After having almost killed the Belgian judicial restructuring procedure by transfer under judicial supervision (see our previous news on the topic), the European Court of Justice (“ECJ”) may have brought it back to life with the long-awaited Heiploeg ruling.
Since the entry into force of the new Belgian Companies and Associations Code, a public limited company (NV/SA) has the possibility to install a two-tier governance structure, i.e. the supervisory board whose members are appointed by the shareholders
Since the entry into force of the new Belgian Code of Economic Law (‘BCEL’) it is possible for a company director, in its personal capacity, to be qualified as an “enterprise” and consequently to be declared bankrupt.
When a company faces financial distress, concessions are to be made and decisions to be taken in view of its turnaround. In the ordinary course of business, the shareholders bear the entrepreneurial risks and have the ultimate decision-making power.
In February 2021, a new short-form prospectus was introduced in the EU regulatory framework aimed at supporting recovery from the business and financial impact of the COVID-19 crisis (Regulation 2021/337 of 16 February 2021 amending the Prospectus Regulation 2017/1129 of 14 June 2017)
On 16 September 2021, the Antwerp Court of Appeal ruled on the liability of the directors of a company that did not respect the so-called ‘alarm bell procedure’.
Ook de Belgische economie blijft niet ongespaard door de Covid-19 crisis. De verwachting is dat in 2021 en 2022 nog meer ondernemingen met financiële moeilijkheden zullen kampen.
Late payment puts a substantial dent in companies’ cash flow and, ultimately, their continuity. In recent years, payment behavior between businesses (B2B), and between businesses and government authorities (B2G), has deteriorated.
De jaarrekening neerleggen is een van de belangrijkste wettelijke verplichtingen van vennootschappen. Meer nog, bij niet (tijdige) neerlegging komt de aansprakelijkheid van bestuurders in het gedrang.
The reorganisation procedure aims to provide an opportunity for undertakings facing financial difficulties to continue their business and activities and is governed by the provisions in book XX of the Belgian Economic Law Code (“ELC”)
