In the framework of the digitization of the Belgian judiciary, a central Solvency Register (www.regsol.be) will be available as of 1 April 2017.

Henceforth, creditors must file their claims electronically. The register will be accessible - subject to different procedural formalities - to magistrates, including substitute judges, clerks of court and public prosecutors as well as bankrupt parties, their creditors and counsel.

On 20 May 2015, after a three-year legislative process, a recast version of the European Insolvency Regulation (EIR) was adopted. For the most part, it will be applicable in approximately two years' time. The most important changes likely to affect the European restructuring landscape are a broader scope of application and new rules on COMI. The recast regulation also introduces a framework for group insolvency proceedings.

As discussed in our previous update, the Business Continuity Act of 31 January 2009 (the “Act”) provides for various options to facilitate business recovery. One such option is the court-supervised sale of (all or part of) the debtor’s business.

The introduction of the court-supervised sale is an important development. Such sales are likely to become a popular option under the Act for two reasons.

The Business Continuity Act of 31 January 2009 (the "Act") creates a variety of flexible tools to promote business recovery. This update focuses on the new judicial (i.e., court-supervised) reorganisation proceedings (as opposed to out-of-court workouts and court-supervised sales of the business).

Simplified access to proceedings

The Act of January 31, 2009 on the continuity of companies (Loi relative à la continuité des enterprises/Wet betreffende de continuïteit van de ondernemingen, the "Act") entered into force on April 1, 2009.

The Business Continuity Act of 31 January 2009 (the “Act”) creates a variety of flexible tools to promote business recovery and turnaround. In addition to an updated judicial reorganization procedure (i.e., a reorganization overseen by the court), the Act also introduces several interesting options for out-of-court workouts and preventive measures to promote business recovery.

Out-of-court agreements

Entry into force on 1 April 2009 of the new Act on the continuity of companies

The Act of 31 January 2009 on the continuity of companies (Loi relative à la continuité des enterprises/Wet betreffende de continuïteit van de ondernemingen, the "Act") entered into force on 1 April 2009.