Passionate Restructuring Team. State-of-the-Art Software.

The ICRA Systems cloud application was conceived and implemented on the initiative of Hermes Advisory B.V.

For more than 10 years, Hermes Advisory has been a player in (international) financial services. They support clients with asset damage, preparing economic valuations, financial fact investigations, and financial restructurings (including WHOA procedures). They also act as court-appointed experts for various courts in the Netherlands.

Since 2010, the various partners within Hermes Advisory have been teaching insolvency lawyers in areas including negotiation in financial restructurings. When the WHOA took shape in 2017, this law was naturally also discussed during the course days. The main concern at that time was that the complex WHOA procedure would be less accessible to companies due to additional high advisory costs.

With this knowledge and years of experience in restructurings, special asset management, and leveraged finance, Hermes Advisory, in the person of Pieter van Prooijen, conceived and developed the ICRA Systems cloud application with the help of a software developer. The Ministry of Economic Affairs and Climate was also closely involved in the development of this cloud application. They have encouraged and expedited the development process, especially now, during the corona crisis, as this tool seems to be the ideal solution to help as many companies as possible that are currently in financial distress.

The system is so advanced because all the knowledge accumulated over the years within Hermes Advisory has been incorporated into the cloud application and can be used for any type of debt arrangement, whether it falls under the WHOA or not.

Hermes Advisory:

“Our team consists of registered valuators and registered accountants who are listed in the national register of court experts, and former special asset management employees. We speak the language of capital providers and insolvency lawyers and are fully-fledged sparring partners in WHOA procedures.”