{"id":69178,"date":"2017-07-10T09:55:48","date_gmt":"2017-07-10T07:55:48","guid":{"rendered":"https:\/\/tcm.be\/glossarium\/foreclosure\/"},"modified":"2026-01-14T23:40:07","modified_gmt":"2026-01-14T22:40:07","slug":"foreclosure","status":"publish","type":"glossarium","link":"https:\/\/tcm.be\/en\/glossarium-en\/foreclosure\/","title":{"rendered":"Foreclosure"},"content":{"rendered":"\n<p><strong>Foreclosure<\/strong> \u00a0refers to the\u00a0<strong>civil penalty<\/strong> \u00a0imposed on a person whereby, upon expiry of the deadline legally granted to them to assert their rights in court,\u00a0<strong>the right of action\u00a0<\/strong>to which they were entitled for the recognition of those rights\u00a0<strong>is extinguished<\/strong>.<br><br>Having not acted within the deadlines, the plaintiff is thus\u00a0<strong>unable to take legal action<\/strong> . It should be noted that this penalty does not extinguish the plaintiff\u2019s unasserted right, but rather their option to assert it in court (e.g.: deadline for lodging an appeal, etc.).<br><br>By way of exception, the law does, however, provide for cases of\u00a0<strong>foreclosure relief<\/strong>, most notably in relation to\u00a0<a href=\"https:\/\/tcm.be\/en\/receivable\/\">receivables<\/a>. For instance, during the judicial liquidation of a company, the <a href=\"https:\/\/tcm.be\/en\/creditor-definition\/\">creditor <\/a>has a period of two months to notify his debts. Beyond this deadline, <strong>foreclosure<\/strong> comes into play. However, the creditor may, based on a\u00a0<strong>foreclosure relief application<\/strong> , prove that the non-declaration of debt was beyond their control (an omission or bad faith on the part of the <a href=\"https:\/\/tcm.be\/en\/debtor-definition\/\">debtor<\/a> , etc.).<br><br>Updated 10\/07\/2017<\/p>\n\n\n\n<p>Definitions provided under this section refer to the Belgian situation; unless specified otherwise. The texts are meant to summarize concepts in daily language and should not be considered as comprehensive or definite. We welcome suggestions for modifications or additions at\u00a0<a href=\"mailto:glossary@tcm.be\">glossary@tcm.be<\/a>.<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-69178","glossarium","type-glossarium","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/glossarium\/69178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/glossarium"}],"about":[{"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/types\/glossarium"}],"wp:attachment":[{"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/media?parent=69178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}