructurings, and arguably the biggest was for LyondellBasell.

Jelle Hofland, Ilse van Gasteren and Jeroen Thijssen advised Rotterdam chemical company LyondellBasell on its global reorganisation in a landmark multi-jurisdictional insolvency restructuring. The company had debts of over $27 billion and a corporate structure which could not satisfactorily benefit from US Chapter 11 protection. Chapter 11 and a controlled European enforcement helped the company avoid the pitfalls of insolvency and the entire group was moved to a Dutch holding company with $2.8 billion of new equity raised shortly after.

The firm handled a long list of other restructurings which were confidential. Bas Boris Visser was also active providing advice to the authorities in relation to European restructuring regulations.

Houthoff Buruma is the country's leading insolvency firm and earns its tier one position mainly for its work as bankruptcy trustees, where it is handling DSB Bank and Lehman Brothers bankruptcies and for its insolvency practice. It also has a strong restructuring arm. "First class, responsive, pragmatic, sophisticated, knowledgeable and engaged; they delivered," says one client who engaged the firm in restructuring and insolvency matters.

"Lots of visibility and good insolvency practitioners," says one peer while another commented that the firm is "absolutely leading in insolvency". In terms of value one client found the firm "very flexible, accommodating and understanding". Peers say Rutger Schimmelpenninck is "pre-eminent" in the field while Marcel Windt is recommended by clients as someone who "knows his stuff, is very confident in expressing his views (which gives us confidence) and has lots of experience".

The standout mandates sees Schimmelpenninck and recently made up-and-coming partner Frédéric Verhoeven acting as the court appointed bankruptcy trustees to Lehman Brothers, the largest bankruptcy in Dutch history. The Dutch registered Lehman Brothers Treasury Company issued instruments of $32 billion and the case will continue for a number of years. Schimmelpenninck is also acting as bankruptcy trustee in the bankruptcy of DSB Bank, valued at €7.8 billion.

The firm is also handling other bankruptcy cases for Agrenco Netherlands, Aria (Italian telecoms company), KPNQwest and Swiss Air. On the restructuring side, Windt has been advising Goldman Sachs on the restructuring of a large real estate fund.

NautaDutilh has a very big presence on the restructuring and insolvency scene and with its London office the firm, says one client, is the "obvious choice" for Dutch insolvency and restructuring work.

Robert van Galen is a former receiver now well-known for restructuring and litigation, while Barbara Rumora-Scheltema also gets solid feedback. Some peers comment however that "banks see them as better in recovery and insolvency". "More litigation," says a peer.

The firm's biggest mandate possibly is for Yukos and its Dutch subsidiaries. Van Galen worked with a team to advise Yukos in bankruptcy proceedings of more than €1.8 billion which involved various litigious cases which ended in some victories as concerns court decisions which have kept Yukos' Dutch assets protected from Russian authorities.

Van Galen also led a team to advise ABN AMRO, ING and Rabobank in litigation relating to certain aspects of the financial restructuring of Kroymans Group while David Viëtor and Teun Struycken acted alongside Kirkland & Ellis on the Dutch aspects of the Europe-wide restructuring of the European Directories Group. The deal saw a successful COMI transfer of the case from the Netherlands to the UK.

In a final notable deal, Van Galen led a team including Rumora-Scheltema to represent various shareholders of Highstreet Holding on the bankruptcy of Karstadt Warenhaus.

Simmons & Simmons R&I team is headed by the "very good" Gerhard Gispen, say peers, the "up and coming" Barbara van Gangelen, who specialises in national and international workouts, and Christiaan Zijderveld. The firm's practice is split between restructuring and insolvency work.

"They have a good team, act more for banks," says a peer while another says: "We see Gispen many times, used to see him as bankruptcy receiver and representing clients on bankruptcy cases and in major litigation against managing directors." "Gispen is the leading person in field for insolvencies," says another peer.

The firm has been noted in the market for its involvement in the LyondellBasell restructuring and the Yukos bankruptcy related litigation cases. One of the most high profile bankruptcy mandates saw Gispen act for Icelandic bank Landsbanki Íslands on the emergency proceeding relating to its Dutch branch.

