A survey of WSNP debtors in 1999 and 2000 revealed that 51% of them had received pre-WSNP counseling from a GKB, as opposed to social service agencies or private counselors.
The first WSNP case was opened around 9:45 AM (ET) on December 1, 1998, in Haarlem, when the court converted the first of many old-style bankruptcy (collection) cases to a new WSNP (relief) case.
(84.) The acronym is generally rendered "Wsnp," according to European capitalization standards, but for ease of reading by U.S.
Citations to the WSNP are made by reference to the Bankruptcy Act (Faillissementswet or F) of which the WSNP is the third and concluding title.
(103.) For an enlightening and insightful discussion of why adoption of a more closely monitored and predictable alternative in the WSNP has shifted creditors' incentives toward refusing out-of-court arrangements, see Nick Huls, et al., Can Voluntary Debt Settlement and Consumer Bankruptcy Coexist?
See 2002: meer zaken, meer beeindigingen, WSNP UPDATE, no.
(116.) The range of property exempted from seizure and liquidation is very similar under the Dutch WSNP and European and moderately generous U.S.
This may represent a significant shortcoming of the WSNP, as the great bulk of indebtedness in the Netherlands has arisen from mortgage borrowing.
(167.) Although this appears nowhere in the statute, one of the debtor's main obligations under the WSNP is to exert maximal effort to find and keep work that will produce the greatest possible distribution to creditors.
The courts are divided on the extent of this duty, but some debtors are (rarely) denied a discharge or dismissed early from the WSNP process for failing to exert themselves sufficiently to find and keep work.
(168.) This conclusion is based on the Author's review of the cases collected in the extremely helpful database of jurisprudence in the library section of the main WSNP website, available at http://www.wsnp.rvr.org/frames/fr_bibl.htm (last visited Nov.
2005, 10; Faillissementswet aangepast, WSNP UPDATE, no.