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    EuroResource—Deals and Debt | December 2017
    2017-12-19

    For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.

    Recent Developments

    Filed under:
    Belgium, European Union, France, Germany, Italy, Netherlands, United Kingdom, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, White Collar Crime, Jones Day, Foreign direct investment, Money laundering, Initial coin offering, European Commission
    Authors:
    Corinne Ball
    Location:
    Belgium, European Union, France, Germany, Italy, Netherlands, United Kingdom
    Firm:
    Jones Day
    Reform of the insolvency law - Part 1 - To an extended application
    2018-01-09

    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"

    Filed under:
    Belgium, Insolvency & Restructuring, Andersen, Bankruptcy
    Authors:
    Leila Mstoian , Leo Peeters
    Location:
    Belgium
    Firm:
    Andersen
    Exelco’s US Chapter 11 Case Dismissed in Favor of Belgian Proceeding
    2018-01-13

    The Delaware Bankruptcy Court recently dismissed a Chapter 11 bankruptcy case pending before it and recognized, under Chapter 15 of the Bankruptcy Code, the debtor’s bankruptcy proceeding in Belgium. Exelco NV (“Exelco”), a Belgian diamond distributor, owed KBC Bank NV (“KBC”) approximately US$14 million. KBC’s debt was secured by a pledge on essentially all of Exelco’s assets. Exelco’s debt was also guaranteed by an affiliated company and certain individuals. When Exelco defaulted on its debt obligations, KBC commenced a sort of involuntary insolvency proceeding in Belgium.

    Filed under:
    Belgium, USA, Insolvency & Restructuring, Litigation, Dechert LLP
    Location:
    Belgium, USA
    Firm:
    Dechert LLP
    Why you should include a retention of title clause in your Terms and Conditions
    2018-03-06

    Sellers and suppliers of movable assets can deal with problems caused by poorly-paying customers through a retention of title clause. This clause makes it contractually possible to stipulate that ownership of a certain good does not transfer until the third party acquirer has paid the full price.

    It is interesting to note that the new Law on Pledges has created a better legal framework for the retention of title clause, putting any creditor - assuming a retention of title clause has been included - in a stronger position.

    Filed under:
    Belgium, Company & Commercial, Insolvency & Restructuring, Andersen, Title retention clause
    Authors:
    Leo Peeters , Mathieu Maniet , Vincent Brouwers
    Location:
    Belgium
    Firm:
    Andersen
    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
    Civil Fraud Quarterly Round-Up: Q2 2017
    2017-07-03

    Freezing Injunctions

    Filed under:
    Belgium, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, White Collar Crime, Wills & Probate, Kingsley Napley, Fraud, Abuse of process, Money laundering, Beneficial ownership, Public limited company, Asset freezing
    Authors:
    Mary Young
    Location:
    Belgium, United Kingdom
    Firm:
    Kingsley Napley
    New legislation on insolvency approved
    2017-07-20

    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.

    Filed under:
    Belgium, Insolvency & Restructuring, Andersen, Bankruptcy
    Authors:
    Leila Mstoian , Leo Peeters
    Location:
    Belgium
    Firm:
    Andersen
    A New Category of Debt Securities in Belgium: Senior Non-Preferred Notes
    2017-07-28

    In Short

    The Situation: Belgium has introduced senior non-preferred notes, a new category of debt securities available to banking institutions.

    The Result: In the event of a liquidation, senior non-preferred notes will rank ahead of subordinated notes, but behind "ordinary" senior preferred notes and any claims benefiting from legal or statutory preferences.

    Filed under:
    Belgium, Banking, Insolvency & Restructuring, Jones Day, Security (finance), Liquidation, Financial Stability Board
    Authors:
    Matthieu Duplat , Serkan Alhan
    Location:
    Belgium
    Firm:
    Jones Day
    Faster recovery of undisputed social security debts with writ of execution
    2017-01-26

    Since 1 January 2017, the law explicitly provides for a general option for the National Social Security Office (“NSSO”) to recover undisputed debts by means of a writ of execution. 

    This means that the NSSO can provide itself an enforceable title (a writ of execution) without having to rely on the labor court. 

    The recovery through a writ of execution can be used for all contributions, penalties, interests and other amounts that would be due to the NSSO. It is, however, important that it concerns debts: 

    (i) that are not fundamentally disputed;

    Filed under:
    Belgium, Insolvency & Restructuring, Litigation, CMS Belgium
    Authors:
    Katrien Leijnen , Sophie Berg
    Location:
    Belgium
    Firm:
    CMS, Belgium
    Insolvency in franchising relationships
    2017-02-17

    IntroductionProtection under Business Continuity ActPost-insolvency proceedingsComment

    Introduction

    Filed under:
    Belgium, Franchising, Insolvency & Restructuring, ALTIUS
    Authors:
    Alexander Hansebout
    Location:
    Belgium
    Firm:
    ALTIUS

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