WHOA Systems: Complex laws and regulations automated

Commissioned by Hermes Advisory we developed a cloud solution based on Microsoft Azure for WHOA processes. WHOA stands for Private Agreement Homologation Act. This law offers entrepreneurs who are in payment problems a perspective again. By reaching a debt agreement, they prevent bankruptcy and employees keep their jobs.

With the application we have developed, the process surrounding the WHOA laws and regulations is largely automated.

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WHOA Systems

Due to the Corona crisis, a large number of companies are struggling with problematic debts. The WHOA Act offers opportunities for companies that are struggling to reach a debt agreement. However, a WHOA process involves a large amount of work. This is a barrier for many SME entrepreneurs to claim this scheme.

With the automation move that we made together with Hermes Advisory, they are actually eligible. A lot of legal manual work has been replaced by a smart workflow application and algorithms.

What does WHOA systems do?

WHOA Systems provides for the preparation of a new valuation and capital structure for the company, classifying classes, validating debts, conducting debt analysis and generating court documents. All different stakeholders can follow the current status of the process through a personal stakeholder portal. The voting procedure is also supported by WHOA-Systems.

Knowledge and experience

Our knowledge and experience in Legal, Finance & Tech came in handy for this project. We have entered an agile/scrum process of constantly inventing, building, testing, optimizing and processing our progressive insight. All under great time pressure because we wanted to be ready if there was a wave of bankruptcies.

We built WHOA-Systems as a multi-tenant cloud solution in Microsoft Azure. The benefits:

• Scalability: It doesn't matter if a company has 30, 300, or 3,000 stakeholders.
• Data security: Data from each tenant is stored separately and remains in the tenant's region. As a result, the application can be deployed internationally. And, through a due diligence room, those involved only get insight into documentation that they are entitled to.
• Accessibility: Stakeholders can log in from anywhere and on any device.
• White label: Available to partners, such as law and accounting firms. For each tenant, the look and feel, email templates and document templates can be personalized.

Tech For Good

This project is important to us because we try to look at the social value of the projects we do. It fits well with what we call the “Tech For Good” philosophy we have with Blis. This can be, for example, in the field of sustainability or the optimization of care processes. But also, like in this case, contributing to the prevention of avoidable bankruptcies, of companies that actually have an excellent future perspective.

We hope that WHOA Systems can help prevent unnecessary bankruptcies and will continue to develop the application!

Hermes Advisory has more information about the WHOA debt restructuring outside bankruptcy.

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