Belgian commercial Law - bankruptcy

4 important questions on Belgian commercial Law - bankruptcy

Which 2 insolvency procedures exists:

  • Bankruptcy
  • judicial reorganisation

When a company has a cessation of payments, how can the law intervene?

- it is not defined by law, but is generally seen as the company can not pay it's main debt when they fall due, it does not have to be all debt but has to be persistent

- court will enjoys a fair discreteness in this respect

How can we define undermined creditworthiness?

Not defined by law, but seen as the creditors are not willing to grant credit anymore,

it is closely linked with cessation of payment, often one is the cause of the other and vice versa
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How does a bankruptcy occur

Always ordered by the court,
the following persons can ask the court for an order:

  • the company itself
  • the creditors
  • the public prosecutor

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