Since the introduction of the Corporate Insolvency and Governance Act 2020 (CIGA) and the creation of the new Part 26A restructuring plan procedure, questions have been raised about whether the cost of using such a procedure would restrict its use to larger, better capitalised companies.

De Herstructureringsrichtlijn van 20 juni 2019 zorgt voor het eerst op Europees niveau voor een harmonisatie van de wetgeving omtrent insolventie.

Een belangrijk onderdeel van deze Richtlijn heeft betrekking op preventieve herstructureringsstelsels, die tot doel hebben de vereffening van levensvatbare ondernemingen te vermijden.

In België zal dit voornamelijk een impact hebben op de gerechtelijke reorganisatie, en meer bepaald op de gerechtelijke reorganisatie door een collectief akkoord.

The Restructuring Directive of 20 June 2019 harmonises insolvency legislation for the first time at the European level.

An important part of this Directive concerns preventive restructuring frameworks, which aim to limit the unnecessary liquidation of viable companies.

In Belgium, this will mainly impact judicial reorganisation, and more specifically judicial reorganisation by means of collective agreement.

La directive du 20 juin 2019 relative aux restructurations harmonise pour la première fois la législation sur l'insolvabilité au niveau européen.

Une partie importante de cette directive concerne les cadres de restructuration préventive, qui visent à limiter la liquidation inutile d'entreprises viables.

En Belgique, cela aura principalement un impact sur la réorganisation judiciaire, et plus particulièrement sur la réorganisation judiciaire par accord collectif.

The long awaited Sequana Supreme Court judgment[1] has provided some welcome clarity around the duties of the directors of a company in the "twilight zone" – i.e. where the company is facing financial difficulties.

A recent law, which came into force on 21 July 2022, amends the regulation for the accounting professions with regard to their professional practice and the anti-money laundering prevention.

The law was enacted after the Constitutional Court ruled in two judgments that various provisions of the law relating to the audit profession and the anti-money laundering law were against the constitution.

Hereafter we discuss the impact of the new law on auditors, certified public accountants and the unregulated tax advisors.

As outlined in our previous briefing note on the Corporate Insolvency and Governance Act 2020, a new restructuring tool was introduced in June 2020 in the form of the Part A1 free-standing moratorium (the "Moratorium").

The High Court has dismissed a challenge to Caffe Nero's company voluntary arrangement (CVA) in Young v Nero Holdings Limited. The Applicant in the proceedings, Mr Young, was a landlord of premises let to the First Respondent, Nero Holdings Limited (the Company) and challenged the Company's CVA under s 6(1)(a) and (b) of the Insolvency Act 1986 (the Act).

In response to the COVID-19 pandemic, legislation was introduced during 2020 to prevent creditors filing statutory demands and winding up petitions on the basis of their debtor's inability to pay its debts, unless it could be shown that non-payment was not a result of the pandemic. These temporary measures had been extended a number of times during the pandemic as businesses continued to suffer the effects of multiple lockdowns and trading restrictions, but are now gradually being phased out.

Le dépôt des comptes annuels est l'une des obligations légales les plus importantes pour les sociétés. En effet, à défaut du dépôt des comptes (dans le délai légal), la responsabilité des administrateurs peut être engagée. Ce manquement peut entraîner de lourdes conséquences ... même si cela ne se produit qu’une fois. Et un homme ou une femme prévenue(e) en vaut deux. Il va de soi que vous ne voulez pas vous réveiller avec une société qui a été dissoute judiciairement alors que vous y avez encore des actifs et des activités.