Legal career path

Restructuring & Insolvency

Discover what restructuring & insolvency means in legal practice: how lawyers guide financially distressed companies, insolvency practitioners and creditors, what they do day to day, the career ladder, and how students prepare for an internship or traineeship.

What is restructuring & insolvency?

Restructuring & insolvency is the practice area centred on companies in financial distress: from restructuring outside formal insolvency to formal bankruptcy. It combines civil law, corporate law and procedural law in matters where speed and certainty are often decisive.

Since the introduction of the Dutch Act on Court Confirmation of Private Restructuring Plans (WHOA), companies can also reach a binding agreement with creditors outside formal insolvency. Formal bankruptcy law also remains relevant, with a central role for the insolvency practitioner who administers the bankrupt estate.

Lawyers in this field often work with other practice groups: a restructuring often touches employment law because of staff, banking & finance because of security interests, and dispute resolution once a conflict escalates.

What it isThe practice area covering companies in financial distress, from restructuring to bankruptcy.
What it centres onProtecting the interests of creditors, shareholders and the company itself.
Why clients need itTo resolve financial distress in a controlled way or to wind down a bankruptcy in an orderly manner.
Why students find it attractiveFast, high-pressure matters with direct consequences for a company and its staff.

Three settings where you practise this field

The breakdown below mainly says something about the type of matter and the client you serve, not about the quality of the work.

International firmFirms that handle large, often cross-border restructurings and insolvencies.
Dutch full-service firmAn insolvency practice alongside other practice groups, often brought in once a matter deteriorates.
Boutique firm specialised in insolvency lawFirms fully focused on restructuring and bankruptcy law, often holding many insolvency practitioner appointments.

At international firms you often work on large, cross-border restructurings. At Dutch full-service firms, the insolvency practice often sits close to corporate/M&A and banking & finance. Boutique firms specialise fully in insolvency law and often serve as insolvency practitioners themselves.

What restructuring & insolvency lawyers do

The work differs by matter, but the building blocks below come up in almost every insolvency matter.

Drafting restructuring plansDrafting a WHOA plan to put a restructuring outside formal insolvency to creditors.
Assisting insolvency practitionersAdvising and assisting the insolvency practitioner in administering a bankruptcy.
Advising creditorsAdvising creditors on their position and rights in a bankruptcy or restructuring.
Guiding suspension of paymentsGuiding a company through a temporary suspension of payments to creditors.
Distressed company due diligenceAssessing the financial and legal risks of acquiring a distressed company.
Assessing director liabilityAssessing whether directors are personally liable for damages in a bankruptcy.
Analysing security positionsAssessing and enforcing the position of pledgees and mortgagees in a bankruptcy.
Coordinating with other practice groupsWorking with employment, banking & finance and dispute resolution when a matter overlaps.

The key legislation

Restructuring & insolvency revolves around a set of core statutes that keep recurring, even though application differs greatly between restructuring and formal bankruptcy.

Dutch Bankruptcy ActGoverns bankruptcy, suspension of payments, and the role of the insolvency practitioner.
Act on Court Confirmation of Private Restructuring Plans (WHOA)Governs the binding plan a company can use to bind creditors outside formal insolvency.
Book 2 of the Dutch Civil CodeContains the provisions on director liability for manifestly improper management.
Book 3 of the Dutch Civil CodeGoverns security rights such as pledge and mortgage, crucial to a creditor's position.
EU Insolvency RegulationGoverns the recognition of insolvency proceedings within the European Union.
Civil Directors Disqualification ActAllows a director to be temporarily barred from managing a legal entity following bankruptcy fraud.

The main sub-areas

Restructuring & insolvency is broad, and most lawyers specialise within one of the sub-areas below.

Formal bankruptcy lawThe administration of a bankruptcy under the direction of an insolvency practitioner.
Restructuring outside formal insolvencyWHOA plans and other out-of-court restructurings.
Suspension of paymentsTemporary suspension of payment obligations as an alternative to bankruptcy.
Director liabilityThe personal liability of directors for mismanagement.
Distressed M&AThe acquisition of distressed companies or parts thereof.

How a WHOA process unfolds

Most WHOA processes follow a similar path, from preparing the plan to court confirmation. For more complex debt structures, negotiating with creditors can take considerable time.

Who does which step depends on seniority. Junior lawyers work out the plan and the underlying figures in detail, while senior lawyers lead negotiations with creditors and the court.

Not every plan is confirmed: the court tests whether creditors are sufficiently protected, and can refuse confirmation if the statutory requirements are not met.

Plan preparation Offer to creditors Creditor vote Confirmation request Confirmation hearing Plan confirmation
A simplified overview of a WHOA process: preparing the plan, offering it to creditors, the vote, the confirmation request, the hearing, and confirmation by the court.

Roles in the restructuring & insolvency practice

Each step up the ladder shifts the emphasis further from building the file toward setting restructuring strategy and acting as insolvency practitioner. Most lawyers climb this ladder at the same firm, though moving between firms at any level is common.

