Government measures in key jurisdictions 2nd edition final pages - Flipbook - Page 11
Belgium
provide for premiums: the “nuisance premium” if the company was obliged to close
completely (one-off 4,000 euro or 5,000 euro and possibly an additional daily premium
of 160 euro, depending on the region) or the “compensation premium” if the company
is still active but suffers a heavy loss of turnover (one-off 3,000 euro).
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Insolvency
•
For the relevant topics, please refer to section Personnel at our Corona Desk topics,
please refer to section Personnel at our Corona Desk website.
•
On Friday 24 April 2020, Royal Decree n° 15 on the suspension of implementing
executive measures and other measures in favour of undertakings during the
COVID-19 crisis entered into force.
Has the
government made
•
any changes
to insolvency
legislation?
Pursuant to the afore-mentioned Royal Decree, during the suspension period,
undertakings are protected against:
– conservatory seizure or executive seizure (with some specific exceptions),
– forced bankruptcy, compulsory winding up, compulsory transfer under judicial
authority,
– unilateral or judicial dissolution of contracts due to non-payment of a monetary
debt; however, this does not apply to employment contracts, and
– revocation of the reorganization plan, i.e. the payment periods provided for in the
approved reorganization plan are extended for the duration of the moratorium.
•
The suspension period is between 24 April 2020 and17 June 2020.
•
The regime applies automatically to undertakings without the need to submit a
request to the court, having to file documents or receiving a judgment.
•
However, this regime does not apply to companies that have already been declared
bankrupt on the date of entry into force of this Royal Decree, i.e. 24 April 2020 or
companies which were already in ‘cessation of payment’ on 18 March 2020. For
companies whose claim in bankruptcy is still pending on 24 April 2020, this regime
also applies.
•
Bankruptcy on the initiative of the public prosecutor or with agreement from the
company itself remains possible.
•
The Chairman of the Enterprise Court has the possibility to waive the suspension (in
whole or in part) when it appears that the company does not fall within the scope
of application (e.g. no impact of the COVID-19 pandemic or already in cessation of
payment on 18 March 2020) or for any other reason (e.g. abuse of rights).
•
However, if a creditor is of the opinion that a company is unduly benefiting from
this regime, it must summon the company to appear before the Chairman of the
Enterprise Court in order to obtain its waiver. The Chairman will then be able to
take all the circumstances of the case into account in order to verify whether the
conditions have been met.
Government measures in key jurisdictions
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