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Effect of EU preventive restructuring directive on Belgian insolvency framework

18/10/2019

On 31 January 2009 the Belgian Business Continuity Act (BCA) was passed into law. The BCA'sobjective is to protect companies in financial difficulty from their creditors so that a reorganisation process can take place and bankruptcy can be avoided.

The BCA has been updated and, as of 1 May2019, it has been included in Book XX of the Code of Economic Law (for further details please see"Changes to insolvency regime proposed").This article focuses on the potential effect that the recently adopted EU Directive 2019/1023/EU onpreventive restructuring frameworks, the discharge of debt and disqualifications and measures toincrease the efficiency of procedures concerning restructuring, insolvency and the discharge of debtwill have on Book XX.

 

Read more here.

Contact

Bart Heynickx

Counsel

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