The COVID-19 pandemic has put the rescue of struggling but viable businesses front of the agenda. The initial response of the Belgian government and legislator was a moratorium on enforcement measures and bankruptcy petitions. Such moratorium can however not be a structural solution in the long term, and expired on 31 January 2021.
In brief
The COVID-19 pandemic has put the rescue of struggling but viable businesses front of the agenda. The initial response of the Belgian government and legislator was a moratorium on enforcement measures and bankruptcy petitions. Such moratorium can however not be a structural solution in the long term, and expired on 31 January 2021.
European Real Estate Finance: Market Update – Q1 2021 March 2021 Authors: Jeffrey Rubinoff, Dr. Thomas Flatten, Thierry Bosly, Hadrien Servais, Carl Hugo Parment, Fernando Navarro, Christophe Goossens, Julio Peralta, Angel Calleja, Aurélie Terlinden, Alexandra Stolt, Amitaben Patel & Brendon Vyas Further information on the response to COVID-19 can be found here, and we also have a German-language article, available here, looking at the impact on commercial leases. LIBOR Discontinuation Much has happened in the world of LIBOR Discontinuation since our last update.
Streamlined bankruptcy rules are due to come into force in June to shield healthy businesses hit by the pandemic
Belgium's Chamber of Representatives has approved (14 March 2021) a bill modifying the current insolvency laws with respect to – and alongside other minor changes – judicial reorganisation, pre-packaged insolvency and fiscal reform.
This question is of particular importance considering further that the provisions of the Luxembourg Commercial Code may seem confusing when read literally and in isolation as to whether the period commences from the date of cessation of payments (cessation des paiements) alone, or the date of both the cessation of payments (cessation des paiements) and loss of creditworthiness (ébranlement du crédit) (i.e., the cumulative criteria for bankruptcy).
DAC6 – Die neue Meldepflicht ab 1. Januar 2021
In our e-flash of 8 January 2021, we informed you that an automatic moratorium was in effect (again) to protect Belgian companies from payment difficulties due to the corona measures.
In onze e-flash van 8 januari 2021 informeerden wij u dat er (opnieuw) een automatisch moratorium van kracht was om Belgische ondernemingen te beschermen tegen betalingsmoeilijkheden als gevolg van de genomen corona-maatregelen.
Dans notre e-flash du 8 janvier 2021, nous vous informions du fait qu’un sursis automatique était (à nouveau) en vigueur pour protéger les entreprises belges des difficultés de paiement auxquelles elles font face en raison des mesures liées au coronavirus.