Belgium

Under Belgian law, criminal and civil judges can impose a prohibition on both individuals and corporate entities to prevent them from performing certain management functions in a company (management prohibition) upon conviction or in the context of insolvency, Linklaters reported. In practice, however, these management prohibitions often remain a dead letter, as persons who are prohibited from taking up a directorship are still appointed directors due to a lack of monitoring of compliance with these prohibitions.

Bankruptcies across Belgium increased by more than 9% in the first quarter of this year compared to the same period in 2022, with Flanders registering a record number of companies declaring themselves insolvent, the Brussels Times reported. According to a study published on Monday by market analysis firm Graydon Creditsafe, which was reported on by l'Echo, a total of 2,669 Belgian businesses declared themselves bankrupt in the first quarter of 2023 — 9.43% more than over the same period in 2022. Among these businesses, a disproportionate number were based in Flanders.

The last Belgian locations of the international cash-and-carry store Makro will close their doors forever on Friday, RTL Info reports, the Brussels Times reported. In total, 1,300 employees will lose their jobs. The Makro group has been teetering on the verge of bankruptcy for many months. Following the legal reorganization in June, all of the company’s real estate assets were transferred to German rival Metro. Metro was recently bought out by Dutch retail group Sligro, saving nine out of eleven of the Makro locations and 500 jobs.

Workers walked off the job in Greece and Belgium on Wednesday during nationwide strikes against increasing consumer prices, disrupting transportation, forcing flight cancellations and shutting down public services in the latest European protests over the rising cost of living, the Associated Press reported. In Greece, where workers were holding a 24-hour general strike, thousands of protesters marched through the streets of Athens and the northern city of Thessaloniki.