The new EU Directive 2026/799 harmonising certain aspects of insolvency law
I. Presentation and general scope of the Directive On 1 April 2026, the EU published Directive (EU) 2026/799 harmonising key aspects of insolvency law across all Member States (the “Insolvency III Directive”). The Insolvency III Directive represents a significant milestone in the gradual harmonisation of insolvency law within the European Union. It aims to improve […]
INSOLVENCY Series | Episode 4: Liquidation Proceedings
Preserving undertaking’s business continuity is one of the main purposes of the Belgian insolvency law. However, in some cases, the undertaking’s situation is so serious that there is no better option than its liquidation. Liquidation proceedings aim to winding up the debtor’s estate and distributing the proceeds among its creditors to pay off its debts. […]
INSOLVENCY Series | Episode 3: Public and private reorganisation procedures
An undertaking in financial distress can consider judicial reorganisation as a means of restoring its financial stability. The judicial reorganisation procedure (“JRP”) is the Belgian pre-insolvency procedure, whose purpose is indeed to safeguard the continuity of the undertaking facing financial difficulties. Belgian law provides for two JRPs: JRP by mutual agreement, which aims to reach […]
INSOLVENCY Series | Episode 1: Introduction
WHAT’S INSOLVENCY? The term “insolvency” is widely used, especially in these troubled economic times, but what does it mean exactly? Insolvency is a state of financial distress where an entity’s liabilities exceed its assets, making it difficult or impossible to meet its financial commitments. In the last few months, Belgian insolvency law has come to […]