ICRA Systems
Integrated Cloud Restructuring Application
Supporting Restructurings with a Powerful, Efficient Tool.
ICRA Systems (Formerly WHOA WorkFlow Systems) is an Automated System for Efficiently Executing Restructuring Processes, Private/Amicable Creditor Agreements, Liquidation Agreements, Suspension of Payment Agreements, and Bankruptcy Settlements. Customers Experience our Software as Reliable, (Cost) Efficient, Effective, and with an Easy Learning Curve for New Users.
How ICRA Systems Can Help Advisors and Companies
When preparing and executing restructurings (including WHOA agreements), advisors, lawyers, trustees, and companies often inevitably spend a lot of time on routine tasks. Communication with stakeholders plays a crucial role in this and is time-consuming. This leads to unnecessarily high costs for companies facing (imminent) insolvency. Advisors often spend a lot of time on routine tasks while they would rather spend this time on high-quality advisory work for the benefit of their client.
Using ICRA Systems, advisors and companies can automate standard tasks in a restructuring process. This includes, for example, going through all the legal steps to reach a creditor agreement via the WHOA (Dutch Act on Court Confirmation of Extrajudicial Restructuring Plans), such as:
- Informing creditors about the WHOA process
- Validating claims
- Creating a class division
- Sending standard letters to different classes of creditors
- Submitting a draft agreement to creditors for voting
- Preparing a voting report for the court
- Forming a file in accordance with legal requirements
Due to the structure of ICRA Systems, it is clear for both advisors and the company when each step should be taken, what the (legal) timelines are for each step, and no steps are skipped.
Due to the importance of solid execution of restructuring processes for the Dutch economy, the ICRA Systems application was developed in consultation with the Ministry of Economic Affairs and Climate Policy.
who is ICRA Systems Developed for?
ICRA Systems is developed for advisors involved in restructuring processes, including insolvency lawyers, accountants, tax consultants, business economic advisors and industry associations with an advisory branch.
By automating administrative tasks and routine work, they can spend more time on essential substantive advice and high-quality advisory work for their clients. For companies facing (imminent) insolvency, this provides important cost advantages in this crucial phase.
Companies and advisors can customize the entire ICRA Systems environment to match the corporate identity of their company or firm, including colors and logos. The entire application is available in both Dutch and English so that international creditors and stakeholders can also be informed.
ICRA Systems – extensive automation of restructuring processes
How Does the ICRA SystemS Cloud Application Work?
Class division
The involved parties can follow their claims throughout the entire process. This includes verifying their claim, seeing the consequences of the agreement for their position, and ultimately voting on the agreement. When necessary, they can provide additional documentation to further substantiate their claim and security position. Because the involved parties communicate via the portal, this communication can be used for file formation.
Valuation and capital structure
The application makes it possible to provide direct insight into the consequences of the proposed agreement for an involved party using the valuation (of both the liquidation value and the reorganization value). The new capital structure can therefore be entered, with the conditions of each new capital instrument being inserted at a detailed level. The capital structure is then tested for sustainability using the debt analytics module.
Consequences of the agreement
The application makes the consequences of the agreement visible for each individual capital provider. This can be done with the calculation of the different combinations per class but also with the final agreement.
Reports
The legal toolbox contains all necessary legal template documents to go through a restructuring process. Where possible, these templates are fed by the cloud application, resulting in a significant cost reduction.
Creditors portal
Involved parties can enter, view, and edit their claims themselves and add security documentation. After this, they get insight into the approval of their claim and can view the consequences of their position in the restructuring during the further course and ultimately vote on the agreement.
Due diligence room
The creditors portal includes a due diligence room where each involved party can quickly and uniformly gain insight into important documents to base their decision on.
