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    From now on the filing of bankruptcy also digital
    2018-04-30

    As from 1 May 2018, the Belgian insolvency landscape will look different following the entry into force of the brand new Insolvency Law (Book XX of the Economic Law Code). In the wake of the electronic debt reporting system that came into force on 1 April 2017, the filing of bankruptcy must also be made electronically in the Central Solvency Register (RegSol) as of 1 May 2018.

    Filed under:
    Belgium, Insolvency & Restructuring, Andersen, Bankruptcy
    Authors:
    Leila Mstoian , Leo Peeters
    Location:
    Belgium
    Firm:
    Andersen
    The records of bankruptcies in a Central Insolvency Register
    2017-04-01

    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).

    Filed under:
    Belgium, Insolvency & Restructuring, Andersen, Bankruptcy
    Authors:
    Leo Peeters
    Location:
    Belgium
    Firm:
    Andersen
    Filing of Claims in Bankruptcy Proceedings
    2017-04-11

    As from 1 April 2017, any statement of claim as part of bankruptcy proceedings should be submitted online to the Central Solvency Register (Registre Central de la Solvabilité / Centraal Register Solvabiliteit) via the website www.regsol.be.

    Filed under:
    Belgium, Insolvency & Restructuring, McGuireWoods LLP, Bankruptcy
    Authors:
    Hubert André-Dumont , Nathalie Locht
    Location:
    Belgium
    Firm:
    McGuireWoods LLP
    Modernisation and codification of the legislation regarding insolvency
    2017-05-15

    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.

    Filed under:
    Belgium, Insolvency & Restructuring, Andersen, Bankruptcy
    Authors:
    Leila Mstoian , Leo Peeters
    Location:
    Belgium
    Firm:
    Andersen
    Reorganisation proceedings: access and possibilities
    2016-12-02

    The Business Continuity Act of January 31 2009, amended in 2013, provides for specific (court-supervised) restructuring proceedings, during which the company (or debtor) is protected against its creditors' claims so that it can reorganise its business.

    Easy access and protection

    Filed under:
    Belgium, Insolvency & Restructuring, ALTIUS, Bankruptcy, Debtor, Debt
    Authors:
    Alexander Hansebout
    Location:
    Belgium
    Firm:
    ALTIUS
    Overview of recent amendments to the Business Continuity Act
    2013-12-19

    On 1 August 2013, an act amending the Business Continuity Act ("BCA") of 31 January 2009 entered into force.

    The new act tackles the most common types of abuse under the Business Continuity Act and aims to reduce the number of bankruptcies following reorganisation governed by the BCA. The basic principles of the Business Continuity Act remain unchanged, however.

    Filed under:
    Belgium, Insolvency & Restructuring, NautaDutilh, Bankruptcy
    Location:
    Belgium
    Firm:
    NautaDutilh
    Netting arrangements: not enforceable in Belgium against non-merchants: any solutions?
    2012-02-01

    Through its decision of 27 November 2008, the Belgian Constitutional Court declared netting arrangements in insolvency proceedings, which are explicitly allowed under the Belgian Financial Collateral Law of 15 December 2004, unconstitutional where such netting arrangements apply to non-merchants. Despite the numerous criticisms about this decision, the amended Belgian Financial Collateral Law, entered into force on 10 November 2011, now explicitly excludes non-merchants from its scope.

    Filed under:
    Belgium, Insolvency & Restructuring, Litigation, CMS Belgium, Bankruptcy, Debt, Constitutionality
    Authors:
    Virginie Fremat
    Location:
    Belgium
    Firm:
    CMS Belgium
    Business continuity: transfer of business
    2009-06-19

    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.

    Filed under:
    Belgium, Insolvency & Restructuring, NautaDutilh, Bankruptcy, Debtor, Business continuity, Volunteering
    Authors:
    Stan Brijs
    Location:
    Belgium
    Firm:
    NautaDutilh
    New Belgian law on business reorganization takes effect
    2009-06-30

    Belgium has modified its law on business reorganizations that involve distressed companies. The new law of January 31, 2009, on the continuity of companies came into force on April 1, 2009, replacing an unpopular and rigid law on judicial composition proceedings that dated to 1997.

    This new law simplifies the rules and procedures for reorganizing distressed companies by providing a variety of new flexible out-of-court and in-court options designed to facilitate business recovery.

    Filed under:
    Belgium, Insolvency & Restructuring, McDermott Will & Emery, Bankruptcy, Debtor, Option (finance), Credit risk, Mediation, Commercial Court (England and Wales)
    Authors:
    Patrice Corbiau , Jacques Pieters
    Location:
    Belgium
    Firm:
    McDermott Will & Emery
    Uproar in Belgian debt collection proceedings
    2009-11-24

    As part of what appears to be a global trend, the amount of litigation in Belgium is increasing rapidly. Litigation advice is fast becoming one of the most in-demand services in legal practice, along with advice on restructuring and employment. Due to the challenging economic and financial conditions, companies are now tending to commence debt collection proceedings as soon as their debtors fail to honour their debts, and are pre-emptively restructuring their businesses in order to avoid unnecessary costs which might eventually lead to bankruptcy.

    Filed under:
    Belgium, Insolvency & Restructuring, Litigation, Bird & Bird LLP, Bankruptcy, Costs in English law, Debtor, Debt, Economy, Debt collection
    Location:
    Belgium
    Firm:
    Bird & Bird LLP

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