The firm also advised Citibank in relation to the restructuring of Rotterdam based chemical company LyondellBasell and has won various mandates on behalf of note holders of the Dutch treasury company of Lehman Brothers. The firm has also been heavily involved in real estate restructuring deals mostly acting on behalf of hedge funds.

Stibbe, unlike most of its peers, advises on restructurings and also takes court appointments to act as bankruptcy trustees. The firm is reputedly very strong on the litigation side and Toni van Hees in particular has a strong reputation in insolvency practice and for trustee work.

Some competitors criticise the firm for being "not the most practical firm to work with," however perhaps other firms have missed a trick as its mix of restructuring and trustee work is by and large seen as a very positive thing by clients.

In standout deals, Karen Harmsen and M&A partner Marius Josephus Jitta advised the UK administrators of the bankrupt Nortel Networks on the Dutch aspects of its ongoing global restructuring, while finance partner Jaap Willeumier and Harmsen as advisors to ATC Corporate Services in its capacity as security trustee to various securitisation programmes of BSB Bank on the bank's continuing bankruptcy procedure.

Harmsen and Rogier Raas were also busy in mid-2011 acting for two of the managing directors of Lehman Brothers Treasury, Lehman's Dutch subsidiary (and biggest subsidiary), on the vast insolvency procedures. Harmsen also worked with partner Duco de Boer to advise the Provincie of Noord-Holland, 22 other Dutch local authorities and a Dutch nuclear plant on priority creditors in the bankruptcy of Icelandic bank Landsbanki. The claims total €300 million.

One example of significant trustee work is Van Hees's appointment by the court on the bankruptcy of Indover Bank (Indonesische Overzeese Bank) and its winding up across five countries.

Wijn & Stael has developed a very strong reputation in the market for its insolvency practice and is unanimously considered by peers a quality firm.

Leading R&I competitors consistently refer to the firm is a "top outfit on the insolvency side" or a "very good insolvency team, very good at assisting clients". One peer from a leading firm says: "I really rate them, they are very high quality and are also involved in quite a few cases, they are the default firm when any firm is conflicted it gets referred to them".

Van Andel has a good individual reputation and many commentators put him at the very top of the Dutch market. In 2010, the firm was acting for Kroymans Lease on a successful corporate restructuring and refinancing which involved ringfencing the lease part of the business while the trading part of the group went bankrupt.

De Brauw Blackstone Westbroek has over the last few years taken a number of blows to its restructuring and insolvency practice. The formation of Resor two years ago, which took leading partner Jako van Hees and others, and in 2011 the loss of the new head of R&I Jan Willem de Boer to Linklaters is often brought up by commentators.

"They don't have the capability anymore at the level they used to," believes one peer. However another argues that "they have a number of well-regarded partners still there," but, "it will take time". The firm's position in the Dutch market and relationship with Dutch blue-chips means that it cannot be written off, and the firm's deal list for 2010-2011 is an indicator that the firm continues to win significant restructuring mandates.

Ruud Hermans leads the practice, and in standout deals he recently advised Almatis alongside global counsel Gibson Dunn & Crutcher on the Dutch aspects of its worldwide restructuring. It was the first Netherlands-based operating group of companies to go through US Chapter 11 proceedings, and Hermans was the management's key strategic advisor. The firm successfully represented Almatis twice before the Dutch Enterprise Chamber.

Hermans also advised a group of Dutch commercial banks: ING Bank, Rabobank, ABN AMRO, Fortis Bank, NIBC, SNS REAAL and Van Lanschot, on how to minimise their exposure in the bankruptcy of DSB Bank. The banks are the largest creditors in the bankruptcy and have to fund a €3.4 billion under a guarantee deposit scheme. The work is ongoing.

DLA Piper keeps its position in the tiers. The firm is recommended by the market for its insolvency practice, which is regularly ranked in the top five or so. Leading practitioners are Jasper Berkenbosch, Marc Molhuysen, who heads the restructuring team, and Marinus Pannevis head the practice. The firm also continues to handle court appointments on bankruptcies.

"They have a broad practice and still do bankruptcy trustee work," says a peer. "Pannevis is a very well-known bankruptcy trustee and does big cross-border insolvency cases," says a competitor.

