The Belgian legislature once again recently improved the statutory framework for business restructuring. Thus, any business - a broad concept that covers not only companies and non-profits but also independent contractors - in financial difficulty may request the opening of judicial reorganisation proceedings (procédure en réorganisation judiciaire), commonly referred to by insiders as "PRJ".
Netherlands, Insolvency & Restructuring, Litigation, NautaDutilh, Bankruptcy, Sole proprietorship, Insolvency Act 1986 (UK), Supreme Court of the Netherlands