Stibbe advises the Gemeentelijke Holding
Stibbe advised the directors of the Gemeentelijke Holding, one of the main historical shareholders of Dexia NV, throughout the entire crisis period.
The Holding’s company capital position had severely deteriorated after Dexia sold Dexia Bank to the Belgian government and after a parallel deterioration of the price at which Dexia NV’s shares were traded (these shares were the single most important asset on the books of the Holding). Stibbe assisted the directors of the Gemeentelijke Holding throughout the entire crisis period and advised it on different issues concerning solvability and liquidity, the application of the capital impairment procedure, an “alarm bell” procedure towards shareholders. Afterwards, Stibbe proceeded finally with all preparations for putting the Gemeentelijke Holding in liquidation.