In highlight roles, Pannevis advised Citadel as co-defendant in litigation over the financial restructuring of the Kroymans Group and its companies (including former companies).

CMS Derks Star Busmann straddles both the insolvency and bankruptcy practice. It has a strong reputation acting as receiver in bankruptcy cases and advising on pre-insolvency restructuring. Its global network also makes it one of the few firms able to handle cross-border restructurings.

Marcel Groenewegen is one of the market's best known liquidators and in 2010 he was appointed as trustee in the bankruptcy of DSB Beheer, the parent company of DSB Bank which was represented by Houthoff Buruma. The bankruptcy proceedings include the liquidation of about 40 affiliate companies across a broad spectrum of sectors, from art and real estate to football.

In early 2011 Jan Willem Bouman closed three restructurings for some of the largest Dutch real estate, building and infrastructure developers. The matters involved corporate and financial restructuring. Bouman also completed a resutructuring and refinancing of a financial institution under supervision of the Dutch Central Bank.

Linklaters is building its reputation in the market and moves up a tier in recognition of this. "Good, started a couple of years ago, Paul Kuipers is definitely a leading lawyer" says one peer, while another adds that the firm is "growing" and "Kuipers is good and very much one to watch". The firm's restructuring individuals all have banking expertise.

Kuipers led on the firms three biggest deals in the practice area. He advised the Almatis Group on financial restructuring of close to $700 million, a very significant cross border deal, a group of senior lenders making up a coordinating committee in the restructuring of Truvo, and the senior coordinating committee (which included Alcentra, Lloyds Bank, Allied Irish Bank, RBS and others) on the €2.18 billion restructuring of the European Directories Group.

Resor has some great individuals. The firm is a spin off from De Brauw and Houthoff Buruma.

"Their vast combined expertise meets any of the top firms, they don't yet have the history to get the really big assigments but I am sure we will see them on big transactions in a year's time," says a peer.

Jaco van Hees is a "top class lawyer" and a "well known acadmic", while Sijmen de Ranitz is recommended by a few commentators as "a very senior lawyer". Peers comment that the firm has done very well in "making an entry for themselves", with "excellent marketing" and "good brand power".

AKD has one of the biggest pools of restructuring and insolvency lawyers in the country spread over three Dutch offices in Amsterdam, Eindhoven and Rotterdam. Many of the lawyers also specialise in corporate, M&A, real estate and construction. The group earns its ranking especially for insolvency work.

According to one bankruptcy client it is "a very solid firm with a detailed and thorough approach". The firm also acts as trustee on bankruptcy cases.

In the firm's biggest case in 2010, Barend de Roy van Zuidewijn acted as trustee in the bankruptcy of Reggehuys Management and CEG Holding. Projects and real estate company CEG has assets of €1 billion in 2007 throughout a hundred subsidiaries in Eastern Europe and suffered major bankruptcies in Lithuania and Latvia. The firm's efforts were to secure certain assets of CEG.

The firm was also advising building company Akar in negotiations with Rabobank, which decided to discontinue credit to the company following its insolvency. Akar was then taken over by its management. Paul Peters also led a team to advise GMAC RFC on restructuring and affiliates. A last standout deal saw the firm act for Deutsche Bank on the enforcement of security rights by the European China Trade Centre which could not fulfil its obligations and went into bankruptcy.

Elsewhere, Marc Goethals has been busy advising real estate clients, and the firm picked up some mandates connected to the bankruptcy of the Kroymans Group.

Barend de Roy van Zuidewijn (Leading lawyer bio)

For Baker & McKenzie restructuring and insolvency is not a core practice but what it does handle is mostly litigation focussed and it counts on a pool of associates with experience in bankruptcy trustee experience. The practice also draws on the banking practitioners. It often finds itself in litigation against trustees, financial restructurings and distressed acquisitions.

Robert van Agteren has been litigating on behalf of RBI (Raiffeisen Bank International ) as a claimant in the Indover Bank bankruptcy, the first Dutch bank to become insolvent, and he also picked up assignments for claimants against Lehman Brothers. Aside from RBI, clients include have included Standard Chartered and Chueng Kong Bank.

