The entry into force of Book XX of the Economic Law Code on 1 May 2018 has turned insolvency law upside down. As of that date, non-profit organisations and liberal professions have been subject to bankruptcy and judicial reorganisation laws. The rights of creditors, including attaching creditors, have also undergone significant changes. Finally, the reform favors the second chance of a distressed enterprise, through the cancellation of personal guarantees or the transfer of business.
The Insolvency Law Department intends to deal with these numerous upheavals and changes by advising and assisting distressed enterprises, their managers and shareholders in all their crisis situations.
Composed of partners and associates specialised in judicial reorganisation as well as experienced bankruptcy trustees at the Commercial Court of Brussels, the department assists clients in preventing difficulties in order to ensure the continuity of the enterprise.
The lawyers of this department are involved judicial reorganisation proceedings, whether in the context of the negotiation of out-of-court settlements or in judicial proceedings by amicable agreement, by collective agreement or by transfer under judicial authority.
They also provide support to clients throughout the bankruptcy proceedings, whether at the time of the filing of a bankruptcy petition by either the debtor or a creditor or at the time of the bankruptcy inspection, the declaration and verification of claims as well as during the bankruptcy closing operations, including the new procedure for requesting debt cancellation.
The department has further developed expertise in the context of the voluntary or judicial liquidation of companies.
Prevention of difficulties
- Advice to ensure business continuity
- Negotiation of repayment plans with both private and institutional creditors
- Judicial reorganisation
- Negotiation of amicable agreements
- Judicial reorganisation by amicable agreement
- Judicial reorganisation by collective agreement
- Judicial reorganisation by transfer
- Assistance of the debtor during the bankruptcy petition filing phase or in the context of a bankruptcy petition filed by a creditor
- Preparation and presence during the bankruptcy inspection
- Contacts with bankruptcy trustees and delegated judges
- Declaration and verification of claims
- Verification of bankruptcy accounts and closing of the bankruptcy
- Request for cancellation of debt of bankrupt natural persons
- Voluntary liquidation
- Judicial liquidation
- The lawyers of the department have developed significant experience before the chambers of judicial reorganisation of the different commercial courts of the country
- They have also built up a strong reputation with the commercial investigations chambers as well as the bankruptcy chambers
- They have assisted many distressed enterprises active in various areas (construction, ready-to-wear,...), particularly in the context of transfers under judicial authority
- They have also assisted creditors (banks or suppliers) in safeguarding their rights in the context of judicial reorganisations, bankruptcies or judicial liquidations
- They have advised both natural persons and legal entities in the preparation of a bankruptcy petitions for debtors and creditors as well as throughout the bankruptcy proceedings
- They organise and participate in numerous conferences and seminars on insolvency law and publish landmark books and articles on this subject