The law of 11 August 2017 that adds Book XX "Insolvency of Enterprises" into the Code of Economic Law enters into force on 1 May 2018.
As we already stated in our previous contributions about the reform of the insolvency law, this law modifies and regroups the Bankruptcy law and the Law of 31 January 2009 on the Continuity of Enterprises.
1. The notion "Enterprise" replaces the notion "Merchant"
Earlier this year, we wrote here about the decision in I.D.H. Diamonds NV v Embee Diamond Technologies Inc., 2017 SKQB 79, where Mr. Justice Layh held:
Affinity Credit Union 2013 v. Vortex Drilling Ltd. 2017 SKQB 228
On 13 July 2017 parliament voted to introduce book XX "Insolvency of Companies" in the Code of Economic Law.
In a previous article we already wrote that the insolvency law would be adapted to current national and international regulations and case law and would be incorporated into the Code of Economic Law as a coherent whole.
In this way, solvency procedures must be more transparent, efficient and effective.
Minister of Justice Koen Geens has abandoned the introduction of the 'silent bankruptcy' following a judgment of 22 June 2017 of the European Court of Justice.
Recently, government introduced a new draft law on the reform of the Bankruptcy Act and the Law regarding the Continuity of Enterprises (LCE).
The draft law still needs to be approved by the Federal Parliament, but it is expected to come into effect no later than 1 September 2017.
The current legislation on insolvency will be made up to date and adapted to European Regulations. Moreover it will be incorporated into the Code of Economic Law to make it a coherent set.
Below is a brief overview of the main new elements of the law.
As from 1 April 2017, Bankruptcy files will be held and followed up entirely electronically in the Central Insolvency Register.
Any bankruptcy that will be declared open as from 1 April 2017, has to be registered and kept in the Central Insolvency Register instead of the Commercial Courts Registry.
The Central Insolvency Register, hereinafter referred to as "the Register", is the computerized database in which bankruptcy files are registered and retained (www.regsol.be).
National Insolvency Review, February 2017
Most or all creditors who lend to farmers will be familiar with the Farm Debt Mediation Act, S.C. 1997, c. 21 (the “FDMA”) and the need to serve a notice under the FDMA before taking action against a farmer. However, there are some details of how the FDMA operates that may not be as well-known. This piece will highlight some of those details.
Les délais sont d’une importance primordiale dans le cadre de procédures judiciaires. Le défaut de les respecter peut impliquer le rejet d’une action.
Dans l’affaire 9190-0753 Québec Inc. (Syndic de), 2016 QCCS 1983 (29-04-2016), le juge Stephen W. Hamilton a décidé de l’application de certains délais du Code de procédure civile (ou C.p.c.) en complément de la Loi sur la faillite et l’insolvabilité (ci-après « Loi ») et des Règles générales sur la faillite et l’insolvabilité (ci-après « Règles »).
Les faits
Les délais sont d’une importance primordiale dans le cadre de procédures juridiciaires. Le défaut de les respecter peut impliquer le rejet d’une action.
Dans l’affaire 9190-0753 Québec Inc. (Syndic de), 2016 QCCS 1983 (29-04-2016) le juge Stephen W. Hamilton décide de l’application de certains délais du Code de procédure civile (ou C.p.c.) en complément des Règles générales sur la faillite et l’insolvabilité (ci-après « Règles »).
Les faits