Student intern

Supports lawyers during an internship alongside or after studies.

Key tasks
Research, organising files, sitting in on client meetings.
Core skills
Legal research, precision, writing skills.
Typical level
Law student, during bachelor's or master's.

Trainee lawyer

The mandatory three-year traineeship straight after graduating.

Key tasks
Helping draft restructuring plans, drafting draft advice, supervised client contact.
Core skills
Precise writing, attention to detail, broad legal grounding.
Typical level
Entry-level, straight after a master's degree.

Lawyer / Associate

Handles matters independently after being admitted to the bar, sometimes as insolvency practitioner in smaller bankruptcies.

Key tasks
Guiding restructurings, advising creditors, advising clients on insolvency risk.
Core skills
Analytical ability, negotiation skills, matter management.
Typical level
After the traineeship, admitted lawyer.

Senior Associate

Leads more complex restructurings and mentors junior lawyers.

Key tasks
Leading complex restructurings, ensuring quality, coaching juniors.
Core skills
Strategic judgement, leadership, sector knowledge.
Typical level
Senior, several years of experience as a lawyer.

Partner

Holds ultimate responsibility for clients and the practice group, often insolvency practitioner in larger bankruptcies.

Key tasks
Client relationships, business development, ultimate responsibility for the practice.
Core skills
Network, track record, entrepreneurship.
Typical level
Most senior.

How long each step takes

The legal profession has a fixed statutory basis for the first step: a traineeship in the Netherlands generally lasts three years and is mandatory for every starting lawyer, regardless of practice area. After that, the pace of progression depends heavily on the firm and on individual performance.

After the traineeship, the emphasis shifts from building files to independently leading restructurings and acting as insolvency practitioner. Making partner takes more than ten years of legal experience at most firms.

Not everyone climbs the whole ladder at the same firm. Some lawyers move into a role at a bank or distressed-asset investor, bringing their experience with them.

LevelTypical time in role
Advocaat-stagiair3 years, mandatory by law
Advocaat / Associate3 to 5 years
Senior Associate2 to 4 years
Partnertop level, 10+ years in total

Compensation in the legal profession

Compensation in the legal profession usually consists of a fixed salary that rises with seniority, and at some firms a variable bonus tied to individual and firm performance. Restructuring & insolvency does not differ materially in pay structure from other practice areas at the same firm.

The ranges below are general indications for larger Dutch and international firms, and do not apply specifically to this practice area or to any particular firm. Actual pay varies by firm, region and role, and is listed where known in the individual vacancies on this site.

From partner level, the nature of compensation changes. A partner typically shares in the firm's profits rather than receiving a fixed salary, which ties pay more closely to their own client portfolio and the results of the practice group as a whole.

LevelIndicative range
Advocaat-stagiair€60.000 – €75.000
Advocaat / Associate€75.000 – €110.000
Senior Associate€120.000 – €160.000
Partner€200.000 – €500.000+

Ranges are general indications for the Dutch legal profession, not specific to this practice area or a particular firm. See the vacancy pages for concrete salary figures where a firm publishes them.

A typical day for a junior lawyer

The day often starts with reviewing the financial figures of a distressed company or preparing a draft plan. On days without a hearing, much of the time goes into drafting restructuring documents and assessing creditor positions.

A restructuring & insolvency lawyer often works under significant time pressure: a company facing liquidity problems often has only days or weeks before bankruptcy becomes unavoidable. That requires moving quickly between client, creditors and court.

On a day with a confirmation hearing, the pace shifts entirely. The lawyer prepares the pleading, anticipates objections from creditors, and supports the client during the hearing.

What trainee lawyers do

Junior lawyers carry much of the research and drafting work a restructuring or bankruptcy rests on, under the supervision of a supervising partner.

  • Reviewing financial figures
  • Drafting draft plans
  • Case law and literature research
  • Mapping creditor positions
  • Drafting draft advice
  • Tracking procedural deadlines
  • Sitting in on hearings
  • Correspondence with the insolvency practitioner

Much of this work goes back and forth several times between trainee and supervisor before a plan or submission is filed. That repetition is not inefficiency, it is how a junior lawyer learns which risks in an insolvency matter really matter.

Skills you will need

Legal knowledge gets the most attention in training, but the lawyers who stay longest often stand out through speed: being able to find a legally sound solution under significant time pressure.

Analytical thinking Precise writing Negotiation skills Attention to detail Financial acumen Resilience under pressure Client focus Working under deadlines Perseverance Strategic judgement

How you get into restructuring & insolvency

Most routes run through a law master's with a specialisation in corporate law or private law, followed by an internship or traineeship at a firm. An affinity with finance and thinking on your feet is a plus.

