Clifford Chance
ASR/Achmea aftermath: Dutch Supreme Court reconfirms validity of security surplus arrangements in highly anticipated ruling
21 October 2015
The Dutch Supreme Court ruled on 16 October 2015 that:
- security surplus arrangements (overwaarde-arrangementen) are (still) valid and enforceable
- the security provider must be a party to the security surplus arrangement
- parties to an agreement can stipulate the moment of contractual recourse claims coming into existence (thereby allowing those claims to be pledged immediately)
In this client briefing we explain the importance of this ruling for the Dutch finance and restructuring practice and summarize the various legal elements and related issues of security surplus arrangements (overwaarde-arrangementen) which are frequently applied by financiers in the Netherlands.