Van Agteren has also been advising Bundoran Financial Corporation in financial litigation regarding a default on a $780 million loan to Rosmiks International, while Rik van den Boog has been acting for stakeholders in the bankruptcy of The Entertainment Group. In 2010-11 Van Agteren advised Mexx in an acquisition of a distressed Dutch supplier in the fashion industry.

Boekel de Nerée has a very active practice in this area with Wouter Jongepier and Jacques Knol. The firm has most presence on the insolvency, bankruptcy and litigation side of R&I.

Knol recently litigated for claimants Dutch Central Bank in the bankruptcy of Icelandic bank Landsbanki Islands, and Michel Deckers was active representing Rosneft, Yukos and Capital Sarl in litigation relating to the execution in the Netherlands of arbitral awards which have been set aside in the Russian Federation.

Jongepier's big assignment saw him act as bankruptcy administrator to Thieme Groep, the second largest Dutch printing company. Jongepier worked with Marian van Eck to adviise Organon and Merck on liquidating research facilities in the Netherlands.

Freshfields Bruckhaus Deringer has been developing its restructuring capacity. The firm does not have a big dedicated restructuring department, although it has a separate R&I group, but counsel Michael Broeders is fully focussed on restructuring and has been getting good recognition in the market. "He is good, smart, knows his stuff... the firm is now positioned to play a role," says a peer.

The group is led overall by partner Thijs Flokstra.

Broeders has been advising note holders in relation to the bankruptcy of DSB Bank and acted for the mezzanine and junior mezzanine lenders on the restructuring of Almatis. He also advised Goldman Sachs and Cyrte on debt buy back transactions relating to the acquisition of Endemol and JP Morgan in the restructuring of the Danube Group.

Loyens & Loeff focuses on restructuring and insolvency (it does not act as a bankruptcy receiver) and keeps its ranking this year thanks to its very commercially friendly approach. "We typically favour them," says one client, "we are very comfortable with them as individuals, they very commercial and very practical; they are the best for the commerciality of it, quick advice and to the point - very user friendly".

One client recommends lead partner Hendrik van Druten because he "gives answers quickly and follows up quickly; he doesn't get bogged down in unnecessary detail". Senior associate Vincent Vroom is "the star of tomorrow" says another, who adds that the firm is also "good at the corporate governance aspects - my go-to firm, by far my first choice".

Loyens & Loeff received a number of referrals in 2010-2011 to act as leading counsel on global restructurings, among them from Bingham McCutchen and White & Case. The highest profile deal to its name in 2010 was the firms role as counsel to Oaktree Capital, the largest of the senior lenders to Almatis. Almatis was one of, if not the, largest restructuring (€1.2 billion) of the Dutch market in 2010.

The firm, led by Vroom, also won mandates from bondholders in the Lehman Brothers bankruptcy and in early 2011 was engaged by Consolis, a long standing client, on a successful pan-European restructuring.

Van Doorne keeps its place in the rankings. The firm scored pivotal roles advising on Dutch law aspects of the biggest bankruptcy case, Lehman Brothers, and on the Almatis Group restructuring. The firm has a strong practice with Paul Schaink as bankruptcy trustee.

Peers note that the firm is "especially good as local counsel" while one client compliments the group, saying: "I like to use them, they are very service minded and really want to provide you with the best service possible... we use them a lot of the time if we have to retain an office."

Highlight deals saw the firm provide Dutch legal support to US firm Stutman Treister & Glatt for Elliott and King Street (and other parties) on their claims as the largest creditor in the insolvency of Lehman Brothers Treasury. The process in ongoing and is being led by banking partner Stefan van Rossum.

Van Rossum was also busy working with White & Case to advise GSO Capital on the financial restructuring of Almatis Group. GSO Capital was the main investor in Almatis' owner Dubai International Capital and as part of an alternative Chapter 11 plan.

Insolvency partner Paul Schaink was appointed by the court as bankruptcy trustee to Van der Moolen Holding (VDM), a Euronext listed securities broker. Schaink also acted as administrator for broadcasting company LLiNK.