Master's in corporate law or private lawThe most direct route, with courses that tie directly into the practice.
Internship during the master'sGaining practical experience at a firm before graduating.
Traineeship after graduatingStructured programmes in which you rotate through several practice groups.
Courses on insolvency lawAdvanced electives show affinity with the broader field.
Student associations and committeesA board or committee year at a law student association builds network and experience.
Publishing in legal journalsA case note or article on insolvency law stands out in applications.
Work experience at a courtAn internship at a court's insolvency division gives insight into judicial review.
Networking with lawyers and alumniCoffee chats and alumni contacts open many doors when applying.

How to prepare as a student

Preparation works best when it starts well before the application. Firms test not only legal knowledge, but also whether someone can think clearly under time pressure.

1Take courses in insolvency law and corporate lawBuild a solid grounding in bankruptcy law and the WHOA.
2Read rulings on WHOA plansFollow how judges assess and reason through a restructuring plan.
3Do a relevant internshipAny internship at a firm with an insolvency practice strengthens your application.
4Practise interviewsPrepare for questions on motivation, case studies and current affairs.
5Build a one-page CVKeep it clear and focused on relevant experience and results.
6Network earlyReach out to lawyers and alumni before application rounds open.
7Follow developments in insolvency lawMajor bankruptcies and WHOA cases regularly make the news and legal literature.
8Improve your EnglishInternational restructurings and clients often require work in English.

Restructuring & Insolvency versus other practice areas

These practice areas often overlap in the same matters, which is why students sometimes mix them up. The distinction mainly lies in who the counterparty is and which part of the matter is at the centre.

Restructuring & Insolvency vs Dispute Resolution

Dispute Resolution conducts the broader procedural law for all kinds of disputes. Restructuring & Insolvency applies that procedural law specifically to disputes around bankruptcy and restructuring.

Restructuring & Insolvency vs Corporate/M&A

Corporate/M&A guides a healthy acquisition. Restructuring & Insolvency guides the acquisition or wind-down of a distressed company.

Restructuring & Insolvency vs Employment, Labour & Pensions

Employment covers the employment relationship itself. Restructuring & Insolvency covers what happens to employment contracts in a bankruptcy or restructuring.

Restructuring & Insolvency vs Banking & Finance

Banking & Finance structures financing and security interests upfront. Restructuring & Insolvency handles what happens to those security interests once the company runs into trouble.

Restructuring & Insolvency vs Tax

Tax structures the tax consequences of a restructuring or bankruptcy. Restructuring & Insolvency structures the process itself.

Firms with a restructuring & insolvency practice in the Netherlands

We only name firms here whose specific restructuring & insolvency practice has been verified. At this time, we have been able to confirm one firm.

International firms

DLA Piper logoDLA Piper

We are working on verifying more firms with a specific restructuring & insolvency practice in the Netherlands. In the meantime, browse all employers or all open vacancies.

Browse all employers

Restructuring & Insolvency vacancies

We only show real, current openings with a link to the employer. Internships, traineeships and lawyer roles appear here. In the meantime, browse all current vacancies.

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Recommended resources

Coming soonGuide to drafting a WHOA planThe structure of a restructuring plan, step by step.
Coming soonIntroduction to bankruptcy lawWhat a bankruptcy involves and the role of the insolvency practitioner, explained briefly.
Coming soonOverview of a WHOA processFrom preparing the plan to confirmation, with the steps involved.
Coming soonApplication guide for the legal professionHow to write a strong motivation letter for a trainee position.
Coming soonList of firms with a restructuring & insolvency practiceA verified overview of firms offering this practice area, once available.
Coming soonBasics of director liabilityWhen a director can be personally liable in a bankruptcy, explained briefly.

Frequently asked questions

What is restructuring & insolvency?

Restructuring & insolvency is the practice area centred on companies in financial distress, from restructuring outside formal insolvency to formal bankruptcy law.

What is the WHOA?

The Act on Court Confirmation of Private Restructuring Plans (WHOA) allows a company to reach a binding agreement with creditors outside formal insolvency, provided the court confirms the plan.

What does an insolvency practitioner do?

An insolvency practitioner is appointed by the court to manage and wind down the bankrupt estate, aiming to serve the joint interests of creditors.

What does a restructuring & insolvency lawyer do day to day?

These lawyers draft restructuring plans, assist insolvency practitioners and creditors, guide suspensions of payment, and assess director liability and security positions.

What is the difference between a suspension of payments and bankruptcy?

A suspension of payments is a temporary deferral of payment obligations under which the company continues to exist under the supervision of an administrator. Bankruptcy ends the company and is wound down by an insolvency practitioner.

When is a director personally liable in a bankruptcy?

A director can be personally liable for manifestly improper management that is a significant cause of the bankruptcy, as set out in Book 2 of the Dutch Civil Code.

What skills do you need for restructuring & insolvency?

Analytical thinking, precise writing, financial acumen, attention to detail, and the ability to work under significant time pressure.

How do I get into this field as a student?

Take electives in insolvency law and corporate law, do an internship at a firm with an insolvency practice, and apply to structured traineeships that offer a rotation in this field.

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