WHOA Systems: Automating complex laws and regulations allows SME entrepreneurs to escape bankruptcy.
On behalf of Hermes Advisory, we developed a Microsoft Azure-based legal tech cloud solution for Dutch WHOA trajectories. WHOA is the abbreviation for the equivalent CERP (Court Confirmation of Extrajudicial Restructuring Plans). This law offers a new perspective to entrepreneurs on payment problems.
They have a possibility to escape bankruptcy by restructuring their business. With the application we developed, the WHOA legislation and regulations process is largely automated.
Since the Corona crisis, this application has been very topical. The law offers a prospect for companies struggling due to a reorganization. However, a WHOA process involves a large amount of work, which forms a barrier for many SME entrepreneurs to claim this settlement.
Automation and workflow
Thanks to the automation process we devised with Hermes Advisory, they are now properly eligible for a claim. An intelligent workflow application and algorithms have replaced much legal handwork and calculations. WHOA systems subsequently allows for the preparation of a new valuation and capital structure for the company, classifying classes, validating debts, making debt analysis, and generating documents for the court. Also, different stakeholders can follow the current status of the process through a personal stakeholder portal.
Knowledge and experience
Our knowledge and experience in Legal, Finance & Tech came in handy for this project. By moving through several sprints with Hermes Advisory, we completed a viable first version in a short period of time. After that, we continued to develop rapidly in sprints to keep adding new functionalities.
We hope WHOA Systems can help prevent unnecessary bankruptcies and continue developing the application!
Hermes Advisory offers more information about WHOA debt repayment outside of bankruptcy here.