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On 29 April 2020 the Netherlands Commercial Court (NCC) handed down a decision regarding a contractual break-up fee in an M&A transaction affected by the Coronavirus Disease 2019 (COVID-19) pandemic. Furthermore, on 14 May 2020 the preliminary relief judge of the District Court of Amsterdam also handed down a decision related to an M&A transaction affected by the pandemic. These decisions shed some light on the legal position of parties under Dutch law in these unprecedented times.

The NCC is a separate chamber of the District Court of Amsterdam, specialized in complex international commercial disputes. Proceedings before the NCC are conducted in English and the judgment is rendered in English.

The case before the NCC (ECLI:NL:RBAMS:2020:2406) revolves around the question of whether a Transaction Agreement (TA) was reached between the parties and, if this were not the case, whether the agreed break-up fee of € 30 million should be modified or mitigated based on Dutch law due to the current COVID-19 pandemic.

Click here to read the full GT Alert, “Dutch Court Decisions on Contractual Obligations During the COVID-19 Pandemic in an M&A Context.”

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Photo of Martijn Hermus Martijn Hermus

Martijn Hermus primarily focuses his practice on mergers and acquisitions, private equity and other transactional matters, general corporate law and corporate and commercial litigation. His clients are large and middle-sized companies, both operating nationally and internationally, as well as private individuals. His work

Martijn Hermus primarily focuses his practice on mergers and acquisitions, private equity and other transactional matters, general corporate law and corporate and commercial litigation. His clients are large and middle-sized companies, both operating nationally and internationally, as well as private individuals. His work spans a range of industries, including commodities, food, pharmaceuticals, media, hospitality and retail. Martijn has broad experience working on large, complex cross-border transactions.

Photo of Allard Huizing Allard Huizing

Allard Huizing focuses his practice on corporate, commercial and cross-border litigation and (international) arbitration. His clients are large and middle-sized (internationally and locally operating) companies active inter alia in finance, consumer products, real estate, ICT, oil, engineering, infrastructure and construction industries.

Concentrations

  • Corporate

Allard Huizing focuses his practice on corporate, commercial and cross-border litigation and (international) arbitration. His clients are large and middle-sized (internationally and locally operating) companies active inter alia in finance, consumer products, real estate, ICT, oil, engineering, infrastructure and construction industries.

Concentrations

  • Corporate and commercial litigation (nationally and cross border)
  • International litigation and arbitration
  • Corporate law
  • Mergers and acquisitions
Photo of Jasper van Gameren Jasper van Gameren

Jasper van Gameren focuses his practice primarily on corporate and commercial litigation, arbitration and alternative dispute resolution for both internationally and locally operating companies, active in a wide range of industries. He has experience with complex cross-border commercial disputes and the enforcement of

Jasper van Gameren focuses his practice primarily on corporate and commercial litigation, arbitration and alternative dispute resolution for both internationally and locally operating companies, active in a wide range of industries. He has experience with complex cross-border commercial disputes and the enforcement of foreign judgments and arbitral awards in the Netherlands. He also advises on issues related to international private law and procedural law.

Jasper holds an LL.M. degree in corporate, social and economic law at Utrecht University. He also studied common law subjects at University College Dublin, Ireland. Jasper is a member of the Dutch Bar Association and a member of the Dutch association of young litigation lawyers.