Introduction

A previous article discussed the effects of a company's insolvency on its administrators (for further details please see "The personal bankruptcy of company administrators"). This article examines the effects of a bankruptcy between spouses and focuses on the waiver of remaining debts after the closure of the bankruptcy.

On February 22 2018 the Supreme Court delivered an important judgment regarding the relationship between:

• privileged creditors in the framework of reorganisation proceedings; and
• secured creditors in the event of a subsequent bankruptcy.

Privileged claims

Introduction

As of 17 April 2017, the creditors of a company that has been declared bankrupt must electronically file their declaration of debt using the Central Solvency Register (Regsol).

In the past, administrators of commercial companies with limited liability (eg, NV/SA and BVBA/SPRL) were not seen as 'merchants' under Belgian law. In other words, the administration of commercial companies was not seen as a commercial act. As a result, such administrators could not (personally) be declared bankrupt.

In the past, administrators of commercial companies with limited liability (eg, NV/SA and BVBA/SPRL) were not seen as 'merchants' under Belgian law. In other words, the administration of commercial companies was not seen as a commercial act. As a result, such administrators could not (personally) be declared bankrupt.

In February 2018 the legislature took steps to improve the follow-up monitoring of companies in financial difficulty and strengthen the fight against inactive companies (for further details please see "Stricter scrutiny of inactive companies").

IntroductionProtection under Business Continuity ActPost-insolvency proceedingsComment

Introduction

Background
Legal developments
Comment


Historically, Belgian insolvency legislation has applied only to entities involved in commercial activities. However, recent jurisprudence and upcoming legislative changes will result in important amendments that are intended to broaden the scope of the existing legislation.

Introduction
Legal framework
Future developments
Practical guidelines and tips


Introduction

Suppliers are often surprised by their customers' insolvency and only at that moment discover that the goods that they delivered are unpaid.