Belgian commercial Law - judicial reorganisation
3 important questions on Belgian commercial Law - judicial reorganisation
Are secured and unsecured creditors treated the same way in a company reorganisation?
No, but creditors of the same category must be treated the same
unsecured may wait 5 years for their payments while secured may wait just 2 years
unsecured may wait 5 years for their payments while secured may wait just 2 years
When is a reorganisation plan approved? (2)
- When majority of the creditors approve
- when the majority of the value of the claims approves
What if the company fails in the reorganisation plan?
The creditors may ask the court to revoke the sanction of the reorganisation plan and claim their debts
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